Pillar | 3 The business of the future
Read more about targets, outcomes and activities on our path to creating a sustainable society in line with the UN SDGs and the Paris Agreement 1.5-degree goal.
What is a business of the future?
The business of the future focuses on how we at Knowit can contribute to creating a sustainable society through our work with digitalization and innovation.
We have a unique possibility to use our expertise to provide clients and society with solutions to meet the largest global challenge of our time, climate change. This also creates new and unique business opportunities for Knowit. By integrating sustainability and climate in our business strategy, values, vision, and ultimately in the value offer to clients, Knowit can contribute to a positive impact on global sustainability.
Target: Protect client data.
Result:
KPIs:
(418-1)
Number of losses of client data during the year
• 2023: 1
• 2022: 1
• 2021: 0
• 2020: 0
• 2019: 0
Comment on result:
Managing large amounts of data in the cloud leads to increased complexity when it comes to security issues. Here, Knowit is at the cutting edge, and delivers both cloud services and security services regarding implementation and operation. The same holds true for AI applications, where technology and law are closely connected. Knowit delivers both the technical solution and support for managing security and privacy.
The new regulations GDPR and PSD2, which posed significant challenges for many of Knowit’s clients when they were introduced in 2018 and 2019, respectively, continue to be a major challenge for many. Knowit continues to support its clients in understanding what the regulations mean for them and what is required to achieve compliance — with a focus on privacy interests, business needs, and societal benefits.
Security solutions at the cutting edge are also about helping clients develop solutions that increase security for individuals when it comes to e-commerce or payment solutions, for example.
Activities: In 2023, Knowit has been certified in information security (ISO 27001).
Target: GROW is Knowit’s consultancy development program for women and non-binary consultants who want to accelerate their careers, either in leadership or as specialists. The program serves to create a learning environment where participants get important knowledge and tools to increase their professional and personal growth as young professionals. During the program, they build a platform for sustainable development, improved self-awareness, personal leadership, and valuable consultancy knowledge, such as presentation, sales, networking, and coaching.
To support the participants in dealing with specific challenges that women and minorities encounter in their careers, one key aspect of the program centers on building knowledge about biases, diversity, and inclusion.
Result: In 2023, we ended the fifth edition of GROW and are now planning start-up of the sixth edition.
Activities: The participants have worked on internal cases in addition to their client assignments, to develop Knowit’s work on sustainability, employee satisfaction, and client satisfaction. The proposals are presented to the Corporate Management Team and then applied in the operations to strengthen Knowit’s ambition of being Makers of a Sustainable Future.
Target: By 2030, 80 percent of Knowit’s net sales shall contribute to at least one of the UN sustainable development goals where Knowit can make the largest difference. Among the 17 UN SDGs, Knowit has identified SDGs 3, 4, 5, 7, 9, 11, 12, 13, and 16.
Result: In 2023, the process of data collection was automated and the criteria for target fulfilment were clarified. The share of projects classified in relation to the UN SDGs continues to increase. Because of this, the outcome for 2023 is not entirely comparable to the outcomes for 2021 and 2022. The assessment is that the reported outcomes for 2022 and 2021 have been higher than the actual outcomes.
Activities:
1) At Knowit, we measure the proportion of net sales that contributed positively to at least one of the 17 UN SDGs.
In addition to this, we also measure the share of net sales that contributes to at least one of the nine SDGs where Knowit can make the largest difference. The classification is based on the project manager’s subjective assessment, as there is no official standard for project classification.
2) In 2023, Knowit redefined its Sustainability Task Force as an open community, Sustainable Impact, to increase knowledge, engagement, and business creation in the sustainability area, our respective companies, and the entire Group.
Sustainable Impact’s ambition is to retain a focus on well-established efforts in social, environmental, and financial sustainability. An increased scope for offering data analytics competence and system solutions for more efficient and seamless sustainability work is a natural part of the sustainability offer. Sustainable Impact will also work to continually highlight and clearly position Knowit’s overall service range related to sustainability strategies and development projects in relation to the most important target groups on Knowit’s markets.
Target: Report in accordance with the EU taxonomy.
Result: The result regarding net sales, capital expenses (CapEx), and operating expenses (OpEx) is found in the table.
| Eligible, % | Aligned, % | |
| Net sales | 39.7 | 0 |
| Capital expenses (CapEx) | 76.3 | 4.5 |
| Operating expenses (OpEx) | – | – |
Activities: Knowit has been reporting in accordance with the EU Taxonomy regulation since 2021. During 2022, Knowit has refined its method to measure and report not only what is taxonomy eligible, but also what is taxonomy aligned in two environmental targets related to climate mitigation and climate adaptation.
Target:
1) Comply with EU: s Corporate Sustainability Reporting Directive (CSRD).
2) Support clients in CSRD-related assignments.
Results:
1) In the fall of 2023, Knowit has performed its first double materiality assessment (DMA), to prepare the organization for reporting in accordance with CSRD.
2) Knowit is currently helping several companies with double materiality assessments or the full CSRD reporting.
Activities:
1) We have worked to prepare the Group for reporting in accordance with CSRD by performing a CSRD gap analysis and a double materiality assessment (DMA).
In parallel with this, work has begun to integrate Knowit’s existing risk management process and its overall strategy process with the results and methods we have identified and developed within the framework of the DMA. The ambition and goal – in line with Knowit’s current strategy process and CSRD – is to continue to develop our integrated process for identifying and managing sustainability related risks, opportunities, and impacts throughout our value chain.
2) Knowit is helping several companies with the overall CSRD reporting and we have cutting edge expertise in sustainability, EU legislation, reporting, and digitalization of processes.
Knowit is an independent partner that often collaborates with different suppliers of platforms/digital suppliers that match the unique needs of clients. In 2023, we have performed collaborations with innovative platforms like SustainLab and Cleerit and, with their support, helped our clients take on double materiality assessments or full CSRD reporting.
Do you want to know more?
Are you interested in how we work with sustainability at Knowit? Feel free to contact me, and I'll be happy to tell you more.
Joakim Pilborg
Head of Sustainability