Cervest included in IDC Market Perspective on Climate Intelligence

IDC research states Climate Intelligence (CI) must be a “strategic priority” for businesses and positions Cervest as a leader in this rapidly-evolving market.

The IDC has released a report explaining the critical role of Climate Intelligence (CI) in helping business decision-makers manage climate-related risk.

Titled Climate Intelligence: Today and the Future Market Perspective, the report delivers a comprehensive overview of this rapidly evolving market, describes the sizable differences between CI and traditional analytics, and puts forward a definition of Climate Intelligence, which IDC describes as a “strategic priority for organizations worldwide”.

Download a free copy of the report here.

The IDC report details how increasingly frequent and severe extreme weather events are making CI “a strategic priority” for both companies and governments around the world. Events like hurricanes and flash floods will wreak havoc on businesses’ core operations, for example, by disrupting their supply chains and forcing mass evacuations in areas near to their facilities. These hazards will also cause damage to physical assets like offices, factories, retail units and power plants, affecting companies’ bottom lines. 

As the consequences of climate change accelerate - the global economic loss due to climate change is expected to rise from $1 billion in 2021 to up to $23 trillion by 2050 - the report predicts that organizations will need Climate Intelligence “to not only manage climate-related risk to their most important assets but also to help them adapt to future risk and find new opportunities as a result.” 

“The physical damage from climate risks such as severe winds, flooding, and fires poses an existential risk to many businesses and is already locked into our climate system.” 

IDC’s comprehensive report also explores various aspects of the rapidly evolving CI market, including fundamentals and trends, drivers and inhibitors, and the scientifically-differentiated approaches available. “Climate intelligence is an emerging category, and there are ‘flavors’ of it,” IDC remarks.

In addition, the perspective explains the “vast” differences between Climate Intelligence and traditional data analytics. While traditional analytics focuses on historical data in context, CI “combines troves of historical and current data, structured and unstructured with sophisticated artificial technology techniques and systems, including neural networks, to help account for the increasing velocity of events linked to climate change.”

This approach, IDC explains, makes Climate Intelligence “a more business-ready packaged set of services that uses machine learning and neural networks to provide easy access to foresights in a ready and actionable state.”

The Climate Intelligence: Today and the Future IDC Market Perspective report covers Cervest’s Climate Intelligence platform - Earth Science AI™ - and our product suite, including our flagship product, EarthScan™.

“EarthScan integrates climate risk into decisions and workflows, enabling enterprises and governments to improve growth and acquisition decisions, augment risk management and adaptation planning, and automate climate-related financial disclosure reporting,” the report states.

The report also cites Cervest’s cloud-based Climate Intelligence platform as an important tool - continuously updated with expanded collections of assets - for enabling users to baseline, monitor, and forecast risks, including heat stress, precipitation, river and coastal flooding, wind, and drought. 

IDC’s Market Perspective notes Cervest’s ability to:

• Forecast multiple climate risks simultaneously: EarthScan generates insights across multiple risks, timeframes and emissions scenarios simultaneously, providing a complete picture of climate risk that’s continuously updated with expanded collections of assets, climate data, and the latest science.

• Provide Granular, Decision-Useful Insights: EarthScan provides summary and in-depth views of risk from high-level ratings down to individual physical risk metrics, delivering decision-useful insights for various industries such as retail, industrial/manufacturing, power/utility, real estate, and financial services. 

• Offer both Freemium and Paid Models: EarthScan will enable anyone to automatically generate a free climate risk assessment for a limited number of assets via a freemium offer (available later this year). Customers can also expand to more assets, intelligence, and reporting functionality via a paid subscription (which is currently available to eligible enterprises). 

To find out more about the “rapidly evolving Climate Intelligence market” and the role Cervest is playing, download the IDC Market Perspective: Climate Intelligence: Today and the Future here.