Environmental Sustainability in the Age of Big Data: Opportunities and Challenges for Business and Industry

Abstract

The quantity of data collected has expanded tremendously as the world becomes more dependent on technology and digitization, offering organizations and sectors chances for innovation and development. Concerns regarding the effects of such fast expansion on the environment have been expressed as a result of this increase, however. Prioritizing environmental sustainability is now more crucial than ever in this situation. This research develops a theoretical model to assess the relative advantages Big Data have on R&D via "substitution effects" and "complementary effects," and further leads to directed technological change and its influence on environmental quality. We examine various effects on environmental quality while taking into account and without taking into account the extensive data application to understand the function of Big Data better. Big Data and environmental sustainability may be used to provide major commercial advantages, such as cost savings, higher productivity, and enhanced reputation. Big Data in environmental monitoring may be used to better detect and solve sustainability challenges including resource depletion, waste management, and air and water pollution. Big Data analytics may facilitate better forecasting and decision-making, enabling businesses and industries to develop more sustainable practices and strategies. Big Data management needs a dedication to sustainability principles and practices, as well as a thorough awareness of the environmental impact of the company or sector. In the era of Big Data, cooperation between enterprises, industries, governments, and other stakeholders is crucial for advancing environmental sustainability. The paper also addresses some of the difficulties in using Big Data for environmental sustainability, including issues with data privacy, quality, and security. In conclusion, the fusion of Big Data with environmental sustainability presents both enormous potential and formidable difficulties for enterprises and sectors. Addressing these issues and fostering stakeholder engagement are crucial if Big Data is to achieve its full promise for environmental sustainability.

Keywords: Business; Challenges; Environmental sustainability data; Industry.