EcoVadis Acquires Ecotrek for Data Mining Enhancement
EcoVadis, a renowned provider of business sustainability ratings, has announced the purchase of sustainability data mining firm Ecotrek.
The company's automated sustainability data collection, scanning, and analysis capabilities will work for EcoVadis' portfolio of solutions by supporting technical capabilities, enhancing customer experience, and increasing visibility with robust information about trading partners, according to EcoVadis.
With more than five million company profiles in its database, Ecotrek's sustainability data mining (SDM) capabilities enable the automation of the collection and integration of sustainability data into business processes. This provides EcoVadis with access to company-specific insights for assessing environmental, social, and ethical risk and opportunity, thereby enhancing the speed and adequacy of risk visibility throughout the supply chain.
Ecotrek's SDM extends EcoVadis' technological capabilities by automating the collection, scanning, analysis, and classification of a company's sustainability data.
It allows EcoVadis to give predictive information more quickly to optimise tactics for sustainability risk management. In addition, it helps EcoVadis improve the experience and quality of its ratings while enhancing process efficiency.
The unified product suite will provide a comprehensive solution, from risk classification and monitoring to supplier sustainability performance enhancement.
In light of rising regulations, such as the German Supply Chain Act and the forthcoming European Directive on supply chain due diligence, the combined offerings give customers a significant advantage over their competitors in terms of monitoring and improving their supply chain to not only comply with this law but also "thrive" in the new "responsible business environment," according to the companies.
In 2020, the four co-founders of Ecotrek combined their talents in software, engineering, and applied science to establish the company. They and their entire team will merge with the EcoVadis team in Germany and join the EcoVadis business.
Source: Environmental Leader
