Telecommunications and media are woven into our social fabric and it’s safe to say without this industry, society as we know it today would grind to a halt. Telecom and media companies can influence the decisions of millions of consumers every day, and those consumers are demanding more environmental accountability from their favorite companies.
What Challenges Are the Telecom and Media Industry Facing Today?
Companies are experiencing incredible evolution as individuals, businesses, and cities around the world change the way they communicate.
- Unprecedented Growth: An increasing number of devices, new emerging markets, and on-demand content is driving significant increases in digital demand. Companies in the media and telecommunications industry must find ways to meet this growing demand, while also delivering high speed, reliable coverage, and low latency. To compete and capitalize on new revenue streams, media and telecom companies must invest wisely in their infrastructure and back-office digital transformation efforts to build a resilient and data-driven strategy for the future.
- Resiliency and Disaster Preparedness: Catastrophic weather events pose a significant threat to this sector’s physical assets and business continuity. These companies will need to ensure they have assessed the effects of climate change at each existing and planned location and conduct resilience planning to mitigate risk.
- Reputation and Customer Experience: In the competitive media and telecommunications industry, where value is driven through intangible assets, reputation can provide the competitive edge to retain customer loyalty and attract new subscribers. 76% see CEOs leading the charge, particularly as it relates to the environment.
What Should Media and Telecom Companies Be Thinking About?
Some of the following actions can help media and telecom companies address current trends and external pressures while implementing sustainability projects that meet their needs.
- Assess Risk and Current State: Conduct a data-driven 360-degree assessment of market conditions, environmental pressures, and regulatory risk to identify material issues, prioritize opportunities and build a sustainability strategy.
- Develop a Strategy: Establish a comprehensive sustainability strategy with aggressive yet achievable goals and an actionable roadmap to get there.
- Focus on Efficiency: Target efficiency power management, infrastructure sharing, and efficiency at high consumption locations like manufacturing and data centers. Address e-waste through donation programs, refurbishment, and take-back initiatives.
- Source Green Power: Develop an energy sourcing strategy to address renewable goals while accounting for risk and cost pressures. Investigate renewables, onsite distributed energy resources, and storage options to build the right portfolio strategy.
- Disclose Performance: Leverage frameworks like CDP, GRI, or DJSI to engage stakeholders and communicate progress to consumers.