Over the course of the last two decades, data has transformed the way we do business. While the implementation of data analytics and AI is a no-brainer for every small or large business, their scope has expanded nowadays. Of course, the valuable intelligence they provide can ultimately lead to profitability and new growth opportunities, but these two goals are no longer feasible without also embracing sustainable business practices.
Indeed, it is well past the time when sustainability transitioned from a trend or an option to a business imperative. And although the roadmap to a sustainable future may at the moment seem a little blurry, the power of AI and advanced data analytics can guarantee that ESG compliance will not be a headache, no matter what challenges lie ahead. Proper AI solutions can help reduce carbon footprints, waste, and pollution, leading us to a world with greater equality.
Achieving sustainability in business requires partnership and innovation. “Partnership refers to the collaboration between team members and leadership, and innovation comes from technologies like AI that can drive the stability, scalability and flexibility we need to do business with a purpose” said Michel Ghorayeb, Managing Director for UAE at SAS.
“Adopting AI-led insights to build and implement sustainable business practices can also elevate our efforts in contributing towards UAE’s vision to achieve net zero carbon emissions by 2050. In the grand scheme of things, it basically translates to doing our part in this movement, one step at a time,” he emphasised.
According to Dr. Saeed Aldhaheri, Director of the Centre for Futures Studies at the University of Dubai, AI can be a game-changer in building innovative, sustainable solutions in almost all domains. “This will help accelerate the achievement of sustainable development goals by 2030, which has now become a priority for all businesses and government agencies.”
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He added, “Today, AI models are used to fight climate change, cut CO2 emissions, optimise energy production and consumption, and are helping us to address other global challenges by providing valuable insight that can assist leaders and policymakers to take proper actions. Businesses and corporates who have successfully managed to integrate AI into their business strategies are becoming more sustainable in their operations and have achieved a competitive advantage over others, through performance optimisation.”
Tayfun Topkoc, General Manager, META at SAS, is equally confident about the advantages of AI on both a global and local scale.
“AI can enable sustainable businesses by making them more productive for the economy and for nature. The application of AI levers could reduce worldwide greenhouse gas (GHG) emissions by four percent in 2030. The development of non-oil sectors through investment in AI in Middle East could strategically position the region for the future,” he said.
Hopi, one of the most popular smart shopping applications in Turkey, already enjoys the benefits of advanced analytics and AI. Gul Sagir Aydin, Chief Marketing Officer at Hopi, believes that sustainability should be the top priority for everyone, not just companies.
“Besides the brand image, corporate reputation, cost minimisation and productivity efficiency, it promises us a better life and future,” he said. “From a business perspective, AI, machine learning, and IoT are right in the middle of the main success factors in terms of efficiency, productivity, less energy and resource consumption with future data learnings. That’s why Hopi has partnered with SAS’s AI and machine learning technologies to improve its own data capabilities.”
From retail and banking to construction and agriculture, AI can drive sustainability efforts in every sector. Consider healthcare which has already been severely affected by a disruptive event in the form of the recent pandemic. As Dr. Maryam Sayed Jaffar AlSharaf, Director of Data and Statistics at EHS, notes: “Amalgamating AI into the healthcare ecosystem facilitates automation of tasks and helps analyse big patient data sets to deliver better healthcare at a lower cost, leading to a more sustainable practice.”
Along with making the adoption of sustainable practices easier, AI can strengthen business resilience before the next disruption, by speeding up crucial decisions. The quick analysis of large data sets and complex data augments the abilities of decision-makers. George Harrak, Chief Information Officer, Information Technology at Al Hilal Bank, explained, “AI will enable companies to improve human decision-making in terms of both speed and accuracy.”
Better and faster decisions are more than a prerequisite for businesses to strive in volatile times, but what about the sustainability awareness of our region’s business community?
Feeling optimistic, Katarina Uherova Hasbani, Partner and Global Director of Strategy and Advisory at AESG, said, “I am encouraged by prospects of sustainability in the Middle East. It is driven by C-suite leaders who want to leave a legacy of resilient and viable business.”
The road to sustainability will be a long one, and businesses that fall behind are more likely to face greater challenges in the foreseeable future. Therefore, it is vital for every business to act fast –and the time to invest in AI and advanced analytics is definitely now. By gaining access to critical insights today, they will be able to innovate and create the sustainable world of tomorrow.
