LTIMindtree brings new solution for digital transformation and ESG initiatives

Mid-tier IT services firm LTIMindtree on Tuesday announced the launch of its new digital transformation and ESG platform - Smart Spaces 2.0. 
ESG refers to the environmental, social, and governance factors that investors measure when analysing a company's sustainability efforts from a holistic view and is important for businesses as it helps them make informed decisions that can lead to increased innovation, growth opportunities, and better investment prospects. 

As part of iNXT, LTIMindtree's Digital Transformation Platform, Smart Spaces 2.0 offers a suite of solutions that boosts interconnected building environments and ensures efficiency and reliability while driving enterprise digital transformation from an ESG standpoint, the Indian IT firm said in a regulatory filing.

That said, with Smart Spaces 2.0, existing and new buildings can be fitted with the latest IoT devices, and facilities teams can instantly access key data on the platform on operational and environmental metrics such as energy, emission, water and waste. 

The platform is designed to facilitate savings and enhance operational efficiency for investors, real estate companies, building managers, and tenants in both residential and commercial properties. In industrial and commercial environments, Smart Spaces 2.0 supports comprehensive ESG reporting on essential factors while providing insights for predictive maintenance and repair. Clients have the option to integrate Smart Spaces 2.0 with their current building and plant management systems, allowing for immediate responses to alerts generated by the platform. 

Monish Mishra, Chief Business Officer, iNXT, LTIMindtree said that the new solution is both “modular and adaptable and can be seamlessly integrated with the organisation’s ESG ecosystem.”

The platform enables organisations to comply with both national and international sustainability standards, including Global Reporting Initiative (GRI), Task Force on Climate-related Financial Disclosures (TCFD), Greenmark, and various ISO frameworks.

The Smart Spaces 2.0 solution can provide global insights with trend analysis on sustainability performance across each pillar- Environment, Social and Governance and an ESG Score. With advanced analytics systems for gap prediction, it recommends and promotes optimization with energy savings, water conservation, waste recycling, emission tracking and reduction. It also brings transparency in the supply chain, vendor management, and CSR initiatives management.

According to the company, Smart Spaces also aims to improve productivity in workspaces with better Indoor Environmental Quality and occupants' dynamic care, safety, and security. Alongside various global client implementations, LTIMindtree has implemented the Smart Spaces 2.0 solution at its own offices across Bengaluru, Mumbai and Chennai, with other cities across India to follow.

According to Insight Ace Analytic, a market research and consulting firm, the ESG Reporting Software Market Size is valued at $0.71 Bn in 2022 and is predicted to reach USD 2.25 Bn by the year 2031 at a 13.86% CAGR during the forecast period for 2024-2031.