Build an ESG Reporting Software Solution That Works for Your Organization

Organizations are seeing growing demands from regulators, investors, employees and customers to improve their environmental, social and governance (ESG) performance. Now, with intelligent automation (IA) technologies and ESG reporting software, meeting these demands is more achievable.

WonderBotz and Glynt have teamed together to create a robust ESG software solution. InvoiceBotz from WonderBotz collects the data while Glynt processes the data and generates the reports.

What is ESG Reporting?

ESG compliance refers to the key factors involved in gathering, measuring, reporting and improving the environmental and societal impact, and the governance of a company or business. An ESG report discloses these factors to showcase the organization’s ESG performance, risks and opportunities, and improvements made. It’s data-driven reporting designed to give transparency into a company’s activities.

ESG legislation is a governmental approach to improving organizations’ environmental impact; their treatment of people, be that employees, customers, suppliers or communities; and their controls and transparency around these. An organization’s ESG credentials affect brand trust and accountability.

Fragmented environmental and social legislation has only recently started to consolidate within ESG frameworks. This will continue to evolve over several years, affected by regional government priorities. But to trade within the world’s major economies, organizations will increasingly need to report strong ESG credentials.

How do you measure environmental impact?

An environmental impact is measured by the direct or indirect effect on the planet, including emissions and other pollution, resource consumption, and the plans and progress made in reducing these.

The goal: reduce emissions.

The ideal: become carbon neutral and address climate risks.

Carbon dioxide and other greenhouse gas (GHG) emissions are measured in three scopes, aptly named scope 1, 2 and 3.

• Scope 1 covers emissions from sources directly controlled by an organization. For example, fossil fuels burned by company vehicles.
• Scope 2 refers to indirect emissions caused by an organization, such as energy coming from an external source. For example, the emissions from generating the electricity used in the organization’s office buildings.
• Scope 3 involves emissions not produced by the organization but produced by customers using the company’s products or those produced by suppliers making products that the company uses.

How do you measure social impact?

Social impact is measured by evaluating how the organization treats its people. This includes employees, customers, suppliers, communities and so on, using metrics such as health and safety, job satisfaction, welfare and mental health, pay and benefits, diversity, equity and inclusion, and human rights.

The goal: ensure the organization supports human rights and diversity.

How do you measure governance impact?

Corporate governance reporting requires an organization to disclose its internal controls and decision-making processes. This can include board diversity, risk governance, ethical standards, etc.

The goal: ensure top-level accountability and adherence to government regulations and data security.

Why Use ESG Reporting Software?

ESG reporting software simplifies the reporting process by gathering data for processing and analyzing. It facilitates users’ ability to generate an accurate report containing the required data, which can then be provided to the relevant regulator. Organizations should consider ESG reporting software for several reasons – though keep in mind that not all ESG software contains all these capabilities. It’s important you research which software best suits your organization’s requirements.

Compliance and regulatory requirements

Many countries and regions have implemented regulations with specific ESG reporting requirements. ESG reporting software can help organizations stay compliant with these regulations, avoiding legal and financial penalties.

Transparency and accountability

ESG reporting software enables organizations to provide transparent and accurate ESG disclosures about their ESG performance. This fosters accountability, builds trust with stakeholders and demonstrates a commitment to responsible business practices through sustainability reporting.

Data accuracy and consistency

ESG reporting involves collecting and analyzing a vast amount of data from various sources. ESG reporting software helps ensure accuracy, consistency and regulatory report compliance. This automated data gathering can help organizations improve their E, S and G factors.

Performance benchmarking

Some ESG reporting software includes benchmarking capabilities, allowing organizations to compare their ESG performance with industry peers. This helps identify areas for improvement and set meaningful sustainability goals.

People engagement

ESG reporting software facilitates engagement with investors, customers, employees and other stakeholders who are increasingly interested in a company's ESG performance.

Risk management

ESG issues can pose financial and reputational risks, but ESG reporting software helps identify and mitigate these risks by providing insights into potential ESG vulnerabilities.

