Most companies focus on the financial bottom line, but this is changing. The ‘triple bottom line’ approach is becoming part of everyday business language and central to industrial sustainability. It describes three bottom lines being social, environmental, and financial. Also referred to as the ‘3Ps’ people, planet, and profit.
Today, many investors, customers and employees expect social and environmental responsibility before they invest in or work for a company. Employees and capital are the lifeblood of industrial companies. Meeting triple bottom line definitions of success are essential for the long-term survival of any industrial enterprise.
To concurrently change processes and practices to meet these three measures of success may seem difficult, if not impossible. Yet, modern digital technologies make it possible to balance them. Moreover, digitally transformed businesses are more industrial sustainable.
Digital Technologies Driving Growth
- Smart connected technologies can access the data streams and software used to track and gauge performance for sustainability and profitability.
- Cloud-based analytics, machine learning and Digital Twins work together to reduce CO2 emissions and improve manufacturing process efficiency.
- Digitisation across complex value chains enables industrial circularity of the 5Rs: Remanufacture, Repair, Reuse, Recycle, Refurbish.
Industrial Sustainability
Industrially sustainable operation means reducing energy use and greenhouse gas emissions, plastics use and ensuring labour and materials are equitably sourced.
Schneider Electric monitors its progress at three levels covering the combined development and engagement of people, process, and technology. This ranges from incorporating sustainability KPIs in daily business, to social corporate responsibility including complete carbon neutrality for their value chain.
They also help manufacturers to become more sustainable and adopt these same solutions in their own plants and facilities. Examples of the three approaches used by Schneider Electric to address them are:
- Efficient Production by using IIoT in Smart Factories and Smart Distribution Centres to reduce energy costs by 10%-30% and maintenance by 30%-50%.
- Greener Products by choosing materials based on a lower carbon footprint and ensuring they are recyclable at the end of life.
- Social Commitment by helping partners, suppliers, and customers in their value chain to adopt a similar approach.
Digitisation is a major key to survival
Technologies today make it possible to achieve success measured against all three dimensions of the triple bottom line. In addition, today’s uncertain environment with supply chain issues and fast changing customer and market demands means the most agile companies will be the ones who survive into the future.
An example of digital solutions supporting these goals is the use of Digital Twins. EcoStruxure Machine Expert Twin is a scalable, digital-twin software solution for the entire machine lifecycle and also enables the parallel development of mechanical, electrical, and control designs.
It is more efficient and optimises sustainability through all stages of the equipment’s life cycle. Furthermore, it is easier to verify the performance of designs virtually before implementation in the real world. This also makes continuous improvement activities like improving the Triple Bottom Line far more efficient and effective.
