Do you have a company, project, or institution and have been wondering of the best way to become more successful? In addition to good marketing and product development, you need to adopt ESG sustainability reporting. This is the process of disclosure and communicating an organization’s goals on sustainability and strategies used to achieve them.
The process of ESG reporting touches on almost all areas of your organization, and it is important to capture every item accurately. If you managed to cut emission rates by 90%, the information must be accompanied by verifiable information. This is why you should always have the right ESG reporting apps or tools, but they can be pretty expensive. Keep reading to not only learn more about ESG sustainability, but also how to pick the most affordable reporting tool for gathering, analytics, and report generation.
ESG Sustainability Facts and Numbers
As you set off looking for an affordable reporting tool, it is important to appreciate the emerging trends.
The truth about ESG reporting in business is that it is now evolving from being a voluntary model into a mandatory requirement for all companies.
For example, the UK has indicated that all companies within its jurisdiction must produce annual ESG reports based on the Task Force on Climate-related Financial Disclosures (TCFD) starting from 2025. Here are other facts, insights and numbers on ESG reporting:
- 92% of S&P 500 companies publish their SG reports annually.
- In 2020, 70% of Russell 1000 companies published their ESG reports.
- More than 3 of every 4 small and medium enterprises have issued purpose statements related to environmental, social, and governance (ESG) risks.
- By 2026, climate-related weather events are expected to cost companies about USD 1.3 trillion.
- ESG reporting strategies can impact companies’ operating profits by up to 60%.
- 88% of consumers are expected to be loyal to businesses committed to sustainability.
Special Benefits for Using Sustainability Reporting Software
The numbers we have highlighted above indicate that stakeholders are no longer willing to simply work with companies until they verify with credible sources they are committed to environmental, social, and governance (sustainability.
The good thing is that you can use an affordable reporting tool to simplify the process and make your company shine.
Here are some of the unique benefits to anticipate from sustainability reporting:
- Helps you to build trust from stakeholders.
- An excellent way to help you cut down the company’s carbon footprint.
- Through initial company review, you are able to identify the company’s challenges and craft strategies for addressing them.
- ESG sustainability reporting can help you comply with different rules and regulations.
- It is an excellent way to build a better brand, grow sales and profitability.
- ESG sustainability can help you to strengthen the company’s brand.
Tips for Selecting Affordable Reporting Tools
To enjoy the benefits that we have highlighted above for using ESG reporting for your company, you need the right tools. Here are some useful tips to help you identify an affordable reporting tool.
- Only select an affordable reporting tool that is feature-rich. Particularly, it should have an intuitive user interface, cloud backup, and notification capabilities.
- The app should be easy to integrate with the company’s management system and capable of automatically pulling out data needed for ESG reporting.
- The best reporting tool should be intelligence-based and allow you to work and report to different authorities. For example, you should be able to use the same data to prepare and present reports to different agencies, authorities, and institutions.
- The app should come with dashboards and advanced features that make it easy to follow key performance indicators (KPIs), and create high quality reports for users.
- Only work with the best ESG reporting tool developed by top brands. Diginex.com leads the pack, and you can always count on their products for quality results.
- The application should come with professional support so that you can get assistance if you are stuck.
- Select the software or tool that a;llows you to work with every reporting framework, such as GRI and TCFD.
With the tips we have listed in this post, you are sure of selecting the most affordable reporting tool that can help you with management, marketing, and improving operating efficiency. Diginex.com works with a team of professionals dedicated to crafting high-quality and affordable sustainability reporting apps for companies. They can also work with your company’s team of management within the time of contract to ensure you create accurate and verifiable ESG reports affordably.