Data. It’s not a particularly exciting word. But it could be the key to companies ensuring their operations are sustainable and ethical.
Often, when companies lose track of their data, they also lose the ability to analyse it and audit. Numbers they possess are estimates, usually inaccurate. This means they don’t know their impact, the extent of their value chains and their company’s usage.
For Earth Day, we look at how managing your company’s data could be the key to environmental responsibility.
The problem
Data management is an ever-present issue for companies: in their value chains, general data organisation, and when tracking company usage such as fuel. Companies struggle to coordinate multiple streams of data, allowing them to become separated from one another and difficult to analyse.
This can be attributed to several things:
- Poor data management systems
- Paper-based or traditional databases
- Inefficient recording
Data becomes confused when data is incorrectly recorded, or it becomes lost or changed along the way. This can put at risk a company’s:
- Effect on communities and biodiversity
- Ethical reputation
- Impact on the environment (fuel, operations, resources)
Better data management
The simple solution to this is blockchain technology. But data management needs more than just blockchain to improve.
It will also need to incorporate other aspects of new technology such as artificial intelligence, automation and the Internet of Things, in conjunction with environmental and social responsibility.
Look at the problem like this: If you can’t manage your data, or you don’t even have accurate data because of recording issues, then you can’t know if your company is sourcing sustainably. This isn’t inherently the fault of the company; even with modern technology, data traceability is difficult.
It is also, however, important. Most want to act in sustainable and ethical ways: employing ethical labour, reducing impact on the environment, or having a prosperous impact on a community. This particularly applies to mining and minerals companies.
This also flows over into other things. For instance, if your company is a mining company or a business that manages a fleet, fuel usage can have a heavy impact on the environment. Knowing that people aren’t using unnecessary fuel through fraud or driving in an environmentally harmful way can change a company’s environmental footprint drastically.
We’re solving this problem with our platform STAMP. STAMP is more than just a platform to manage your value chains. Instead, it can organise your data, track your company’s impact, and, on top of that, trace your supply chains from beginning-to-end. Because the platform uses blockchain technology, you know that your data is trustworthy and has not been tampered with.
STAMP is designed for you to optimise the true potential of your data – so you can visualise it in an easy way, through an accessible dashboard and reports. STAMP is designed to ensure data quality, sustainability and ethics in business operations. We particularly target the mining sector, but STAMP has potential for more than just mining.
Data might be a boring word. That’s why we’re sorting out the process for you.
Contact us to find out more.