In today’s world, innovation is a must for businesses.
Sustainability in innovation is a hot topic, so much so that it is not only a bonus when technology and businesses are seen as sustainable, it’s a requirement.
The increase in investments has fueled incredible breakthroughs in sustainability. To put this into perspective, the market size for sustainable technology including wind, solar, and biofuels in 2013 was at $248 billion and is expected to grow to $398 billion, meeting 30% of total demand in 2030. Sustainable technologies are replacing the legacy systems and the removal process should be done properly and ethically.
Here at 4th Bin, we ensure that sustainability is in the spotlight as a valued component of your company. While it has become crucial for sustainability to keep up with the rapid growth in innovations, there are challenges. For example, as old technology is phased out, sustainable technology recycling practices can easily be overlooked.
As your business is going through the process of replacing old technology, be cautious of your e-waste. This is referring to the waste of technologies when disposing of them. 50%-80% of what most recyclers take in from their clients is simply exported to developing countries, however when not managed properly it can be harmful—even deadly. This is just one reason it is so important that IT management is involved center stage with this process.
IT Portfolio Management Programs are vital when a business is reaching this point of disposing technology. These programs will reduce a company’s vendor management burden as well as provide security and transparency for a business.
These portfolio operations are essentially lifecycle management strategies. Making smart decisions are imperative for IT management success. A smart decision entails a complete understanding of your business and its needs. This will not only lead to an organized plan, but IT Portfolio Management programs will also reduce the opportunity costs for your business as it grows, develops and as it goes through the technology’s lifecycle.
Sustainable equipment management is not only just saving individuals and the environment and protecting your company, it will also increase your business profits. As people see your business holding these sustainable characteristics, your business will be more highly respected and it could open more doors, especially with companies who have established sustainability requirements for vendors.
It is unknown what the future will hold for developing technologies, however it is in our hands to take environmental responsibility for your company’s practices.