I believe that we can only get through these unprecedented times by standing together. The pandemic has exposed gaps in the notion of development in global markets. He stressed the need to build for the future through collective actions, including self-sufficiency and digital investments in all sectors. This prompted us to rethink our priorities and goals. It made us recognize the true meaning of sustainability and how it should be used as a tool to shape a better future.
The world is a global village, much like an extended central nervous system connected by the Internet and telecommunications.
The battle is far from over and it is heartwarming to see the whole world come together in the face of the pandemic. Despite its adverse effects on the world, the pandemic-induced crisis has urged us to pause, reflect and rejuvenate ourselves to take advantage of the opportunities that lie beyond the challenges. Now is the time for us to build a sustainable economy governed by conscious growth, an economy that is not built at the expense of the well-being of its stakeholders. The transition from a linear economy to a circular economy – a restorative or regenerative economy that emphasizes people, planet and profits – is perhaps the only viable solution that can guarantee this. It emphasizes the need to shift to the use of renewable resources and aims to eliminate waste through superior design of materials, products, systems and business models. Technology, we believe, can act as a catalyst in this process. We need to use technology to build our capacities and sensitivities to improve the social, environmental and economic fabric of society.
For example, adopting the cloud can reduce emissions by 23% to 27%. Digital technology has the potential to change how and where people work and live, it is changing the way businesses are run, and improving the efficiency of air, land and sea transportation systems, among other sectors of the economy.
Emerging stronger, together, on the path to sustainable development
The opportunity to build a resilient, low-carbon economic recovery requires close collaboration between government, industries and the people to take essential actions focused on safeguarding national economies. To develop a sustainable growth model, we must harness technology as a key enabler to facilitate business and operations. We need to embrace the transformative capabilities of digital technologies for supply chain resilience: big data analytics to streamline supplier selection processes, cloud computing to facilitate and manage supplier relationships and the internet objects to improve logistics and shipping processes.
What we save will save us
In everything we do now, we need to make sure that we are meeting the sustainability goals. Digital technologies, such as artificial intelligence, cloud computing, data analytics and blockchain, have come to the rescue of a contactless world, to ensure business continuity, protect and connect. In other words, we have taken the plunge by making technology the common denominator. In this scenario, companies must place technological bets and nurture a growth mindset guided by sustainable goals such as tackling climate change, adopting renewable energy solutions and using digital platforms. .
Sustainability is often thought of in terms of economic activity or ecological impacts. The concept is much broader and encompasses economics, ecology, inclusiveness and lasting impact on generations to come. The United Nations has defined 17 Sustainable Development Goals and these include no poverty, zero hunger, good health and well-being, quality education, gender equality, safe water and sanitation, affordable and clean energy, decent work and economic growth, industry, innovation and infrastructure, reduction of inequalities, sustainable cities and communities, responsible consumption and production, climate action, life underwater, life on land, peace, justice and strong institutions with valuable partnerships for the achievement of these goals. We believe that technology can really empower us and enable us to achieve these goals. For example, blockchain-enabled platforms can enable paperless transactions to buy and sell properties. Artificial intelligence-based platforms can deliver live, global, and interconnected data to organizations to make informed decisions to achieve their sustainability goals. Data sharing and the digital economy, with real-time analytics and optimization, can eliminate the mismatch between supply and demand, leading to efficient use of resources, for example, the elimination of waste in facilities. perishable supply chains.
Times of disaster are often times when bold choices are made. We made a choice that is indeed a necessity: to achieve sustainability. What is needed now is to support our global efforts, through coordinated efforts and multilateral cooperation, to accelerate the momentum for sustainable growth. The world must continue to embrace transformational change, to shape economic policies that support rapid growth. This will require a continued commitment to far-reaching reforms. There is no room for complacency.
The writer is Managing Director and CEO, Tech Mahindra.
The thoughts and opinions shared here are those of the author.