Friday, May 24, 2024

EY and IBM launch new sustainability data and reporting solution

Share

In response to the increasingly complex Environmental, Social, and Governance (ESG) disclosure demands, global professional services firm EY, and technology leader IBM have launched a new sustainability reporting Managed Services solution. This innovative solution is designed to assist companies in efficiently capturing, analyzing, and managing sustainability data while providing assurance-ready reporting. This collaboration leverages EY’s assurance expertise and IBM’s advanced Envizi sustainability software, reflecting a significant expansion of the EY-IBM Sustainability Center of Excellence (CoE) established last year. 

This latest initiative is an integral part of EY’s Sustainability Managed Services and targets key challenges companies face in sustainability reporting. With the evolving landscape of regulatory requirements and the growing need for expertise in sustainability, many organizations find themselves pressured to continuously invest in people, processes, and technology. The solution introduced by EY and IBM addresses these issues by helping businesses not only comply with regulations but also enhance their long-term strategic value through improved sustainability practices. 

Amy Brachio, EY Global Vice Chair of Sustainability, emphasized the transformative potential of this new service, stating, “Too often organizations are navigating disparate data, systems, and spreadsheets that anchor sustainability in operational data rather than business-wide transformational insights and progress. Now they can access an organization-wide view that creates report-ready insights now, while also having the flexibility for evolving with reporting standards and how the strategy evolves over time.” This approach aims to streamline the complex data landscape many corporations face, enabling them to shift from fragmented to holistic views of sustainability data. 

The solution provides a comprehensive suite of tools designed to address the multifaceted aspects of sustainability management and reporting. Central to this is the advanced data management system, which integrates sustainability data from both internal and external sources, ensuring that all information is centrally managed and accessible. Additionally, the service offers robust reporting and analytics capabilities, featuring flexible reporting and visualization tools that cater to diverse ESG reporting needs and provide critical performance insights. 

Compliance and risk management are also key features, with automated monitoring and reporting systems that simplify the compliance process and mitigate risks. Moreover, the solution includes stakeholder engagement and communication tools, enhancing transparency and accountability, which are increasingly demanded by investors, regulators, and the public. 

Kareem Yusuf, Ph.D., Senior Vice President of Product Management and Growth at IBM Software, highlighted the broader implications of integrating sustainability deeply into business operations. He noted, “It is crystal clear that sustainability challenges are also business challenges. Companies that want to thrive in today’s competitive landscape need a deep understanding of their waste, energy costs, environmental risks, and supply chains. Our partnership lets organizations rely on IBM software and EY experts to deliver transparent, trusted ESG reporting, so that they can focus on building value for their shareholders, board members, and employees.” 

This collaboration between EY and IBM not only enhances the ability of businesses to meet current ESG reporting demands but also positions them to adapt to future changes in sustainability standards and strategies. By providing tools that offer deeper insights into sustainability metrics, the solution empowers companies to make more informed decisions, fostering a culture of sustainability that aligns with their broader business objectives. This strategic alliance marks a significant step forward in the integration of sustainability into core business processes, setting a new benchmark for corporate sustainability efforts globally. 

Solomon Irungu
Solomon Irunguhttps://solomonirungu.com/
Solomon Irungu is a Communication Expert working with Impact Africa Consulting Ltd supporting organizations across Africa in sustainability advisory. He is also the managing editor of Africa Sustainability Matters and is deeply passionate about sustainability news. He can be contacted via mailto:solomonirungu@impactingafrica.com

Read more

Related News