14 Best ESG Reporting Software in 2023
With increasing demands from customers for transparency and the younger generation holding employers to higher ethical standards, ESG has become a crucial factor in areas such as recruitment, retention, and brand loyalty.
What is ESG reporting?
ESG stands for environmental, social, and governance and refers to the non-financial factors that can impact a company's long-term success. ESG reporting is the process of disclosing a company's ESG performance to stakeholders.
Why is ESG reporting becoming so important?
In the UK, the Sustainability Disclosure Requirements (SDRs) will play a significant role in formalizing ESG reporting, offering a structured approach for companies to address sustainability-related risks, opportunities, and impacts while establishing relevant metrics and targets.
It is worth noting that previous developments in the EU and UK have largely influenced the trends in ESG reporting and due diligence so far.
2023 is turning out to be a pivotal moment for ESG-focused regulatory advancements in the United States as well.
ESG reporting is gaining more prominence, and organizations with a long-term vision for decarbonization and a tech-led approach to energy optimization will enjoy a competitive advantage going forward.
There are many sustainability management solutions available in the market today, along with point solutions for specialized cases. We have curated a list of the top 14 best solutions to simplify ESG reporting to help you narrow down options that many other organizations like yours trust.
Let's dive right in!
Top 14 best ESG reporting software in 2023
- IBM Envizi ESG Suite
- Workday Adaptive Planning
- Ethos Tracking
- Nasdaq OneReport
- Rampart AI
Facilio is a great option to improve your ESG reporting. With its advanced IoT-driven energy monitoring capabilities, automated work order management, and predictive maintenance model, Facilio enables you to track your environmental impact, reduce energy consumption and improve operational efficiency across the portfolio and in real time.
- Facilio enables real-time monitoring of energy consumption across portfolios, find easy opportunities to enhance energy efficiency without new capital investments, and enables you to deploy proven energy optimization strategies at scale and switch them on/off with a simple toggle button.
- This allows you to realize compounded energy savings trapped in siloed systems at a portfolio scale to realize RoI in only weeks–not months. Also, the comprehensive and centralized data makes for sustainability reports that demonstrate your commitment to environmental stewardship.
- Next, Facilio's automated work order management and predictive modeling identify assets at risk of failure or malfunction and schedules preventive maintenance tasks to avoid excessive energy consumption and unplanned downtimes.
- It also helps you comply with a number of compliance regulations and eases audits with accurate and transparent data for ESG reports that keep you in the good books of regulatory authorities and stakeholders alike.
Workiva is a cloud-based platform that facilitates ESG reporting and compliance processes. It offers real-time collaboration, data integration, and validation features to improve data accuracy and transparency in ESG reporting. The platform serves companies of all sizes seeking a comprehensive solution for ESG reporting and compliance.
3. IBM Envizi ESG Suite
IBM Envizi ESG Suite is an AI-driven platform designed to help companies manage and report on their ESG performance. It assists in data collection, analysis, and reporting across environmental, social, and governance aspects. The suite targets large enterprises seeking advanced ESG analytics and reporting capabilities.
4. Workday Adaptive Planning
Workday Adaptive Planning is a cloud-based financial planning and analysis software that includes ESG reporting capabilities. It enables companies to integrate ESG data into their financial planning and assess the impact of sustainability initiatives on financial performance. The platform caters to finance and sustainability teams aiming to align financial and ESG strategies.
5. Ethos Tracking
Ethos Tracking offers an ESG data management platform that streamlines data collection, monitoring, and reporting for sustainability performance. It aims to improve data transparency and efficiency in the reporting process. The platform serves organizations of various sizes and industries looking for efficient ESG data management and reporting.
6. Nasdaq OneReport
Nasdaq OneReport is an ESG reporting and data management platform that assists companies in gathering and reporting sustainability information in line with various reporting frameworks and standards. It automates data collection and aligns with multiple reporting frameworks. The platform primarily serves organizations looking for efficient ESG reporting aligned with different standards.
Persefoni is an AI-driven ESG reporting platform that helps businesses measure, monitor, and reduce their carbon footprint. It offers advanced carbon tracking, real-time insights, and comprehensive carbon reporting. The platform is designed for companies seeking to manage and disclose their carbon-related data and risks.
AuditBoard offers an integrated platform for risk management, compliance, and ESG auditing, helping companies ensure compliance with ESG reporting requirements and internal controls. It simplifies audit processes and provides compliance tracking capabilities. The platform is useful for organizations seeking to strengthen their ESG auditing and compliance practices.
Ecovadis provides a collaborative platform for assessing and monitoring the sustainability performance of suppliers. It offers supplier-focused sustainability assessments, a global supplier database, and benchmarking capabilities. The platform primarily serves companies looking to assess and improve the sustainability performance of their supply chain.
FigBytes is an enterprise ESG and sustainability management platform that assists organizations in collecting, analyzing, and reporting ESG data. It offers customizable reporting and scenario analysis for sustainability planning. The platform targets companies across industries aiming to enhance their ESG and sustainability reporting.
ESGenius! is an ESG data analytics platform that leverages AI to help companies identify ESG risks and opportunities. It offers real-time monitoring and industry-specific ESG analysis. The platform serves companies seeking AI-driven ESG analytics to improve sustainability performance.
Novisto offers an ESG performance management platform that integrates ESG data into performance management strategies. It provides customizable reporting and data visualization. The platform serves businesses looking to align ESG considerations with overall performance management.
Galooli offers an IoT-based ESG software platform that helps businesses monitor and optimize energy consumption, reduce emissions, and improve overall sustainability. It provides IoT-driven energy monitoring, data analytics, and cost-saving solutions. The platform serves organizations aiming to enhance their energy efficiency and sustainability efforts.
14. Rampart AI
Rampart AI is an ESG data analytics platform that leverages AI for ESG insights and real-time monitoring. It targets companies seeking to identify ESG risks and opportunities based on data-driven insights.
ESG reporting and your business
There are many benefits to tracking and reporting ESG beyond regulatory compliance. Some of the most common benefits include:
- Improve corporate reputation by demonstrating its commitment to sustainability and corporate responsibility.
- Identify and mitigate ESG risks, which can help to protect a company's financial performance.
- Increase access to capital from investors who are looking to invest in sustainable companies.
- Attract customers and talent looking to do business with companies that share their values.
As sustainability increasingly becomes a strategically important part of the executive's agenda, it is vital to leverage technology to gain an early competitive advantage.
While there are many point solutions available for any aspect of sustainability that's a priority for your business, however might become difficult to manage with scale.
It is important that your tech stack accommodates your current priorities but also supports more advanced methods of energy management to demonstrate energy maturity as you scale.
Facilio's Connected Buildings solution offers a complete toolkit for decarbonization, whether you're just starting out with your sustainability initiatives or have multiple systems in place.
We'd love to hear about your priorities and demonstrate how Facilio can help you improve energy efficiency at scale and see RoI in only weeks from deployment to help achieve decarbonization with data-driven insights.