New IBM Study Reveals Inadequate Data Hinders Progress Against Environmental, Social and Governance Goals

  • Executives cite inadequate data (41%) as a top barrier holding back ESG progress
  • Only 4 in 10 surveyed consumers feel they have enough data to make environmentally sustainable purchasing (41%) or employment (37%) decisions

A new global IBM (NYSE: IBM) Institute for Business Value (IBV) study, " The ESG ultimatum: Profit or perish ," of executives and consumers reveals that while an increased focus on environmental sustainability remains a top priority for consumers and business executives, inadequate data is a key challenge for both groups when it comes to achieving personal and corporate Environmental, Social and Governance (ESG) goals.

IBM Corporation logo. (PRNewsfoto/IBM)

The study* reveals that surveyed executives point to inadequate data (41%) as the biggest obstacle to their ESG progress, followed by regulatory barriers (39%), inconsistent standards (37%) and inadequate skills (36%). Without the ability to access, analyze and understand ESG data, companies struggle to deliver greater transparency to the consumer – a key stakeholder – and meet consumer expectations.

Seventy-four percent of surveyed executives believe that stakeholders understand their organizations' ESG objectives and performance, yet only about 4 in 10 surveyed consumers feel they have enough data to make environmentally sustainable purchasing (41%) or employment (37%) decisions.

"Consumer commitment to environmental sustainability and social responsibility has intensified with consumers voting with their wallets," said Jonathan Wright , Global Managing Partner Sustainability Services and Global Business Transformation, IBM Consulting. "As a majority of consumers choose to buy from and work for ESG leaders, businesses must prioritize transparency and break down barriers to ESG data."

Other study findings include:

Companies are investing in ESG and see it as good for business

  • 76% of surveyed executives say ESG is central to their business strategy.
  • Almost 3 in 4 surveyed executives (72%) view ESG as a revenue enabler rather than cost center, suggesting that contrary to popular opinion, ESG and profitability are not at odds.
  • 76% of executive respondents agree or strongly agree that their organization focuses on achieving ESG outcomes, not just reporting requirements.

Consumer commitment to sustainability has intensified, but consumers don't feel they have sufficient information to make informed choices

  • Roughly two-thirds of surveyed consumers say environmental sustainability (68%) and social responsibility (65%) are very or extremely important to them.
    • While more than half (51%) of respondents say cost of living increases have made environmentally sustainable decisions more difficult in the last 12 months, roughly 6 in 10 say at least half of their purchases were branded environmentally sustainable or socially responsible.
    • Only 1 in 3 surveyed consumers say they have sufficient information to make sustainable investing and saving decisions.

Executives admit their companies haven't made significant progress toward ESG goals, indicating data challenges impact their ability to measure progress and meet consumer demands

  • 95% of surveyed executives say their organizations have developed ESG propositions; however, only 10% say that their organizations have made significant progress against them.
  • Almost 3 in 4 surveyed executives (73%) say their organizations struggle to manage an overload of manual data, while 7 in 10 say they have difficulty consolidating or manipulating data.

The study highlights ESG leaders, a sub-set of respondents with greater maturity in operationalizing ESG, who are seeing higher revenue, improved profitability, deeper customer engagement by approaching ESG as a transparency play that creates strategic business opportunities. These role models provide a roadmap for organizations looking to overcome data-related challenges and create sustainable change that includes: automating ESG processes and reporting capabilities to keep data current; tapping AI for enhanced insights into performance, forward looking analysis, and scenario development; aligning with ecosystem partners on ESG metric definitions and standards; and proactively establishing ESG data governance principles with stakeholders.

"Data is the lifeblood of ESG. Now is the time for enterprises to act. By operationalizing ESG plans, enterprises are putting information in the hands of operators who can make informed business decisions that can improve their ESG impact on a daily basis," said Wright. "Organizations looking to increase stakeholder support and meet ESG reporting requirements should implement a sustainability roadmap that is inclusive of technologies, services and ecosystem partners that can position them for greater business success and help them address regulatory compliance," said Wright.

To view the full study, visit: https://ibm.co/esg-ultimatum

*Study Methodology

The IBM Institute for Business Value (IBV) surveyed 2,500 executives from across 22 industries and 34 countries, delving into their organizations' ESG strategy, approach, and operationalization; what benefits they expect from ESG initiatives; and how they weigh ESG against other business objectives. The IBV also surveyed more than 20,000 consumers across 34 countries about their attitudes toward sustainability and social responsibility, and how these beliefs influence shopping, investing, and career decisions.