Cost savings

ESG reporting software automates data processing and reporting, which reduces administrative and operational costs – resulting in further long-term savings.

Decision-making

ESG reports can offer valuable insights into an organization’s long-term sustainability and resilience. ESG reporting software helps organizations make data-driven decisions that align with their ESG and sustainability goals and values.

Competitive advantage

As ESG considerations become increasingly important to investors and consumers, companies that excel in ESG performance and reporting will stand out from the competition. ESG reporting software can support these efforts and help companies differentiate themselves in the market.

What Technology is Used in ESG Reporting Software?

Using a dedicated ESG reporting software can save a lot of headaches, especially for large-scale enterprises dealing with huge data sets. Specific ESG reporting software can help reduce errors and missed information and establish consistent reports, which in many cases are a regulatory obligation.

By utilizing IA, which combines robotic process automation (RPA) with artificial intelligence (AI) and business process management (BPM) to overcome the barriers to accessing the necessary source data, organizations can create end-to-end ESG frameworks.

When choosing reporting software, consider efficiency and return on investment (ROI). Good software will help you process the necessary data quickly and accurately with minimum human involvement.

Automating data collection

SS&C Blue Prism’s IA ensures data consistency and accessibility by deploying intelligent digital workers to perform the repetitive tasks of source data collection. IA gathers a broad range of ESG source data in a timely, accurate, auditable and secure manner. And it does this with a much lower carbon footprint than its human counterparts.

IA gathers data from structured and unstructured sources and makes it available in an accessible database or provides it directly to the ESG processing and reporting software.

Once reports are made available by the ESG reporting software, IA can optionally be used to distribute and submit these reports, add them to an archive, or send the processed data to an ERP system or other ESG software.

Intelligent automation in hyperdrive

Now, ESG reporting is even easier. WonderBotz and Glynt have teamed together to create a robust ESG software solution. InvoiceBotz from WonderBotz collects the data while Glynt processes this and generates the reports.

Invoice processing

InvoiceBotz is an invoice processing automation software built with SS&C Blue Prism’s intelligent automation; it uses AI to read and understand invoice data down to the line item.1 It interprets complex forms, such as utility bills, and organizes spending into different categories, such as cost, location and vendor. While invoices are processed for payment, the automation can store the ESG data for later reporting.

Creating a report

InvoiceBotz is equipped to capture data from expense reports, shipping manifests or supplier invoices. Once it has extracted the relevant data, Glynt steps in to generate an accurate ESG report based on the data. This report can then be submitted through the appropriate channels.

Reporting and data collection

The ESG-SmartBoard from CC-Interactive is a tool that also facilitates ESG reporting. It works with SS&C Blue Prism’s digital workers to streamline the reporting process and simplify data collection. Your ESG data is automatically collected from various sources, processed and visualized in an online dashboard. An ESG dashboard is editable, allowing you to adapt to changing reporting requirements easily while digital workers continue to do all the data collection work.

ESG-SmartBoard is another powerful reporting tool designed to boost employee engagement and commitment to an organization’s ESG strategy by presenting individual targets and a list of improvement actions for each employee. 

Watch our webinar to see how ESG-SmartBoard helps make ESG reporting easy.

What Do I Do Next?

ESG reporting will soon be mandatory for many organizations, and where it’s not, it is a best practice. So, if you haven’t started yet, it’s time you investigate ESG solution options. A complete, end-to-end solution comprising data collection, processing and reporting will save you time and money by creating accurate, timely and relevant reports that meet the precise needs of your regulator.

Find out more about what WonderBotz and Glynt are doing in this space.

An ESG solution ensures compliance, enhances transparency and fosters accountability – all of which are essential to building trust among stakeholders and customers. It also streamlines the data collection and reporting process for more efficient resource allocation within your organization.

The software empowers organizations to benchmark their ESG performance, identify areas for improvement and set meaningful sustainability goals. This promotes long-term growth and offers a competitive advantage.

ESG reporting isn’t just a matter of compliance; it’s a strategic imperative for any organization aspiring to lead the global marketplace and contribute positively to society and the environment.