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As the world emerges from a global lockdown, supply-chain resilience and business continuity continue to be at the core of every conversation. What companies are realizing is that organizations that had established sustainability practices – especially those backed by business sustainability software – responded faster to challenges and are emerging as more agile companies. The visibility of their sustainability milestones, shortfalls and rectification plans was critical: the wise investment proactively made paid off in a moment of crisis.
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While the ROI for sustainability initiatives can be difficult to project, the financial advantages over the long term have now taken center stage in a very tangible way. Sustainability reporting is key to corporate longevity and success – especially for commodity-intensive companies.
Further incentivizing companies to adopt a business sustainability software is the World Business Council for Sustainable Development report, which cites a 10-fold increase in the number of corporate reporting requirements on ESG issues over the last 25 years.
Not only are the cumulative number of requirements increasing but sustainability leaders are also realizing that internal reporting requirements can be vast. For example, the chief human resources officer might like to create a high impact on employees, while the chief marketing officer’s focus is to improve brand perception and the CFO requires information on how to mitigate climate change risk.
Ensure resilience and accommodate the complex landscape of requirements and regulations by focusing on these three things:
Choose the right technology
Not enough people and too much data seems to be the problem cited by most companies in solidifying their sustainability program. A business sustainability software is essential to achieving goals. The right technology can free up resources to take actionable steps toward reducing the impact of greenhouse gas emissions, minimizing carbon footprint, confronting deforestation, overcoming social inequality, and so on.
Choose the right framework
Your business sustainability software should accommodate the right strategic framework. Though addressing largely similar issues, there are many different frameworks and each one has different requirements. As an enterprise, you must identify your objectives in reporting, including the specific needs of internal and external stakeholders then consider which of the popular frameworks – GRI, International Integrated Reporting Council, CDP, Climate Disclosure Standards Board, SASB, and so on – suits your unique needs.
Choosing the right data
Any technology or framework is only as good as the data that goes behind it. Most companies suffer from reporting fatigue and sustainability teams look at data collection and enrichment as an annual chore that needs to be done ‘for stakeholders’. This approach is not just perfunctory but also detrimental long term when the actual issues that need addressing do not have adequate real-time visibility. Choosing the right technology and frameworks gives you access to the data that will help your organization prepare for unexpected challenges.
With these three components, your sustainability program can accommodate the required compliance and disclosure mandates. At Eka, it’s our mission to help mid-sized enterprises to develop framework-ready, accessible and engaging sustainability reporting that demonstrates year-on-year progress on environmental, social and financial imperatives, delivering to the expectations of all stakeholders. Our business sustainability software solution equips companies for real-time decision-making during critical social, economic and environmental changes.
Originally appeared on eka1.com
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