ESG sustainability reporting is helping companies to shine in different areas. Although reporting is still largely voluntary, it is only a matter of time before it becomes a priority for all. So, if you are yet to make the big move and start reporting or commence the process, this is an excellent moment to join. However, we must indicate that the process is never easy, especially to new companies. Whether you are just getting started or the process is already challenging, here are some important things to appreciate:
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You can Build Your Company’s CSR to Drive Better ESG Reporting
The current strong drive towards the adoption of ESG sustainability reporting is not the first attempt, but previous initiatives did not yield the expected results. One of them was corporate social responsibility (CSR). The good thing is that if your company was focused on CSR, it could form your first platform for ESG reporting.
Simply capture the data on the steps you have taken to implement CSR in your company, budget, and strategies for humanity. For example, if you had strong community programs to support the vulnerable groups, these can be part of your ESG report. You are already way ahead, and stakeholders will like it. However, make sure to capture the details in the selected framework of ESG reporting.
CSR Reporting Does Not Have to be Expensive
Today, the number of companies reporting their ESG activities has grown impressively. For example, over 90% of companies on the S&P 500 index already give their reports on sustainability. However, there is still a long list of companies across the globe that is yet to join. One of the reasons that managers and investors give is that ESG reporting is cost. Sure, it comes at a cost, but you can keep the cost low using the following initiatives.
- Start with high-impact initiatives that are not expensive. Good examples might include training staff on sustainability, equipment maintenance, and changing the source of raw materials for your products.
- Work with a professional to help guide the process of ESG sustainability reporting. When companies are unsure of the steps to follow for ESG reporting, they tend to use a lot of effort and costs but end up with wrong reports. Working with an expert makes it easy to follow the right channel and get everything right from the start. A professional will even train your staff on ESG reporting to make the entire process self-propelling.
Work with an Appropriate ESG Reporting Software
The biggest mistake that you can make in the process of ESG sustainability reporting is trying to do it manually. It gets really complex. Can you imagine gathering and analyzing data on dozens of parameters, from emissions to company performance? If you throw in multiple policies, changes in regulations, and customer demands, things can get even murkier. Remember that multiple officers in your company need to be involved so that departmental reports can be included in the final report. So, is there a way out?
The best way to handle all of these complexities is by working with the right ESG sustainability reporting software. The program allows you to automate the process of ESG reporting, including the input from different team leaders who are involved. It even identifies relevant data from the management system that you should incorporate in the ESG report. The work is simplified so much that it can be handled even by a few persons. No need to deploy a whole new team for ESG reporting because the software has done the biggest part.
As you can see, ESG reporting does not have to be too expensive for your company. Using the tips we have listed in this post, you can cut down the cost and still create top-rated reports for your stakeholders. Remember to always look for the best ESG sustainability reporting software for better results. Diginex.com has some of the top-rated ESG reporting apps, and you can trust them to simplify the reporting process, and impress the stakeholders. They also have experts to assist you with the reporting process.