In a world that has become increasingly interconnected, we rely on access to real-time, robust data to complete the simplest of tasks. From checking if a product is in stock at our local store, to checking the registration number of our Uber, this so-called modern data has become the norm. The data is available instantly, everywhere. It empowers people to make better, well-informed decisions and is used in a more ethical manner.
However, the possibilities of modern data go far further than personal use. To unlock the power of modern data, effective use of artificial intelligence (AI) and machine learning (ML) will facilitate an environmental, social and governance (ESG) data revolution. Modern data will be the key to disruption and innovation in this space, enabling rapid results across a wide range of sectors.
So, let’s delve into the opportunities that modern data provides in ESG.
In an increasingly tumultuous energy market, customers have been forced to navigate the highest energy prices on record. With people working from home swaddled in blankets reluctant to turn the heating on, there is more appetite than ever to make our homes more energy efficient, reduce our emissions and ultimately, cut costs. For instance, recent research found that 90% of Irish homeowners have plans to boost the efficiency in their homes, yet 61% have no idea where to start. This is where modern data comes in.
Smart technology takes advantage of modern data, with affordable IoT sensors creating interconnected energy ecosystems at home and in business environments. Integrating automation into this complex data landscape allows homeowners and business leaders to adjust heating, lighting, and air conditioning levels automatically as and when needed. Not only does this enable vital cost savings but helps to reduce carbon emissions.
This level of interconnectivity and leveraging of modern data also enables customers to be ‘prosumers’ - where home and business owners can produce and sell renewable energy generated on their own property. With enhanced connectivity and energy storage, people can live off their own supply, even selling energy back to the grid when they have a surplus. This interconnected technology also allows for predictive maintenance, extending the longevity of buildings and their systems, reducing repair costs compared to preventative or responsive methods.
In addition to shaking up the energy market, modern data can be an innovative tool to drive forward social goals. In DE&I, combining AI with modern data allows organisations to scan through candidate profiles online to find the best person for the job, regardless of gender, race, sexuality, age, or background.
