Artificial Intelligence in Corporate Sustainability: Assessing Its Impact on Business Performance and Environmental Responsibility

Fahmida Akand; Hemant Kumar Watts

Abstract

Technological advancements and mass globalization have propelled problem-solving techniques to greater heights. Especially in terms of sustainability and business performance, technological implementations have secured a strong spot for reliable and fruitful results. Artificial intelligence is amongst the newer branches of applied technology, which is changing how humanity tackles problems and formulates solutions. The possible areas of artificial intelligence integrations are virtually limitless. From medical science to space exploration, from fraud detection to sustainable development, from cancer research to smart precision agriculture, AI is surely a potent tool for mankind in terms of problem solving and global advancements. Bangladesh is a developing country that is struggling to keep up with the rest of the world in terms of technological implementation and effective problem solving. However, in recent years even Bangladesh is adopting various approaches to implement AI for sustainability, cost-effectiveness, fraud detection and prevention, data analysis and much more. The adaptation of AI in the realm of various businesses has also risen due to its effectiveness and sustainability. Bangladesh is taking advantage of AI in various sectors, including finance, manufacturing, healthcare, retail, transportation, etc. The potential of artificial intelligence in terms of corporate sustainability and ESG (Environmental, Social and Governance) is immense. The usage of AI in corporate sustainability can greatly boost business performance by reducing cost, maximizing efficiency and promoting optimization. This research aims to shed light on the effectiveness of AI in corporate sustainability for improving business performance based on the ESG framework in Bangladesh. More specifically, the paper explores the implementation of smart precision farming, which utilizes sustainability practices using AI to boost performance in corporate farming. Corporate farming has been prioritized due to Bangladesh’s dependency on agriculture and the usage of AI in this efficiency can greatly reduce cost, improve productive performance, and reduce time and resource consumption; which are crucial factors related to environmental responsibility.