The fast-rising focus on Environmental, Social and Governance (ESG) factors is driving organisations to track the evidence of their actions. One of the biggest challenges is data visibility, and we’re seeing an unstoppable shift towards the use of technology to capture and shape sustainability performance and outcomes.
This can be summarised in our Sustainability IMPACT infographic (Download):
Up to two-thirds of companies are not realising the full value of the INSIGHT they can gain through digitising processes to track, manage, report and improve. With 46% of decision-makers expecting to increase their spend on applications to track ESG performance over the next few years, INSIGHT into their data and focused analysis will help to improve SMART objectives and decisions, not just in their own organisation but in mutual partnerships between suppliers and buyers.
This approach must be built on the factors that matter most to key stakeholders, where the organisation has impacts on the environment, on society and the local and wider economy. With a focus on MATERIALITY, organisations can measure and track what matters, then bring it to life through technology and data visibility.
Establishing that baseline will then help to focus on PRIORITY areas by exception, bringing out ‘blind spots’ and ‘hot spots’ as well as delving into key risk areas such as heat mapping and reporting. Organisations can then focus their attention where it matters most, because they’ve got the technology to support the analysis and the data visibility to prove their conclusions.
This then provides the understanding to focus on the need for ACCURACY. Information must be accurate when it’s being used to make trusted sustainability disclosures, declarations and public statements. This is essential to avoid accusations of ‘greenwashing’ or over-inflated claims of achievements.
All this then helps to drive meaningful and lasting CHANGE – set against a fast-moving and complex world of legislation, processes and contexts. Data will increasingly come from remote workers, or in supply chains, therefore integrated data visibility will be crucial. Three quarters of businesses that joined our SafeContractor platform in 2020 said they wouldn’t appoint contractors to work on their sites without evidence that they were working to industry best practice.
Finally, effective sustainability depends upon TRUST. Leaders, employees, customers, investors and the media need to be confident that they’re seeing ‘One True View’ of what is really happening in a responsible business. The UK’s Office for National Statistics report data for four-fifths of the 244 indicators that make up the UN’s roadmap of 17 Sustainable Development Goals towards 2030. That data cannot be locked away in spreadsheets or notebooks – it needs to be digitised if it’s going to drive real benefit.
David Picton, SVP of Sustainability, Alcumus said: “In essence, effective sustainability relies on evidence to drive true IMPACT – that can only be underpinned by data visibility to track what really matters and what’s really happening.”
To learn more about how organisations can engage with sustainability in a more meaningful way and use technology to build safe, responsible and ethical operations – download our Whitepaper: ‘Building Sustainability Through Data Visibility’.
Our whitepaper will guide you on your ESG and sustainability journey:
Building more sustainable and resilient organisations
What do we mean by ESG and sustainability?
Beginning your sustainability journey
ESG factors to consider
Using technology to build safe, responsible, and ethical operations
Six steps towards sustainability