3 out of 4 Companies Feel Pressured to Become More Sustainable

June 11, 2024 | by magnews24.com

Metamorworks Adobe Stock 484354328

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Nearly three out of four companies surveyed by Aras say they feel pressured by customers, investors, and even their own workforce to operate more sustainably. And, a majority of companies reported that in order to implement in-demand sustainability initiatives sooner, they must greatly improve the collection and processing of their data. 

“Progress towards greater sustainability is key to continuing economic advancement,” says Roque Martin, CEO of Aras. “Whether in the U.S., Europe, or Japan, 90% of companies who took our survey say that management has already recognized that sustainability is an important contributor to future business success.”  

 

Key takeaways:

 

  • 83% of the companies surveyed said that the lower consumption of raw materials and products is already a high priority. In addition, 70% of companies are already relying on the use of recycled machines, the conversion of existing systems, and the return of materials to the economic cycle. With 84% of companies reducing, 72% reusing, and 70% recycling, industrial companies in the United States are at the front of the pack when compared to other nations’ sustainability efforts. 
  • 74% of respondents acknowledge that they are missing data (i.e. from suppliers); 72% of companies said they have poorly prepared data; and 67% admit that they simply lack the ability to properly manage their data. 

 

“Tracking pertinent data throughout a product’s lifecycle is critical to successfully meeting sustainability challenges,” adds Martin. “Without a repository of consistent and accurate data, it becomes increasingly difficult for companies to understand how each decision and design modification can impact sustainability objectives, as well as the bigger picture.” 

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