Exploring the Intersection of Technology, Sustainability, and Privacy in Consumer Electronics

Sustainability 

Assessing ESG Data and Road mapping for the Future / Strategy & Roadmap 

While more than 60% of companies have set targets for data monitoring and improvement, and 90% of executives consider it to be critical for businesses, companies should begin putting together a proper sustainability strategy & roadmap. The process of assessing data and road mapping is imperative for companies to achieve long-term sustainable growth. 

Once companies have the strategy, understanding and effectively tracking traceability metrics enables them to initiate and drive change by aligning efforts to a singularized mission (e.g. 95% carbon reduction by 2050). COP27 expanded the conversations around data monitoring and continual improvement, providing companies goals and guidelines on how to properly assess their ESG data such as carbon reduction YoY, individual location reduction strategies, and tracking forecasted vs actuals, etc.  

Windfarms both on and offshore, blossoming bulb fields in polder, Urk, Flevoland, Netherlands

With the proper strategy and metrics in place, companies still need to effectively execute. One strategy taken up by many Fortune 500 companies has been to include core carbon metrics and social responsibility metrics within their annual report, holding their executives and employees accountable long-term. This not only provides more effective KPI measurement, but companies can demonstrate their commitment to quality metrics and transparency while adhering to government regulations.  

Finally, sustainable companies should evaluate their operating models to ensure they have optimal ESG practices. A sustainable operating model also supports their workforce accordingly. Companies who succeed often provide a fair work life balance through location preferences and compensate employees appropriately. This sense of flexibility has been illustrated in countries like the U.K. opting to pilot 4 day work weeks, and with companies in the US who provide 87% of workers some remote work opportunity (American Opportunity Survey). Companies who adapt accordingly through shifts in workplace culture and continue to support their workforce can see a drastic reduction of employee churn and overall improved employee satisfaction.  As employees are more content with their jobs, they can be up to 20% more productive in their jobs, leading to better results across company initiatives.  

Circular Economy Building:  

Sustainable growth is integral towards long-term success given this objective its important to consistently evaluate new ways of working such as the circular economy development. According to the Ellen Macarthur Foundation, Circular economy involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products within a company’s current supply chain.  

By reducing both e-waste from consumers and the amount of net new raw material consumed, companies can improve their sustainability footprint. For example, companies can start by designing for durability, adaptability or repairability, so devices can be repaired or recycled more easily  

Companies such as Dell and Intel have begun recycling core processing units and Apple is supporting the secondhand market by improving transparency of pricing & conditions of refurbished products and supporting consumer trade-in of used products. These activities not only reduce e-waste but also potentially improve consumer sentiment and stickiness to products, which can be leveraged as an avenue for marketing and growth in sales. 

Dell & Intel Circular Economy Case Studies 

According to Dell, electronics has worked to reduce e-waste specifically through recycled gold within its product. In 2018, it became the first manufacturer to use recycle gold from e-waste within its recycled gold causes 99% less environmental damage and avoids $1.6 million USD in natural capital costs per kilogram process comparatively to basic gold mining working and continues to work to close its gold process for raw materials. 

Additionally, Intel has worked to meet its ambitious 2030 goals to achieve zero waste to landfill by implementing circular economy strategies for 60% of its manufacturing waste streams by performing the following within its supply chain: 

• Solvent Reuse: Intel worked with vendors to separate primary solvents from other solvents recovering more than 8,000 metrics tons to upcycle and move towards full circularity. 
• Packaging Reduction: Intel has worked to adjust its internal shipping methods from recyclable shipping packages such as latches versus sealing tape for products reducing packaging materials by more than 180 metric tons per year   
• Product Development: Intel includes innovations within its circuits boards that are more simplified to breakdown and separate to recycle and reduce e-waste; leading to a roughly  91% recovery rate of products and 75% post-consumer recycle plastics 

Data Privacy & Security 

Developing Data Standards & Reporting Frameworks 

Given the shifting sentiment and government regulations with respect to data privacy, companies should also recognize the importance in providing data transparency to their consumers as the likes of Apple, Google, and Meta have. Transparency is paramount to consumers and regulators who have begun to scrutinize what data is collected, how it’s being used, and where it’s going.  

Business leaders must continue to vet their data strategies to ensure that it meets consumers’ expectations and regulatory requirements. For example, as the metaverse gains traction, new organizations such as the Responsible Metaverse Alliance have come forward, citing practical rules to address the lack of regulation. Meeting data regulations is the bare minimum, and data standards go beyond to show what should be done. Aspiring leaders in companies should look to develop comprehensive data standards and reporting frameworks to incorporate industry best practices which will consequently improve consumer confidence and trust.  

Creating an Effective Ongoing Data Management Operation

As cybersecurity threats challenge and hinder companies through fines like Didi Global ($1.2B) and Amazon ($877M), companies should continue to evolve to meet the dynamic landscape of the cybersecurity arms race. In order to prepare, companies must shift focus away from viewing security measures as snapshots and instead adopt a persistent mindset for data governance structure, audits and management. This will not help reduce data breaches but also work to ensure consumer confidence.

Enabling the workforce to manage the data effectively is also critical to mitigating cybersecurity threats. Companies should set people up in teams with strong principles and ensure that secure handling of data is at the forefront of their operations through processes (e.g., access, using data, data management) and technology (e.g., which systems use the data, controls within the technology, etc.).

Conclusion

In conclusion, the possibilities and innovations that can be achieved with consumer electronics are vast, and we can expect to see more immersive experiences and improved connectivity in the near future. As we move forward, it's important to keep in mind the importance of data privacy and sustainability. As consumers, we have the power to demand technology that enhances our day-to-day experiences while also being mindful of its impact on the environment. With the right balance between innovation and responsibility, we can create a brighter future for ourselves and the planet. So, how do you want your technology to change your day-to-day experiences? The possibilities are endless, and it's up to us to shape the future of technology in a way that benefits us all.

Source: SYNTHESIS

Collected by the author  DTSVN team - Digital transformation solutions for the Finance - Banking

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