From big-box retailers like Walmart to smaller multi-site retailers, the application of environmental, social, and governance data (ESG) risk management is empowering organizations with more information about how their organization stacks up against the competition concerning sustainability and how to best implement similar strategies. Today’s consumers want to do business with organizations that have sustainability in mind, and they are willing to spend more to work with organizations that promote their beliefs. Regardless of politics, sustainability in multi-site retail and integrated ESG data are critical to continued success. Facility managers need to understand this fact and why integrated ESG data benefits their organization.
Why Are Companies Lagging Behind in ESG Data?
Before getting into the benefits of integrated ESG data for multi-site businesses, it is imperative to understand why these businesses have not embraced a sustainability strategy. Correct, some companies may have implemented energy-efficient lighting, and they may have revisited the discussion of sustainability in terms of energy-efficient windows. However, the majority of businesses do not have the advanced financial resources necessary to invest in extensive energy management platforms and smart building solutions. In reality, these organizations fall victim to a common misconception that limited budgets and operations amount to poor performance. However, that may actually be an advantage in the age of software-as-a-service payment models and solutions.
Does SaaS Provide Real Sustainability in Retail?
The short answer is yes. Modern SaaS platforms leveled the playing field for the use of new systems and technologies. Instead of dedicating extensive on-site resources to energy efficiency improvements and sustainability goals, organizations could take advantage of dedicated software that resides within the cloud and leverages the advanced knowledge of an outside entity. For example, ENTOUCH works with organizations to take advantage of a SaaS system that puts the power of smart building solutions in the hands of multi-site businesses – regardless of their size. Now, there are many examples of organizations that have leveraged the same technology for their enterprises, including Best Buy, Office Depot, McDonald’s, Wendy’s, and so on. However, if both larger and smaller businesses can tap into the value of sustainability in the economy, the benefits realized will amount to cost avoidance savings for everyone. Consider this; electricity rates are based on demand versus availability, so as all companies reduce the demand for electricity, overall electricity rates should decrease.
The trend continues regardless of industry. According to FacilitiesNet, numerous facilities, including hospitals, are working to achieve environmental and economic goals. Key measures include energy cost reductions, improved energy efficiency, elimination of greenhouse gases, reduced impact by employees, and more. While a company can do everything to mitigate environmental harm, its workers still influence the environment after they clock out. So, any plan for improvements must include a degree of out-of-the-building impact as well. In other words, how do employees take behaviors learned at work back to their homes?
Best Practices to Integrate ESG Data with Your Sustainability Initiatives
Facility managers can follow a few simple tips to integrate ESG data within the organization. These include:
- Conducting a facility benchmark to determine the current level of sustainability within all facilities.
- Using analytics to track correlations between consumer behaviors (the social aspect of ESG data) and sustainable programs within an organization.
- Making decisions based on short-term outlook and long-term gains in terms of energy efficiency and cost avoidance for the facility.
- Maximizing compliance with all applicable government regulations through software that tracks potential violations, energy use, and compliance itself.
Leverage Sustainability in Retail With Integrated ESG Data Today
Sustainability is the secret sauce of retail, restaurants, and all multi-site operators. Instead of trying to avoid sustainability due to your perceived size, put the power of SaaS to work, and unlock the secrets of integrated ESG data in facilities management by visiting ENTOUCH online now.