In my previous blog, we discussed how corporate social responsibility (CSR) is playing an ever-growing part in determining a company’s social licence to operate. A core component of CSR – and one that Schneider Electric has taken to heart – is in the push for sustainable development.
At the core of our strategy and our actions are four key trends that we must acknowledge:
• We are living with finite resources and offering strategies for sustainable utilisation
• We are living in a world of data, where digitisation is a sustainability enabler
• We are living by principles and building business resiliency through increase circularity
• We are living with integrity by adopting sustainability as an integral part of business.
So how do we contribute to providing for the needs of the present generation without compromising our future generations?
We believe that taking a proactive approach to managing onsite assets generates greater benefits than a reactive approach. By adopting technologies that harness the power of the internet of things, our customers can enjoy greater visibility of their assets. Sensors capture live data from operating environments and asset performance. This data is evaluated by applying advanced analytics to produce actionable insights. By doing so, unplanned downtime, operational losses, and costly interventions can be avoided.
What does this mean for our customers? A power failure at a hospital may result in loss of life. Meanwhile, a power failure at an airport could result in $50m losses for one airline alone. Having access to scheduled maintenance during planned downtime can ensure your equipment is performing efficiently and operating safely, this provides more than just a financial benefit.
By investing in technologies that enable safer and more efficient output, Schneider Electric is doing its part in working towards the United Nations Sustainable Development Goals. These are a collection of 17 global goals that call for concerted efforts towards building an inclusive, sustainable and resilient future for people and the planet. Businesses that don’t respond to such a shift will be out-performed and left behind by their competitors, employees and customers. Unsurprisingly, 75% of CEOs surveyed see digital technologies as enabling more sustainable business models.
In striving to meet the needs of the present generation, without compromising future generations, sustainable development is not only the “right thing to do”, but “the right thing to do to grow business”.