Top 8 ESG Reporting Software in 2023
S&P Global Inc.
The purpose of ESG reporting is to shed some light on what a company is doing with regards to their environmental impact, social equity, carbon emissions, use of natural resources, and overall sustainable practices. Yes, the overarching themes relate to climate change, but to engage the sustainable development that will help us address our environmental goals, we must first put a reporting framework around our own needs: how we treat workers, and how we govern ourselves and our businesses.
Through reporting, there is more transparency, which is available to investors and the public and ultimately leads to companies working with stakeholders and shareholders to make a difference.
Behind all of these reports is the software. These tools take tons of data from the company and put it into easy-to-understand measurements. The reporting software also offers transformative solutions for any business looking to reduce risk and improve their sustainability impact. Here are some key ones to keep in mind:
Datamaran is the first data-driven platform, which adds an incredible amount of clarity to ESG and business strategy. It can monitor a great number of things, like opportunities and risks related to your industry, how you compare to other businesses with their ESG goals, and current or future legislation that is worth noting. Ultimately, this is a great tool for integrating ESG into your business strategy and culture.
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Kodiak Hub focuses heavily on value chains and helping businesses get the most value from them. They assist in areas like technology, sourcing, procurement quality, and sustainability. The idea behind this tool is to provide data for businesses to scale up and offer more sustainable value and innovative products and services that can be offered to customers and new markets.
On top of reducing their own carbon footprint last year, the company OneTrust has a lot going for it. The biggest thing to note about the platform is the use of four clouds to provide data and build trust amongst many companies. OneTrust offers a simplified method that provides insight into privacy, data discovery, GRC, ethics, and ESG. It’s an excellent hub to turn to.
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S&P Global’s software is not only used by businesses but also for government and individual use, which will allow all three to make strong decisions on anything ESG. This company is renowned for its credit ratings, benchmarks, analytics, and workflow solutions provided to all kinds of different markets.
Through the use of automated products, Navex is about turning integrity into impact as well as helping organizations make their first step into integrating ESG into the business. It does all this by offering actions and solutions to the various problems and backing them up with data. Specifically, Navex excels in areas like supply chain management, risk management, and compliance.
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Sustainalytics is a tool that our site relies on to cover ratings, but it also offers high-quality data to institutional investors and businesses alike. Their software focuses on helping companies be sustainable in areas like policies, business practices, and capital projects.
Another hub for everything to do with financial reporting metrics, ESG compliance, auditing, and risk assessment, Workiva covers a large scope while also connecting teams to processes.
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One of the most notable out there is Diligent, which is a global leader in providing SaaS solutions across the ESG arena, covering both risks and compliance. It does this by providing tools that make businesses both equitable and sustainable. With a huge focus on greenhouse gas emissions, Diligent has tools to calculate and collate customer data. This allows the tool to offer accurate solutions to bolster sustainability while also reducing emissions.
ESG Reporting - Many To Consider
The list of companies that provide ESG data is expansive, and there’s no real shortage of them emerging or making adjustments either. ESG needs data that is easily accessible and understood across the world.
Selecting any of these options above will ensure your business stays compliant, can offer clear data back to customers, and can identify areas for improvement in achieving sustainable business goals. To stay ahead of the potential issues relevant to your organization, you need data and insight. Working towards compliance through the adoption of a robust ESG reporting policy will help you make progress in the right direction.