3. b. Analysing data to inform decision-making and strategy development

One of the most common difficulties faced by companies in the hospitality industry is identifying the right metrics that align with their unique operational characteristics and sustainability goals. This problem can be mitigated by conducting a thorough analysis of business operations, consulting with sustainability experts and utilizing existing frameworks such as the Global Reporting Initiative (GRI – https://www.globalreporting.org) or the Sustainability Accounting Standards Board (SASB – https://sasb.org). Data collection often proves to be a hurdle, as accurate measurement of sustainability metrics requires consistent and reliable data. Companies can use technology to automate data collection where possible, ensuring accuracy while saving time and resources.

Investing in specialized software or partnering with organizations that offer sustainability data management can also be beneficial. Common technologies used for automated data capture include OCR (Optical Character Recognition), OMR (Optical Mark Recognition), ICR (Intelligent Character Recognition) and IDR (Intelligent Document Recognition). Interpreting the collected data and translating it into actionable strategies is another challenge. For this reason, it is important to have a dedicated team or person (e.g. CSR officer) responsible for analyzing the data, identifying trends and areas for improvement and developing strategic plans based on these findings.