In the last century, we as a global community have made immense strides forward. Billions of people have been pulled out of poverty and we are able to address healthcare issues more effectively than ever. At the same time, rapid population growth is straining the world's natural resources. Globalization has led to increasingly complex supply chains. Digitization has accelerated the pace of production and delivery.
Meanwhile, companies around the world are stepping up efforts to grow their businesses sustainably as shareholders, investors, clients, and employees are asking them to take their share of responsibility. Regulatory pressures are also increasing including in the EU, where reporting on Environmental, Social and Governance (ESG) practices will become mandatory.
Some rules still leave room for interpretation. So, how do organizations ensure that they don’t rely on empty jargon, but that their data and calculations behind ESG reports are auditable and traceable instead? How can they demonstrate their compliance with local laws, performance standards and voluntary initiatives?
We at Oracle Consulting believe technology can dramatically transform the way to do business, whether it is cutting greenhouse gas emissions or contributing to a more sustainable supply chain. Oracle Cloud offers a comprehensive enterprise performance management (EPM) solution that enables organizations to collect, monitor and communicate all relevant KPI’s according to Global Reporting Initiative (GRI) principles.
While many companies have already ramped up disclosure of ESG-related information on environmental issues, we at Oracle Consulting see room for improvement on reporting social and governance issues. Can you easily track a business unit’s progress on diversity? Are you able to compare key suppliers with respect to labor policies to support procurement decisions?
Oracle Cloud’s “Sustainable Business” offering enables companies to kickstart their sustainability reporting on all levels as ESG touches many parts of a business also in terms of divisions and business units such as HR, supply chain and finance. Oracle’s connected and complete solution helps enterprises outpace change, allowing them to define realistic strategies including key aspects such as environmental, inclusion and labor policy goals.
Working with Oracle Cloud’s EPM is paving the way for granular reporting, providing the trusted infrastructure needed for a complete and consistent financial-quality ESG reporting as regulators around the globe are set to boost reporting requirements and governments, investors and other stakeholders are ready to pounce when they run across intransparent reporting.
Learn more about how the Oracle Cloud EPM collects, standardizes and aggregates ESG data with a robust dashboard and ad-hoc insight across KPIs.