Is your project-driven business designed to deliver sustainability now and into the future?
Today, businesses around the world are adopting sustainability and environmentally friendly processes. ESG or Environment, Social and Governance Reporting has become a top priority for most organizations, necessitating the need for comprehensive solutions that offer transparency to regulators and stakeholders alike.
The Good News --- Oracle Cloud EPM is an excellent application to simplify ESG practices.
It does so by integrating financial as well as non-financial data for ease of reporting, but also helps you plan, manage and assess your ESG requirements to stay up-to-date with evolving change.
Why Is ESG So Important?
With sustainability becoming a top agenda for most global businesses today, it’s crucial to adhere to all regulatory changes to adopt sustainable reporting requirements. In fact, in the coming years, ESG requirements are likely to have a notable impact on any organisation. And that means, your project-driven business has to be ready to evolve for continuous change.
Ignoring ESG practices in today’s environment can hamper your business in numerous ways. Most importantly, it will slow down your business with disconnected point solutions that will require expensive customisations and maintenance costs. Therefore, it’s a good idea to adopt a solution that makes ESG reporting easy, connected, accurate and complete, while also being easily adaptable to address your evolving planning and reporting needs with time.
ESG Data is generated by every department in your organization. Be it supply chain, ERP, human resources, finance and all/other operational systems – everyone provides key data. While this data may be at different standards and granularity, it is essential to collect, standardize, convert and aggregate all this data to achieve a more complete, consistent picture of your business.
However, this task comes with a few challenges.
· What can you do to ensure the integrity of this data?
· How confident are you about the consistency of the metrics and KPIs? Are they up to the latest standards?
· Can your current system plan, track, and communicate the sustainability agendas set up by the company so you’re better able to meet future commitments?
· Are your long-term sustainability goals being operationalised into short-term actionable plans?
This is where an advanced, sophisticated solution like Oracle EPM Cloud steps in. It not only addresses your financial and operational needs but also simplifies ESG planning and reporting with several technological benefits to boot. This promotes economies of scale throughout the organisation as you save costs and automate several business processes in one complete connected experience.
Oracle EPM Cloud offers a single source of truth for ESG and beyond
Image Courtesy: www.oracle.com
Benefits Of ESG Reporting With Oracle EPM Cloud
First of all, it’s important to understand that ESG reporting is more than just compliance or accurate reporting. What it does is provide a robust platform for deep analysis and crucial insights that helps decision-makers get a deeper understanding of existing sustainability practices and plan changes accordingly.
Some key benefits of Oracle EPM Cloud for project-driven businesses are:
· It offers a complete EPM solution that’s designed to deliver sustainability in the long run
· It easily aligns across ERP, CX, HCM and other operational processes for improved agility
· It also helps in managing and reconciling reporting formats to standardize ESG metrics across the board
· It supports faster, improved decisions with an in-built intelligence alongside advanced analytics
· It can be configured to any/all sustainability standards like ISSB, SASB, GRI, UNGP, FSB and more
· It is compliant with global as well as local laws, guidance and legislation
· It simplifies communication for strategic data narrative for integrated reporting
· It makes reporting across all ESG stakeholders much easier and faster
· It also offers a formal external reporting delivery system
· It comes with interactive dashboards that make it rather easy to monitor ESG goals
· It also supports ad-hoc reporting and analysis
In short, Oracle EPM Cloud meets all possible ESG reporting requirements for any growing enterprise, especially one that is project-driven.
What Makes Oracle EPM Cloud The Right Choice For Your ESG Requirements?
How do businesses grow with successful ESG practices? One key component is that all stakeholders must feel included by a collaborative, process-driven approach that is designed for defining, assessing, reviewing, and sharing all ESG for internal and external consumption. Oracle Cloud EPM makes this task much simpler as it allows you to report with confidence.
We have discussed the many benefits of Oracle EPM Cloud above, but let’s look at 5 powerful features that make EPM Cloud your best choice:
1. It allows for complete Microsoft Office integration, so existing Word, PowerPoint, Excel or PDF-based reports can be integrated across departments.
2. It has highly sophisticated, formatted and interactive reporting capabilities to address all your ESG reporting needs.
3. It simplifies management and narrative reporting to collate data in a controlled process
4. It offers interactive dashboards that allow for KPI monitoring and gives clearer visualization of trends and/or anomalies for improved and timely assessment.
5. Its robust workflow engine helps manage approvals to boost workflow for all business processes
Managing ESG Master Data
As we discussed before, ESG data comes from across the organization, and can often be in different formats or standards. It then becomes crucial that you collate, connect, manage and even standardize this master data across systems for more consistent ESG metrics, regardless of the source.
Oracle Enterprise Data Management offers you the ability to control, manage, assess and distribute the master data with complete audit, security and accountability capability. Once you have a record of ESG master data, your business is better prepared to adapt to changing mandates of ESG metrics.
This helps you:
· Standardize master data in a central repository
· Easily adapt to new reporting standards
· Track and/or audit changes across all ESG master data
Plan For A Sustainable Future With ESG
ESG touches all parts of your business. Planning for your business’s sustainable future goes beyond just setting financial targets. It must also connect all other departments so business leaders are working in sync towards the same ESG targets.
The real difference comes in how you can track progress towards these targets by ensuring plans are not just achievable but also realistic. With Oracle Cloud EPM, you can empower operational planners as well as ESG data reporters with a solution that is flexible, scalable and adaptable to meet all your ESG goals, while ensuring transparency and control for external reporting as well.
Additionally, Oracle Cloud EPM offers advanced performance management capabilities to enable scenario modelling and stay up to date with what-if analysis so you adjust, improve and evolve your plans with changing times.
So you see, there’s more to sustainability than what meets the eye. With Oracle EPM Cloud, you get a comprehensive solution designed for collaborative planning, managing and reporting of all ESG practices across your organization. With automated data analysis to quickly spot trouble points and predictive capabilities to validate ESG targets, Oracle EPM Cloud is a sure winner.
If you are interested in ESG planning with Oracle EPM Cloud and would like to know more, don’t hesitate to reach out to us. For more information, write to us at firstname.lastname@example.org.
Liked what you read? Share it!
Follow us on Twitter and LinkedIn to stay abreast about more interesting industry blogs, news and upcoming events or visit our website.
About Projects Expert
Projects Expert is the first of its kind Oracle partner that specialises in Project Centric Enterprise Solutions. We aim to deliver sustainable, robust, and business-friendly Oracle solutions for Projects driven organisations.
To know more about what we can do for you, visit our website at www.projectsexpert.com. Reach out to us on +44 330 330 5154 or drop a note at email@example.com