When it comes to sustainability, now more than ever, many organizations find themselves at a crossroads.  They recognize they need to move beyond mere claims of ‘green’ and ‘eco-friendly’, and provide concrete, trusted evidence of sustainability efforts to key stakeholders such as investors, employees, customers, and regulatory bodies—but aren’t quite sure how to tackle what’s become an increasingly complex data collection, discovery, and reporting process.

The unfortunate reality is, many companies, including non-profits and private investors, must rely on one or two people managing multiple, siloed spreadsheets, and manually collecting information from vendors. And even for those with dedicated data analysts and data scientists the process is prone to errors, time consuming, and often lacks the rigor that today’s stakeholders require to fully trust the results.

What’s needed is a new approach – no more guesswork, no more spreadsheets. Modern impact discovery solutions make it easy and efficient to find, see, and use insights without the need for a data science degree or an expensive consultant. At minimum, any impact discovery solution adopted by an organization today should deliver a comprehensive overview of an organization’s environmental performance while helping identify areas for improvement and supplying a level of information to set achievable sustainability goals. Other capabilities to look for include:

• Accurate measurement and monitoring of environmental, social, and governmental impact across various metrics, such as carbon emissions, energy consumption, waste generation, and water usage.
• Aggregation of fund, portfolio, and supply chain date to gauge overall carbon impact.
• Benchmark performance against industry standards and competitors.

Taking a modern data discovery approach enables companies to stay at the forefront of sustainable practices. Additionally, quantifying environmental impact can lead to significant cost savings for businesses. By identifying inefficiencies in resource consumption and implementing data-driven solutions, organizations can reduce energy costs, minimize waste, and optimize their portfolios and supply chains. These cost savings can then be reinvested into further sustainability initiatives, creating a virtuous cycle of environmental stewardship and financial success. And, last but certainly not least, by regularly monitoring and reporting on environmental metrics, organizations can demonstrate their commitment to transparency and accountability.

At Liminal Data, we believe it shouldn’t be difficult for organizations to contribute to a more sustainable future. This Earth Day, we encourage all organizations to take a closer look at their environmental impact discovery process and consider the power of a new approach.