INSIGHT #5
Companies are turning to specialized technology to drive enterprise-wide engagement in sustainability reporting
KEY FINDING
40% of respondents will deploy purpose-built software solution to meet their sustainability requirements
One factor slowing corporate sustainability efforts—and climate change initiatives as a whole—is the lack of appropriate business systems and processes.
Sustainability data is being collected with tools not designed for this purpose. However, survey results show that businesses are increasingly aware of this gap and are moving away from generic legacy systems toward purpose-built solutions. Notably, a larger percentage have deployed sustainability-specific software applications or platforms to collect and analyze the full range of ESG and EHS data.
"Software solutions that automate the collection, analysis and reporting of environmental, social and governance data can help us comply with regulations, meet investor expectations, and communicate our sustainability performance more effectively."
Environmental, Health & Safety Director at company with more than $1B in annual revenues
Tools being explored for sustainability data collection and reporting
When asked what kinds of tools they are planning to use for sustainability data collection and reporting, 76% of survey respondents indicated they are exploring or planning to implement dedicated software for specific sustainability applications.
Respondents could select multiple answers. Notably, of the 35% of respondents who indicated spreadsheets as part of their plan, most (91%) are also planning to implement software solutions. Here's a look at what they are exploring or planning to implement for collection and reporting:
A purpose-built sustainability software solution
Spreadsheets and sharing tools
Not sure, haven't considered it yet
Collecting supply chain data for Scope 3 emissions is a priority
The benefits of a supply chain-wide strategy include reputational protection, reduced costs, risk mitigation and a greater real contribution to climate change goals.
While all respondents indicated they are collecting supply chain data, the majority accomplish this by asking their business partners to self-report the sustainability data they collect (37%) and/or by providing data collection and reporting templates (80%). Additionally, 13% of respondents indicated they are deploying software solutions to allow for better data collection and reporting.
Respondents could select multiple answers. Here's a look at how supply chain data is being collected among respondents today:
