Tech and People Are Equally Vital in Collecting ESG Data

Regulatory frameworks like the International Sustainability Standards Board, Climate Disclosure Project, Carbon Border Adjustment Mechanism, Corporate Sustainability Reporting Directive, European Sustainability Reporting Standards, and Science-Based Targets are driving collection of ESG data for companies globally.

Given the vast amounts of data that needs to be gathered and compiled, there is need for technology that can help meet timelines efficiently.

This has seen the software industry develop advanced tools to help in ESG data collection efforts. Offerings like GenAI have the potential to transform the gathering of data, as reporting requirements become more complicated and taxing. Plug-in tools that simplify tasks are also being used across the industry.

While technology is helping meet some of these needs, there is still need for humans in the burgeoning space, especially since systems that run autonomously, without human involvement, are not readily accessible to meet the expanding needs and pressures from the ESG reporting space. This is why it’s important for firms to ensure the human-powered processes to design, deploy and maintain effective data collection and reporting aren’t neglected.

To meet the increasing disclosure demands using new tools for data collection, companies are also encouraged to follow the guidelines below as they relate to the evaluation and integration of new reporting platforms.

  1. Invest in people

Firms need to balance investments in new tech with equal investment in individuals and processes behind these tools. This ensures that the individuals using this tech are knowledgeable on the platforms and that they understand the value of their firm’s ESG strategy, how their roles contribute to it, and the metrics that need to be monitored.

  1. Evaluate and utilize existing data sets

It is important for firms that data on material ESG opportunities and risks is supported by data that can be verified, which makes it easier for auditors to go through huge amounts of information.

Before making any substantial investments though, firms need to fully and accurately evaluate and utilize existing data systems while assessing interoperability needs.

  • Opt for adaptable solutions

The ability to scale is important for any data collection system if it is to keep up with the increasing disclosure needs of a firm. Firms need to assess solutions with scalability in mind and choose a platform that can support their current needs as well as any future needs that may arise.

It is important to note that there currently does not exist a one-size-fits-all technology platform on the market. That is why firms like Coyuchi Inc. have to shop around for software solutions suited to their unique ESG data collection needs.

NOTE TO INVESTORS: The latest news and updates relating to Coyuchi Inc. are available in the company’s newsroom at https://ibn.fm/COYU

About ESGWireNews

ESGWireNews (“ESG”) is a specialized communications platform with a focus on the Environmental, Social and Governance (ESG) sector and public companies committed to sustainable corporate practices. ESGWireNews is one of 70+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, ESG is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, ESG brings its clients unparalleled recognition and brand awareness. ESG is where breaking news, insightful content and actionable information converge.

To receive SMS alerts from ESGWireNews, text “ESG” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.ESGWireNews.com

Please see full terms of use and disclaimers on the ESGWireNews website applicable to all content provided by ESG, wherever published or re-published: https://www.ESGWireNews.com/Disclaimer

ESGWireNews
Los Angeles, CA
www.ESGWireNews.com
310.299.1717 Office
Editor@ESGWireNews.com

ESGWireNews is powered by IBN

Archives

Select A Month

Contact us: (512) 354-7000