In practice, Sustainable Transformation digital technology is a catalyst for achieving advancement and adoption of environmental, social, and governance (ESG) best practices. Sustainable Transformation accelerates the clear link between economic value creation and sustainable business practices that drives the integration of sustainability into business models and strategies.
As reflected in conversations with senior industry leaders, we note that the 4th industrial revolution is driven by digital and advanced technological developments that will radically transform industrial value chains, business models, production facilities and the society as a whole.
We look at the critical pillars that would be the pathway to achieving “Sustainable Transformation”.
Digital transformation has both positive and negative consequences for the enterprise, communities, and the environment. On the one hand, advanced technologies can lead to more efficient and flexible production processes with increased resource efficiency that drive competitive advantage and strategic growth. On the other hand, digital industrial ecosystems can actually offset the positive impacts if not addressed properly and on time.
Technology Transformation encompasses the evolution or migration of an organization away from legacy technology systems, processes, and data interchange to more robust, integrated, flexible, and future-oriented capabilities. More importantly, it is a key lever to migrate enterprise actors to technology environments that leverage automation, data velocity, technological agility, and streamlined processes to better serve customers and stakeholders while reducing costs. Hence Technology First Approach happens, at the core of an enterprise, that changes processes that takes advantage of new technology to make organizations more nimble. The core objective is not just to lift and shift to serve faster, better, cheaper but to continuously reinvent and generate new business models to future-proof the organization.
The foundation of Green Transformation starts with a focus on the health and well-being of the community. It provides the critical foundation for moving from concept to action in building a green and bio-friendly economy. Technology will continue to play a pivotal role in successfully building and establishing these future economies by enabling not only internal business model improvements, but also in evolving the ecosystem at large. We conclude that green transformation will enable industries to leapfrog into new competitive markets resulting into economic co-benefits for the nations including but not limited to competitiveness, employment and wealth creation.