Sustainability is a major concern for many businesses. You probably wouldn’t think that data analytics would be the core solution. Many people believe that the fields of big data and green business have little overlap. However, big data could actually be a wonderful solution for many sustainability problems.
People that know me are aware that I have a blog on sustainability, as well as Smart Data Collective. They are often surprised that I could focus on both, since the two things seem so different. The truth is that big data offers a number of sustainable solutions, including:
- New data solutions make it easier for companies to move towards paperless business models
- Big data has led to the development of VoIP tools like Skype, which help them minimize travel needs. This obviously reduces the carbon footprint from the CO2 emissions that would be released from transportation.
- Data technology has helped make supply chains more efficient, which helps companies spend fewer resources on carbon producing transport.
- Data technology has made it easier for investors to find companies that are both sustainable and economically viable. This helps make sure that sustainable companies with promising futures get the capital they need to thrive.
As you can see, there are clear benefits of using big data to develop a sustainable business. This can help mitigate the threat of climate change in the future.
Big Data Helps Meet UN Climate Targets
Following the groundbreaking IPCC report on climate change in October 2018, green tech companies are expected to gain bigger investments from companies looking to divest their savings from fossil fuel resources. The report shows that the average global temperature will rise by 1.5C in the next 30 years, unless major changes are made. Many organizations are adopting greener solutions after reading this report. From an entrepreneurial perspective, the IPCC climate memo opens up markets to launch a business in green tech or sustainable data collection, as venture capitalists move towards sustainable investments in the private sector.
Attracting Prospective Investors
Since 2004, the world has invested an astonishing $2.9 trillion in sustainability efforts, but that figure is expected to grow as more countries embrace renewable energy. When searching for potential sources of funding for your entrepreneurial ideas, try going local to increase public support in your area. Local start-ups with a focus on big data are predicted to yield high returns for investors in the coming years. You will see that countries like The Netherlands have made substantial progress with green technology and big data, largely due to major investments by angel investors with a specialization in ethical investing. You can also gain public interest by launching social media campaigns designed to spread interest and encouragement for your niche idea on a bigger platform. Big data makes it easier to collect the information you need to achieve this.
The IoT is making massive headway for sustainable businesses. A growing number of businesses are investing in it. Research suggests that 70% of IoT companies meet UN sustainability goals. IoT is tackling humanitarian issues by offering lots of new types of green technology. As you weigh the pros and cons of your idea in big data, it’s important to consider the environmental footprint your business can offer in all aspects of life.
Big Data is the Future of Green Technology
Big data is making the world a greener place. It will help green companies thrive, which is necessary to help ensure we meet sustainability targets. This can help us stave off the threat that the UN warns about. We have until 2050 to make these needed changes, so investing more in big data should make the changes we need.