Five ways companies can create sustainability for all

Sustainability is now a core driver of purposeful business across Europe. Protecting the planet is at the heart of this agenda – but being sustainable is about much more than that.

At Tata Consultancy Services (TCS), we have a holistic vision of sustainability focused on people, profit and the planet. In practice, this means responsible corporate governance and helping other businesses to build long-term sustainability through better technology, efficiency and ideas. This in turn supports the communities in which we operate.

It is a vision that aligns with the idea behind the European Green Deal, the EU’s plan to build a sustainable economy in which no person or place is left behind. Companies will play an important role in realizing this goal, which views sustainability through the lens of long-term economic, governance, social, ethical and environmental (EGSEE) performance.

Most importantly, it is an inclusive vision that unites all business stakeholders − from the board to people in the community. Everyone works together to ensure mutual benefit.

So how can this be achieved? We need more than KPIs with targets set decades into the future. Sustainability measures must begin now – and these five actions are a good starting point.

1. Put youth front and centre

It’s time to make young talent an active part of sustainability decisions. They are the ones who will be most affected by our actions, after all. But more than that, they are the leaders of tomorrow. 

At TCS, we are putting young people at the heart of our sustainability decision-making by inviting them to contribute to TCS’ European Sustainability Council.

Drawn from across more than 150 of our industry and business units, as well as our Grow@TCS program, this highly motivated team is bringing fresh perspectives, energy and flair to our sustainability strategy.

As we empower young talent, we also need to ensure they have the necessary skills to build on their beliefs. Which brings us to upskilling and reskilling.

2. Upskill your talent

More than a billion jobs are likely to be transformed by technology over the next decade, according to OECD estimates. This makes digital skills a priority, and companies are best placed to drive this agenda, starting with their own workforces. Training at scale will be required – so where do companies begin?

With more than 488,000 employees in close to 50 countries, at TCS we know that learning must be overhauled to reskill employees in these numbers. Our solutions include the Global Learning Initiative, which features an integrated learning platform focused on skills in cloud, DevOps, AI and machine learning. 

But here, too, it is vital to include young people. So we have goIT, a youth training program designed to build long-term technology skills and problem-solving abilities. Today, 70% of the program’s students are interested in STEM fields, and Grow@TCS nurtures that talent within the organization.

There is another dimension here, too – companies must support digital skills within their communities. In Europe, we help students from under-privileged backgrounds get into higher education, and we are partnering with customers and academic institutions to support communities and harness innovation.

Here, we use the learning frame of TCS PaceTM to upskill within our organization, and we use our TCS Pace PortsTM to connect talent and education. For example, our partnership with Nyenrode Business University aims to shape a generation of business leaders that can manage uncertainty in a rapidly changing world.

3. Leverage the power of technology

Technology opens up new opportunities and new ways for businesses to operate. And with the world at an environmental tipping point, the time to take advantage is now.

We could reverse and even improve some environmental trends, as well as support wider sustainability goals, with co-creation and by leveraging industrial innovation. For example, TCS has helped a leading Swiss cement manufacturer reduce its scope-three emissions by over 10%, with a digital manufacturing platform that uses Internet of Things and AI technology for autonomous transportation management. 

The concept of Hydrogen Valley ecosystems also promises new technologies for improved recycling, carbon capture and innovation. However, partnerships will be needed to fully unlock multi-stakeholder interest and investment to drive market innovation at scale.

4. Redefine business models

Technology has moved from being an enabler to a key business driver in the past decade or so. We live in an era of unprecedented change. For example, in just five years, global renewable energy capacity has grown by 50%, while the global stock of electric cars has grown by 900%.

As sustainability shifts the profit pool to multi-billion-dollar industries, organizations are having to rethink their core businesses, and investors are reconsidering asset allocation. The question is how.

TCS has partnered with the asset-based finance department of a leading banking company to support more sustainable investment decisions with technology. And with a new factoring platform that uses digital twin technology, we are providing small- and medium-sized businesses across Europe with financing solutions. These actions are helping to accelerate the sustainability shift.

5. Make environmental progress every day

What does it take to bring these beliefs to life? A plan, of course. But it will require regular progress, too. Even a three-year growth strategy will need to be nimble enough to encompass regulatory change and shifting priorities. Change is unpredictable, but a long-term commitment to sustainability, built on action, provides a stable base. 

For example, the challenge of reaching net zero can seem daunting. So, too, can building a value chain that ensures responsible sourcing, production and consumption. These are priorities − but how can they be achieved? By breaking down the challenges into immediate actions.

We cut water consumption by 19.4% compared to the baseline year. But this wasn’t achieved in an instant – we got there by implementing a series of steps across our estate, and through everyone playing their part.

Likewise, digital can enable everyday progress by making goals more manageable. For example, TCS’ Data Marketplace value solution helps organizations track emissions across their entire value chain, as well as examine carbon offsetting and circularity − an essential part of corporate sustainability. 

TCS EnvirozoneTM is also helping our partners monitor and improve the sustainability of their supply chains. One large Nordic transport and logistics provider is tracking and managing its carbon emissions from the supply and distribution of essential commodities to retailers, for example.

A renewed purpose

Incremental change is no longer enough in a world where governing systems at state, organizational and business levels have outlived their purpose, and vital life-support systems like food production and clean air are threatened. 

Sustainability is indeed everybody’s business and the sooner we incorporate it into the fabric of life, the better. We believe that a more sustainable future is more achievable through partnerships. Are you ready to join us?