Oracle Consulting experts make ESG reporting easier
Oracle Consulting experts are experienced at helping others get the most from Oracle Cloud. Now, they are helping customers meet their Environmental, Social, and Governance (ESG) reporting goals using Oracle solutions.
With Oracle consultants proven expertise from implementing countless cloud journeys, they are equipped to help organizations achieve the best version of their future digital state.
Oracle Consulting Senior Director Paul Mardle, and his team, sought to better understand the complexities of ESG. They immersed themselves in its evolving requirements, before creating an ESG reporting and planning solution using Oracle Fusion Cloud Enterprise Performance Management (EPM). Typically, Oracle EPM is used to model and plan across finance, HR, supply chain, and sales to streamline the financial close process and drive better decisions.
Mardle and team match Oracle technologies to meet complex and ever-changing customer needs, and saw the opportunity to exploit Oracle EPM’s capabilities to report sustainability goals.
“Our mission for the EPM dashboard is to give the Chief Sustainability Officer (CSO) a tool to embed sustainability into everyday process and avoid the mad scramble of data collection from unverifiable sources on a Friday afternoon when the rest of the week’s work has been done,” he explains.
From conception to completion
Annette Pendry, Consulting Sustainability Services Director, realized Oracle Fusion Cloud EPM could be used to collect, manage and transform data into meaningful outputs needed to meet sustainability frameworks. But at first, the platform could not take standards such as the Global Reporting initiative (GRI) and Task Force for Climate-related Disclosure (TCFD) into account, which are key for reporting and disclosure.
“Meeting sustainability requirements becomes a big data gathering exercise. This can best be addressed using the capability that we’ve developed that sits on top of a standard application,” he explains.
Mardle worked closely with Oracle’s Global Sustainability Director, Elena Avesani, to transform the base asset into a framework by incorporating many of the standards.
Starting off with using Oracle EPM dashboard as a control tower, Paul and his team developed an open sustainability architecture for CSOs and key business function contacts in finance and customer experience, for example. The underlying data capture can be extended into any reporting formats that are required, including GRI.
The framework is designed to be future proof. It has been built to respond to changes in regulations and standards such as the recent convergence of the Value Reporting Foundation and Sustainability Accounting Standards board (SASB) into the International Financial Reporting Standards (IFRS).
What implementation looks like
Implementing the tailored platform takes approximately seven weeks. A typical engagement begins with a conversation with the CSO and sustainability team, but it is common for a variety of diverse stakeholders to be involved, because sustainability is embedded into all aspects of a business.
Customers can determine the units of measure they need to report against key performance indicators. For example, this could be determining whether energy captured should be measured in KwH or Co2e, etc. They can then determine the source of the data and connection type, which form the scope of the implementation.
Oracle Consulting experts next run a workshop to review the implementation and confirm scope, allowing customers to give feedback. The team can then frame an implementation contract. Oracle Consulting ensures knowledge transfers take place with additional Oracle teams, such as support, to ensure upkeep of the Sustainability dashboard once live.
Transition into live production takes place at the end of the engagement and many customers continue to work with Oracle Consulting.
Customers are surprised at the breadth and depth of the solution that OC can offer. “Folks are pleasantly surprised at predictive analysis – this is a significant differentiator in our solution,” Mardle reports.
The platform is a useful tool in helping businesses on their journey to net zero as EPM allows predictive planning and provides data to show whether an organization is following trends and on track to meet set targets.
It can also highlight the cost of making sustainable changes, as well as quantifying inaction. Overall, customers appreciate how this offering is generating addtional value.
To learn more, visit: https://www.oracle.com/performance-management/esg/