About the IBM Institute for Business Value

The IBM Institute for Business Value, IBM's thought leadership think tank, combines global research and performance data with expertise from industry thinkers and leading academics to deliver insights that make business leaders smarter. For more world-class thought leadership, visit: www.ibm.com/ibv .

Media Contact:
Jamee Nelson
IBM External Relations
jamee.nelson@ibm.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/new-ibm-study-reveals-inadequate-data-hinders-progress-against-environmental-social-and-governance-goals-301798830.html

SOURCE IBM

News Provided by PR Newswire via QuoteMedia

IBM
The Conversation (0)
Celebrating IBM Volunteer Excellence Across the World

Celebrating IBM Volunteer Excellence Across the World

At IBM, we believe in the power of driving positive impact in communities around the world. Each year, we are proud to recognize the outstanding contributions of IBMers worldwide who exemplify our commitment to volunteerism, through the IBM Volunteer Excellence Awards

These awards honor individuals and groups with exceptional dedication to making a positive impact. Together, the winners volunteered across 12 countries in 2023, working on diverse projects. From organizing coding workshops for girls in underserved communities to leading food distribution efforts in low-income neighborhoods, their contributions have touched and inspired many.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Rapidus and IBM Expand Collaboration to Chiplet Packaging Technology for 2nm-Generation Semiconductors

Rapidus and IBM Expand Collaboration to Chiplet Packaging Technology for 2nm-Generation Semiconductors

Agreement builds on existing collaboration between the two companies for the joint development of 2nm node technology

Rapidus Corporation a manufacturer of advanced logic semiconductors, and multinational technology company IBM (NYSE: IBM), today announced a joint development partnership aimed at establishing mass production technologies for chiplet packages. Through this agreement, Rapidus will receive packaging technology from IBM for high-performance semiconductors, and the two companies will collaborate with a goal of further innovating in this space.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Coca-Cola HBC, EY & IBM on the G in ESG

Coca-Cola HBC, EY & IBM on the G in ESG

By Charlie King

IBMOriginally published by Charlie King on Sustainability Magazine

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
The CEO of Usher's Nonprofit, 'Usher's New Look' Is Helping Build the Next Generation of Black Tech Leaders - Here's How

The CEO of Usher's Nonprofit, 'Usher's New Look' Is Helping Build the Next Generation of Black Tech Leaders - Here's How

Careshia Moore, CEO and President of Usher Raymond IV's youth focused non-profit organization, shares details on its groundbreaking AI-focused partnership with IBM.

IBMBY JASMINE BROWLEY

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
ID Dataweb and IBM Announce Expanded Relationship to Help Advance Identity Verification

ID Dataweb and IBM Announce Expanded Relationship to Help Advance Identity Verification

ID Dataweb the leader in cross-channel identity verification, today announced an expanded relationship with IBM (NYSE: IBM ) to integrate ID Dataweb's identity verification workflows within IBM Security® Verify. By combining the two industry-leading solutions, organizations will be able to confirm the identity of a user within existing workflows as their credentials are being seamlessly issued and used.

ID Dataweb provides cross-channel digital trust to prevent account takeover and account opening fraud. As organizations move towards 100% digital interactions with their users, they need to ensure that the digital person on the other end of the line is the physical person they expect, whether a customer, partner or employee. ID Dataweb provides a frictionless yet highly-secure process to provide that digital trust with the user by verifying their identity to the highest level of assurance.

"IBM Security Verify offers its users easy access to needed systems while securing sensitive applications behind a tight lock," said Matt Cochran , COO of ID Dataweb. "Our identity verification workflows then ensure that the key is given only to the correct users. IBM's innovative approach to IAM makes for smooth integration and a great collaboration, and our joint customers are the ones that truly stand to benefit."

"By leveraging ID Dataweb with IBM Security Verify, our joint customers can orchestrate valuable identity verification capabilities – including helping to streamline fraud prevention," stated Milan Patel , Senior Product Manager, IBM Security Verify. "We look forward to leveraging the ID Dataweb platform to create even more advanced functionality for organizations as our decentralized identity and verifiable credentials capabilities orchestrate portable, verified, and user centric identity."

By integrating ID Dataweb with IBM Security Verify, customers will benefit from:

  • Pre-built templates that allow administrators to create identity-proofing journeys for specific security and user experience needs.
  • Orchestration tools that easily allow security architects and administrators to create and manage the identity verification process, password resets, evaluation of multi-factor authentication, and new account creation.
  • Identity-proofing workflows, which verify and authenticate the identity of a person trying to access a service or system, are IAL 2 certified and flexible enough to create the seamless digital experience customers expect. By ensuring the digital user is the expected person, Account Takeover (ATO) and Account Opening fraud are mitigated.

