Complementary Solutions for Sustainability Reporting
By Theresa Hickman-Oracle on Aug 17, 2011
In a previous blog entry, I introduced a new Oracle product called Oracle Environmental Accounting and Reporting (OEAR), which helps companies track and report their greenhouse emissions at the operational level directly through their JD Edwards and E-Business Suite Financials applications.
What did companies do before this solution?
Before this solution, companies were forced to rely on spreadsheets. They had to extract the data from their financial ERP system, and other sources, into a spreadsheet and then manipulate the data, which could take a couple of months. Today, more and more companies want to be able track and view their greenhouse gas and energy figures for each of their facilities on a regular basis, such as on a weekly basis. By having OEAR directly incorporated into the operational financial systems, based around accounts payable data entry, OEAR gets the data to the users much faster but more importantly, it gives companies complete confidence that the data is an accurate measurement of their energy consumption.
How is Oracle Environmental Accounting and Reporting different from the Oracle Hyperion Financial Management Sustainability Reporting Solution?
I spoke with John O’Rourke, Vice President, EPM Product Marketing, to get the lowdown. According to John, both solutions are very complementary to each. OEAR is better suited for operational reporting on a more frequent basis (weekly, monthly or quarterly) focused entirely on environmental metrics, energy usage, water usage, GHG emissions, carbon footprint, etc. It’s perfect for meeting reporting requirements to the Carbon Disclosure Project and other similar organizations. Additionally, OEAR performs internal monitoring of this information at a division or department level for both JD Edwards and E-Business Suite customers.
The Oracle Hyperion Financial Management Sustainability Reporting Solution, on the other hand, is more suited for corporate level sustainability reporting where companies can report more summarized environmental, social and economic metrics using the Global Reporting Initiative (GRI) framework. Instead of the data only being sourced from JD Edwards or E-Business Suite Applications, the data can be sourced from a number of different systems – financials, HR, operational systems – but is mainly focused on external sustainability reporting where the data is going to be reported alongside the financial statements and audited. The frequency of reporting would likely be annual, semi-annual, or quarterly. There may be situations where both solutions are required and can work together to meet both operational and corporate sustainability reporting needs.
To learn more about Oracle Environmental Accounting and Reporting, which will be making its debut at OpenWorld this year, visit their session on Monday, Oct. 3 at 5:00pm. You can also visit this website.
To learn more about Oracle Hyperion’s Sustainability Solutions, you can visit this website.