“What can you do to make the globe a better place?” Reports of unending conflicts, environmental pollution, and loss-making enterprises regularly hit the headlines. Particularly, the problem of global warming has become persistent and intensive, defying every effort adopted to address it. Now, we have finally found the solution: adopting sustainability reporting.
ESG Sustainability reporting is the disclosure of a company’s impacts on three main areas: social, environmental, and governance. This means taking a conscious route to identify and implement strategies that can help promote sustainability. This approach is gaining momentum as more businesses join the reporting ring.
If you have already adopted sustainability reporting, there is one more thing you can do: get your suppliers in the supply chain to join. Imagine all the millions of companies on the globe plus their suppliers adopting sustainability. This would make it pretty easy and faster to address challenges such as global warming. To achieve this and even more, you need to identify and use the best supply chain sustainability software. Do you know the science based targets initiative?
The roots of sustainability can be traced back to the early 1990s when the UN held the first conference on environment and development. The conference provided a vivid demonstration that environment and development are inseparable. Therefore, it became the platform upon which later conferences expounded the idea of sustainability to include social justice, environmental protection and good governance (click here to know more about ESG report)..
ESG sustainability reporting is an emerging concept that requires an organisation to ingrain responsible operation to all its processes with the long-term goal of addressing global challenges. The idea is to ensure that as many companies are involved through voluntary actions.
However, the benefits of ESG reporting are now evident to all, and governments are moving with speed to make ESG mandatory. For example, most stock markets, such as New York Stock Exchange (NYSE) and Hong Kong Stock Exchange (HKEX), only list firms that produce annual ESG reports. Most jurisdictions across the globe also have some laws created to protect the environment and society (All about SASB Standards).
As an individual company, you can only achieve so much when it comes to sustainability. Your effort is crucial, but the benefits of ESG sustainability reporting will be even more if the entire supply chain joins. Here are some of the benefits of getting the entire supply chain to join the reporting community:
When you create ESG sustainability reports, your stakeholders want to know the company’s efforts and results on sustainability. If you planned to cut emissions by 30%, what strategy did you use? What results did you achieve? When you convince other firms on the supply chain to join, the effects will be even more, and it is important to gather the information correctly. How to be carbon neutral?
Using supply chain sustainability app, it becomes easier to follow back and capture the right data. For example, you can demonstrate that a specific supplier changed to a more efficient production system or started treating wastes after your intervention.
The software can be able to quantify this by demonstrating that your efforts are delivering results not just for your company but the entire supply chain.
A good supply chain risk management software also comes in handy in helping you to change your company operations for success. At the start of the sustainability reporting process, you can comprehensively review every business opportunity and risk to determine the best reporting topics.
With an appropriate app, materiality assessment, data analysis, and report creation will also be easy and more intuitive.
The benefits of using supply chain sustainability software that we have listed above are only a few. You will enjoy it a lot more. Remember that this is only possible when you work with the right program. You can trust Diginex.com for the best ESG sustainability reporting programs and professional support. Why settle for an average or poorly developed app when you can work with the best?
Does your organization consider strengthening its supply due diligence by including worker voices? Read our anticipated worker voice trends for 2023!
Is your company better suited to multiple frameworks? Can you even do that? What if we at Diginex were to tell you that you could!