New research from Cloudera, the enterprise data cloud company, reveals more than one quarter (29%) of business decision makers in India are now putting increasing investment in environmental, social and corporate governance (ESG) ahead of increasing market share (27%) or accelerating financial growth (24%). Additionally, knowledge workers believe as much as 60% of the data their business uses on a day-to-day basis should be focused on doing good for the communities it serves. This is a sentiment 58% of business decision makers agree with — a clear indication that profit and ESG are no longer mutually exclusive pursuits.
These findings are revealed in Cloudera’s Limitless: The Positive Power of AI Study, which surveyed 2,213 enterprise business decision makers — including 54% C-Suite representation — and 10,880 knowledge workers in the USA, EMEA, India and APAC. It shows that ESG is identified as a top priority for business leaders and those who fail to act for the good of communities put business growth and talent at huge risk. The study also examines the shift in attitude towards AI, Machine Learning (ML) and Data Analytics across enterprise decision makers, including C-Suite, and knowledge workers. A majority of Indian business decision makers plan on implementing new AI (93%), ML (84%), or Data Analytics (87%) programs and solutions in their organization in the coming year or so.
Vinod Ganesan, Country Manager, Cloudera India, said “Technology, especially over the last few years, has been at the heart of all innovation and transformation efforts at Indian organizations. The pandemic has dramatically accelerated the pace of tech adoption across industries and sectors, and created a more digitally-savvy ecosystem,” “With sustainability increasingly becoming a key business priority for Indian organizations, emerging technologies like big data, AI, ML and 5G are reshaping the way businesses operate. While innovation continues to be the main focus, business decision makers are also looking to increase productivity and improve customer experience.”Failing to act for social good puts business growth, and talent, at risk
But that said, a quarter (25%) of business decision makers are active regarding the implementation of these technologies and have a limited understanding of how they work. Companies that address these gaps now gain a real competitive advantage in the battle for customers and talent. If businesses truly want to embed sustainability at their core, leaders must start to use data to deliver more sustainable outcomes – and quickly. Failure to act and 37% of knowledge workers and 40% of business decision makers believe employees would leave the business. This could be a business destroying move amidst a global talent shortage, especially if all of a company’s competitors are addressing the gap.
Erica Orange, VP at The Future Hunters, said “It’s my sincere belief that using big data and AI to make more sustainable business decisions will be a critical aspect of future competitiveness,” “A core part of this will come down to rethinking business success metrics to go beyond profit-driven metrics and focus on real environmental impact.”
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