About ID Dataweb  
ID Dataweb provides cross-channel digital trust to prevent account takeover and account opening fraud . As organizations move towards 100% digital interactions with their users, they need to ensure that the digital person on the other end of the line is the physical person they expect, whether a customer, partner or employee. ID Dataweb provides a frictionless yet highly-secure process to provide that digital trust with the user by verifying their identity to the highest level of assurance. For more information, visit iddataweb.com .

About IBM  
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's legendary commitment to trust, transparency, responsibility, inclusivity and service.

Media Contact
(W)right On Communications
Larry Smalheiser
lsmalheiser@wrightoncomm.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/id-dataweb-and-ibm-announce-expanded-relationship-to-help-advance-identity-verification-302158048.html

SOURCE ID Dataweb

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
NorthStar Gaming to Host Q3 Earnings Webinar on December 3rd

NorthStar Gaming to Host Q3 Earnings Webinar on December 3rd

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") announces that on December 3rd at 11am ET, the Company's CEO, Michael Moskowitz, will be presenting the Company's third quarter earnings results and an update on current operations and upcoming milestones. The Company expects to announce its third quarter 2024 financial results on November 27, 2024. NorthStar invites all investors and other interested parties to register for the webinar at the link below.

Date: Tuesday, December 3rd, 2024
Time: 11am ET
Register: Webinar Registration

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Bitcoin Well Provides Update to the Bitcoin Super Company Vision and Bitcoin Reserve Fund

Bitcoin Well Provides Update to the Bitcoin Super Company Vision and Bitcoin Reserve Fund

(TheNewswire)

Bitcoin Well Inc.

Edmonton, Alberta November 14, 2024 TheNewswire - Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence announces an update to the Bitcoin Super Company vision and a strategic bitcoin reserve fund.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Bitcoin Well Reports Q3 2024 Financial Results; Revenue Increased 57% Year Over Year

Bitcoin Well Reports Q3 2024 Financial Results; Revenue Increased 57% Year Over Year

(TheNewswire)

Bitcoin Well Inc.

Edmonton, Alberta TheNewswire - November 12, 2024 Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence, today announced financial and operating results for the third quarter and nine months ended September 30, 2024.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Troy Minerals Strengthens Leadership Team

Troy Minerals Strengthens Leadership Team

Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce that following up on its aggressive plans to transition from an exploration company to a cash flow producing company by rapidly advancing its silica projects in North America and Mongolia, it has appointed, Yannis Tsitos, a professional with 35 years' international exploration mining experience and former BHP veteran, as President of the Company

Rana Vig, who to date has served both as President and CEO, owning more than 11% of the Company, will continue to provide his leadership as Chief Executive Officer.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Troy Minerals Targets Restart of Drilling at Tsagaan Zalaa

Troy Minerals Targets Restart of Drilling at Tsagaan Zalaa

Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce a significant milestone in its ongoing development of the Tsagaan Zalaa Silica Project in Mongolia. With the next phase of drilling now underway, the Company aims to complete the minimum 1,000 meters cumulative drill program, the required threshold for its mining license submission. It should be noted that the silica mineralization at Tsagaan Zalaa is either outcropping or sub-outcropping, resulting is relatively shallow drilling campaigns. The Company expects to complete drilling before year-end, setting the stage for Troy's mining license submission

Located strategically near the Mongolian-Chinese border, the Tsagaan Zalaa Silica Project continues to present robust opportunities for growth in the silica sector, driven by rising demand from green technology and other high-tech industries. The Company remains focused on delivering the necessary operational milestones, aligning with its commitment to achieving first production in the coming year.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Forward Water Technologies Corp. Announces Shares for Interest Debt Settlement

Forward Water Technologies Corp. Announces Shares for Interest Debt Settlement

Forward Water Technologies Corp. ("FWTC" or the "Company") (TSXV:FWTC) is pleased to announce that the Company has arranged a shares for debt transaction to settle an aggregate of $9,453.40 in interest accrued up to September 30, 2024 on $300,000 of indebtedness with GreenCentre Canada (the "Indebtedness

The shares for debt settlement is pending final approval from the TSX Venture Exchange (TSXV) which will be followed by the Company issuing 115,285 common shares ("Settlement Shares") at a deemed price of $0.082 per share to GreenCentre Canada. The terms of the Indebtedness permits the issuance of common shares to settle interest owing by the Company at a deemed issue price per share equal to the five day average closing price for the five days preceding the issuance of the shares and subject to TSXV approval pursuant to TSXV Policy 4.3 - Shares for Debt.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×