What are the GSR Standards?
The Global Symposium for Regulators (GSR) are a group of international regulators dedicated to global connectivity, sustainable business growth and business continuity. Their standards are loose blueprints for businesses to follow in order to strive for better sustainability practises.
Through the pandemic, it’s become increasingly important for businesses to remain connected to their clients and employees. Businesses that are adaptive and resilient have managed to persist through one of the most trying times we’ll ever experience.
At Sustainit, we believe that adhering to the GSR standards is an important step when striving for sustainable business growth. That’s why we’ve distilled their (rather wordy) guidelines into this bitesized article to make it easier to consume.
Digital business growth GSR standards
The GSR talk in detail about how sustainable benchmarking and market performance analysis provides key opportunities for business’ investment and growth. Digital business has thrived, especially over the last year. The GSR believe that effective enforcement of regulatory frameworks is a crucial component for digital markets to continue to succeed.
This boils down to a handful of regulatory benchmarks that centre around using metrics and data analysis to further your business’ success.
Connectivity mapping is the process of tracking the deployment of digital infrastructure. By understanding market gaps and market stakeholders, businesses can develop opportunities for investment and growth.
Through understanding regional internet connectivity, a business can target specific areas where internet is fast (if you’re offering software that requires quick internet, for example), or, alternatively target areas where connectivity is poor, if you’re offering a service that functions better in an area like this.
Metrics for market performance
By using social and economic metrics, businesses and regulators can identify priority action areas for both policy and regulation, but also for growth. For digital businesses, this means taking into account socioeconomic data when planning marketing, creating action plans to successfully cater to the demands of these regions.
Impact assessment is the process of using reliable quantitative and qualitive data to help track trends and gaps in regulatory frameworks. Utilising data in this way is key when striving for vibrant and inclusive digital industries. When looking to implement changes based on your data, it’s important to use intricate data visualisation techniques to help bring your data to life. Information that is easy to see and digest will always be more impactful than drab analysis.
Roadmaps are designed as a way to take analysis from data and create an actionable plan of action. The roadmap should include timelines and distinct steps that need to be achieved, keeping it clear for everyone involved.
Core design principles
The GSR established core design principals in order to create sound, future-proof regulatory frameworks in the wake of the pandemic.
Regulatory strategies for digital
Much of the GSR’s regulation around digital focuses on short-to-medium term outlooks on both national and global markets. The idea is to transform shorter-term strategies into longer-term, more appropriate strategies that promote distinct growth, adhere to government policy and encourage a coordinated approach among all stakeholders.
Integrating sustainability is as much about business growth as it is about environmental sustainability. The GSR talk about policy that revolves around digital waste. Digital waste might seem like a strange concept, but everything has a carbon footprint (it takes a lot of energy to run cloud servers).
Finding the right software to help you become more sustainable and carbon-neutral can be tricky. That’s why we recommend getting in touch with sustainable data experts to help you to either get started, or to refine your current processes.
Much of the GSR’s work focuses on data, and what we learn from it. It’s all well and good compiling your information, but if you don’t do anything about it, then it’s essentially worthless. They encourage an evidence-based approach to inform regulatory decisions. Consistent monitoring and evaluation of data can help regulatory bodies and businesses achieve their objectives in the most effective way. This is especially important for improving network resilience without creating a distinct burden on the market.
Adaptive Regulatory Frameworks
No rules are set in stone – this is one of the key principles of the GSR’s standards. It’s important to accept that regulations are changeable, especially in a world where technology advances so quickly.
Importance of reliable broadband
At the core of the GSR standards is a call for reliable broadband for all. In order to unleash the full potential of digital business, connectivity is paramount, especially in a world recovering from the COVID-19 pandemic.
Sustainability data consultancy with Sustainit
Phew! We understand that this is a lot to take in. The GSR standards are sprawling and can be difficult to understand.
At Sustainit, we use sustainability data to drive change. As a family-run, independent consultancy, we’re in a unique position to advise and help with your sustainable growth. Get in touch today for an honest chat with one of our team, be that about your business or to talk about GSR standards. We’re on hand to help talk through your unique situation, and to put in place a strategy that suits your business.