The vast array of sustainability reporting standards and certifications makes it a complex and error-prone process – with significant consequences – to manage and govern the collection and reporting of sustainability data.
The 600-plus standards that exist today are just the tip of the iceberg. Behind many of these standards are subcategories and sector-specific processes.
Sustainability Accounting Standards Board (SASB), for example, is one standard with more than 77 different industries and over 30 disclosure statements in each document. Global Reporting Initiative (GRI) is another standard that operates across more than 140 different topics.
The number of permutations of standards grows very large, as does the amount of data required.
Collect and systematize data at all stages of the supply chain with master data management. The achieved transparency can help you make demands on your suppliers or replace them with new suppliers that comply with sustainability standards.
With data on production conditions, supply chain, logistics, etc., stored and consolidated in a single master data source, you can make trusted and data-based reporting on progress and fulfilment of your sustainability efforts.
With a master data management solution, your collective data on the entire company's environmental and social footprint can easily be communicated to authorities, investors and customers. Today's consumers are very much looking for openness. They can accept that you are not on target with the green transition if they get involved in the path you have set out.
Master data management (MDM) enables data transparency throughout the product life cycle, from source to consumer. This means your sustainability efforts can be evidenced by data and thus carry weight and credibility. Visions and ambitions are given substance. This avoids accusations and suspicions of greenwashing.
Collating and curating a large amount of data is a problem that Stibo Systems Master Data Management (MDM) is designed to solve. Sustainability data is no different. Integrating sustainability attributes into Stibo Systems MDM allows you to reap the benefits of applying master data disciplines to sustainability data.
Stibo Systems MDM has all the capability needed to actively consolidate, cleanse, govern, relate and share sustainability master data. Simply configure your data model to capture sustainability attributes, ESG reporting frameworks, and build a sustainability profile for your products, locations and suppliers.
Whether you are collecting evidence for UNSDG or SASB reports, creating a Digital Product Passport or fact checking new suppliers as you onboard them, use the flexible data model, hierarchies and process governance of the MDM platform to ensure transparent, trusted and unequivocal data.
At Stibo Systems, we endeavour to deliver on our motto of “better data, better business, better world.”
We are taking the same steps as our customers to ensure we are a responsible organization and take actions which are most efficient and beneficial to the surrounding environment and diverse communities. We will plant a tree for every one of our new customers and employees, to symbolise growth and development.
Learn more about Stibo Systems CSR.