Internet of Things (IoT) technology has the potential to revolutionise the way businesses operate and can play a key role in helping them become more sustainable.
By connecting devices and systems, IoT technology can enable businesses to collect and analyse both performance and sustainability data from their operations, helping to identify areas for improvement, optimise performance in real-time, and accurately track and report on their ESG objectives, simply.
One immediate way that IoT technology can help businesses to be more sustainable is through energy efficiency. IoT-enabled devices such as smart meters and building management systems can be used to monitor and control energy consumption in real-time. This can help businesses to identify areas where they can reduce energy usage and improve energy efficiency. Additionally, IoT-enabled devices such as smart thermostats and lighting systems can be used to automatically adjust energy usage based on occupancy and usage patterns, which can help to further reduce energy consumption.
Another way that IoT technology can help businesses to be more sustainable directly is through improved resource management. IoT-enabled devices can be used to track and monitor the usage of resources such as water, fuel, and raw materials. This can help businesses to identify areas where they can reduce resource usage and improve efficiency, with the potential for IoT-enabled devices to put these insights into action automatically, adjusting resource usage based on demand and usage patterns, further reducing resource consumption.
A related area where IoT solutions can assist businesses is with sustainability reporting. Many businesses struggle with accurately tracking emissions and waste products. Purpose-built solutions, such as Rayven’s ESG Live enables businesses to accurately monitor, manage and improve their sustainability performance in real-time. From creating strategies and assessing risks, tracing emissions, delivering accurate real-time ESG metrics and sustainability framework reporting, through to delivering all-new Industry 4.0 capabilities that deliver predictive insights and operational enhancements; ESG Live enables them to get the complete picture and the technology needed to prove performance to financial markets and regulators.
IoT technology can also help businesses to be more sustainable by improving supply chain management. IoT-enabled devices such as RFID tags and GPS can be used to track and monitor the movement of goods throughout the supply chain. This can not only help businesses to identify areas where they can optimise logistics and reduce waste, but enable them to accurately account for movements. This data, coupled with information supplied by suppliers in terms of their own production, can enable businesses to get a more accurate view of their Scope 3 emissions.
In conclusion, IoT technology has the potential to play a key role in helping businesses become more sustainable. By connecting devices and systems, it can enable businesses to get an accurate view of the sustainability performance of their operations, as well as identifying areas for instant improvement, which deliver instant bottom line results.
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