Inriver, a software company that powers the entire product journey with revenue-driving product information management (PIM) across every customer touchpoint, today addresses how their solution fits into long-term strategies for climate, nature, and energy—one of the four key themes of the 2024 World Economic Forum (WEF).
The company is a global product information management (PIM) software vendor dedicated to powering a sustainable future. They emphasize the importance of detailed product data tracking for achieving a circular economy. Manufacturers producing eco-friendly products can use product data to give consumers more transparency about the origin of their purchases, which in turn builds trust. With “building trust” as the overall theme of the 2024 WEF, the dialogue is both timely and important.
“Product information is the essential ingredient to power a more sustainable planet,” said Niels Stenfeldt, CEO and Board Member, inriver. “By understanding and cataloguing information about the carbon footprint and environmental impact of a product, inriver PIM can revolutionize the way companies and consumers interact, while working towards a carbon-neutral world. I am encouraged that this year’s WEF is focusing on long-term systemic approaches to achieve these carbon-neutral objectives.”
Effective data tracking is crucial for circular decision-making, with the EU’s forthcoming Digital Product Passport (DPP) regulations further highlighting this need. However, managing the increasing data volume needed to comply with regulations such as DPP is a challenge. Inriver’s strength lies in its elastic data model, essential to accommodate ever changing requirements and capable of efficiently processing substantial data volumes. Positioned as an ideal solution for the circular economy, inriver consolidates a massive array of product data points—from product specifications and source materials, to more advanced information like CO2 footprint, water consumption, and recycled content.
As highlighted in the just-released 2024 WEF Global Risks report, companies cannot afford to wait: “In a 10-year context, climate-related risks contribute 5 of the top 10 threats as the world nears or crosses ‘climate tipping points'”, the report states.
By acting now, brands can build trust and strengthen long-term relationships with customers. Fast adopters of technology like PIM will have a competitive edge to make data-backed decisions for the wellbeing and longevity of their businesses – and our planet.
Watch the video as Stenfeldt discusses inriver’s long-term systemic approach to helping achieve the objectives of a carbon-neutral and nature-positive world.
Featured Photo by Austin Distel on Unsplash.