Supply chains play a significant role in global carbon emissions, contributing one-third of the total.
Urgent action is required to reduce emissions and achieve sustainability goals. However, the sector is unprepared to tackle this challenge. One of the main reasons behind this unpreparedness is the inability to effectively manage Environmental, Social, and Governance (ESG) performance, which is crucial for staying ahead of the compliance curve. In this blog, we delve into the challenges associated with ESG performance management and compliance in supply chains. We also explore how Platform8’s innovative solutions empower businesses to track, manage, and report their ESG performance, ensuring compliance and driving sustainability.
The Challenge: Managing ESG Performance for Compliance
To navigate the freight train of compliance, companies must effectively manage their ESG performance. This involves tracking and reporting data points for ESG performance within individual businesses (scope 1 and 2) as well as across the entire supply chain (scope 3). Failure to manage ESG performance puts companies at risk of non-compliance, severe penalties, reputational damage, and loss of business opportunities. In a market where 66% of consumers are willing to pay more for sustainable products, companies must take proactive steps to meet sustainability expectations.
The Solution: ESG+ for ESG Performance Management and Compliance
ESG+ enables businesses to manage and track their ESG performance both at the individual business level and within the ecosystem. Key features include:
ESG+ Data Point Management
ESG+ simplifies data point management, providing businesses with a user-friendly dashboard to identify available data points based on subscribed APIs and applications. It also highlights data gaps and hotspots across the community, fostering collaboration and data completeness.
ESG Score and Dashboards
ESG+ offers comprehensive dashboards that provide an overall ESG score for businesses. The dashboards break down performance by environmental, social, and governance aspects, providing actionable insights. Businesses can drill down into specific areas to identify strengths, weaknesses, and improvement opportunities.
Reporting and Prediction
ESG+ offers a full suite of reports aligned with GHG Corporate Standards for Environment.
Predict and Adjust
ESG+ solution offers predictive analytics to forecast future states, analyse predictions, and automate community engagement for collective change.
Managing ESG performance and ensuring compliance are critical for supply chains to drive sustainable performance.
Platform8’s ESG+ empowers businesses to overcome the challenges associated with ESG performance management.
By leveraging the user-friendly dashboards, data point management capabilities, and comprehensive reporting features, businesses can track, manage, and report their ESG performance effectively. Platform8 enables businesses to stay ahead of compliance requirements, build a sustainable ecosystem, and meet the expectations of an increasingly sustainability-conscious market.
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Platform8 enables the future of sustainable supply chains. We believe that by connecting digital communities and enabling them to make decisions beyond just economics, they could drive lasting change in the way we do business. This belief led to the creation of Platform8.