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Driven by the convergence of changing economic circumstances, data and AI, businesses today face a whirlwind of new pressures in the wake of the global pandemic — everything from increasing customer demands and a talent shortage, to, most notably, a workforce no longer empowered by profit but by purpose.
Not only is the workforce now deeply purpose-driven, but they largely demand a new approach to leadership: one that blends human traits, like empathy, with a data-driven mindset. Employees at all levels believe that doing good pairs with driving profit — both decision-makers and knowledge workers agree that at least 50% of the data their company uses on a day-to-day basis should be focused on doing good for the communities it serves, according to a new report by Cloudera.
As a result, leaders are acting, with 26% of business decision-makers increasing investment in environmental, social and governance (ESG) ahead of developing new products/services (24%) or accelerating financial growth (21%). This trend indicates that profit and ESG are no longer mutually exclusive pursuits.
Using big data and AI to make more sustainable business decisions will be a critical aspect of competitiveness as businesses look to overcome modern-day pressures. Businesses that wish to prevail will have to redefine success beyond profit alone and increase focus on creating real environmental impact. Those that fail to act for social good will inevitably put their business growth and ability to attract talent at risk.
The great news is that advances in technology can provide solutions to these challenges, while also helping to achieve traditional business objectives. For leaders and executives, this means it’s time to refocus on technology investment — identifying not only the data that will support growth, but also help employees gain meaningful access to it.
For its report, Cloudera surveyed 2,213 enterprise business decision-makers — including 54% C-suite representation — and 10,880 knowledge workers in the U.S., EMEA, India and APAC. The study shows that companies who are ready to accelerate their technology strategy now, while supporting investment in ESG, will have a significant advantage over their competitors in the long term.
Read the full report by Cloudera.
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