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5 Best ESG Reporting Software in 2024

ESG Reporting Software

What is ESG Reporting Software?

ESG reporting software is your secret weapon for transparent and efficient sustainability reporting. It centralizes data collection for environmental, social, and governance (ESG) metrics, saving you time and ensuring accuracy.

It can generate standardized reports for stakeholders and regulators with ease. Gain valuable insights to set and track sustainability goals, improve decision-making, and showcase your company’s commitment to ESG leadership.

How to Chose the Right ESG Reporting Software?

Selecting the right ESG reporting software is crucial for streamlining the process, ensuring accuracy, and achieving your sustainability goals. But with a plethora of options available, how do you choose the perfect solution? Here’s a comprehensive guide to help you make an informed decision:

  1. Identify Your Needs:
  • Data Management:
    • Does the software integrate seamlessly with your existing data systems (ERP, CRM, etc.)?
    • Can it handle complex data sets and ensure data integrity?
  • Reporting Requirements:
    • Does it support the specific reporting frameworks your company needs (GRI, SASB, etc.)?
  • Scalability:
    • Can the software adapt to your company’s growth and evolving reporting requirements?
  1. Prioritize Functionality:
  • Automation:
    • Look for features that automate data collection, report generation, and workflow management, saving you valuable time and resources.
  • Data Visualization:
    • Does the software offer clear and customizable dashboards for analyzing trends and identifying areas for improvement?
  • Collaboration Tools:
  1. Compliance Considerations:
  • Regulatory Updates:
    • Does the software stay current with evolving ESG regulations and reporting standards?
  • Data Security:
    • Choose a solution with robust data security protocols to protect sensitive information.
  1. Vendor Support:
  • Implementation and Training:
    • Does the vendor offer comprehensive implementation and training support to ensure your team can leverage the software effectively?
  • Ongoing Support:
    • Is there dedicated customer support available to address any technical issues or answer your questions?
  1. Cost and ROI:
  • Pricing Models:
    • Compare pricing structures (subscription, per-user, etc.) and choose one that aligns with your budget and needs.
  • Return on Investment (ROI):
    • Consider the software’s potential to improve efficiency, reduce costs, and enhance your company’s ESG performance.

By carefully evaluating these key factors, you can choose the right ESG reporting software that empowers your sustainability initiatives, streamlines reporting, and positions your company for long-term success in the ever-evolving ESG landscape.

5 Best ESG Reporting Software in 2024

Selecting the ideal ESG reporting software requires careful consideration of your specific needs. To kickstart your research, here’s a list of 10 leading solutions in 2024, categorized by their strengths:

1.Greenly

Greenly is a leading climate tech company specializing in cutting-edge software solutions for mid-market businesses. Their platform helps businesses accurately measure, reduce, and offset their carbon footprint using deep industry expertise and cost-effective strategies. Greenly’s comprehensive suite of ESG compliance services include Life Cycle Assessments, CSRD Reporting, Decarbonization Strategy Development, and Sustainable Procurement.

Key Features of Greenly’s Climate Tech Solutions:

  • Carbon Footprint Measurement: Precise tools for calculating and monitoring carbon emissions.
  • Carbon Reduction Strategies: Tailored plans to reduce carbon emissions and improve sustainability.
  • Carbon Offset Programs: Solutions to offset unavoidable emissions through verified projects.
  • ESG Compliance Services: Comprehensive support for Life Cycle Assessments, CSRD Reporting, and more.
  • Sustainable Procurement: Guidance on sourcing materials and services sustainably.

Pros:

  1. Ease of Use
  2. Efficiency Improvement
  3. Reporting
  4. Sustainability Monitoring

Cons:

  1. Limited Functionality
  2. Poor Customer Support
  3. Slow Performance

2. Workiva

Workiva builds and delivers the world’s leading regulatory, financial, and ESG reporting solutions to meet stakeholder demands for action, transparency, and disclosure of financial and non-financial data. Their cloud-based platform simplifies the most complex reporting and disclosure challenges by streamlining processes, connecting data and teams, and ensuring consistency.

Key Features of Workiva’s Reporting Solutions:

  • Regulatory Reporting: Comprehensive tools for compliance with global regulatory standards.
  • Financial Reporting: Advanced solutions for accurate and transparent financial data disclosure.
  • ESG Reporting: Robust capabilities for environmental, social, and governance data reporting.
  • Cloud-Based Platform: Secure and scalable platform that facilitates seamless data integration and collaboration.
  • Process Streamlining: Automated workflows to simplify and expedite reporting tasks.
  • Data Consistency: Ensures accuracy and uniformity across all reporting outputs.

Pros:

  1. Ease of Use
  2. Collaboration
  3. Customer Support
  4. Reporting

Cons:

  1. Limited Functionality
  2. Technical Issues
  3. Slow Performance

3. Lythouse

Lythouse is a leading innovative SaaS platform designed to streamline ESG compliance, reporting, and governance. Leveraging a sophisticated AI engine, it precisely calculates Scope 1, 2, and 3 emissions. This AI-powered tool offers detailed carbon classification, enabling the accurate mapping of emission factors and categories by analyzing granular spend data.

Key Features of Lythouse:

  • Accurate Emissions Calculation: Precise measurement of Scope 1, 2, and 3 emissions using advanced AI technology.
  • AI gap analysis and data population: Collate disparate spend data from multiple sources like ERP, spreadsheets, and databases, and ensure data quality with automatic verification workflows.
  • Global Reporting Framework Support: Compatibility with various international and regional reporting standards, including GRI, CSRD, IFRS, and SASB.
  • All ESG Metrics at one place: A single source of truth for all ESG data and reporting with in-depth GHG carbon scope 3 coverage across all categories, and centralizes non-carbon categories like water, waste, social (including diversity), and governance.
  • Assurance, collaboration and report export: Ensure higher credibility and trust through comprehensive and agile approval workflows, facilitating easier collaboration for consensus and accountability, and providing extended support to third-party auditors.

Pros:

  1. Ease of use
  2. Reporting
  3. Seamless Coordination
  4. Customer Support

Cons:

  1. Advanced features more suitable for large enterprises
  2. Primary focus on US and EU market. Support in other markets may be limited

4. IBM Envizi ESG Suite

The IBM Envizi ESG Suite, delivered as an easy-to-adopt SaaS solution, offers comprehensive data and analytics software to collect, manage, and derive insights from environmental, social, and governance (ESG) data.

Key Features of IBM Envizi ESG Suite:

  • Scope 1, 2 GHG Accounting + Reporting: Accurate tracking and reporting of direct and indirect GHG emissions.
  • Scope 3 GHG Accounting + Reporting: Comprehensive assessment of value chain emissions.
  • Target Setting + Tracking: Tools for setting, tracking, and achieving sustainability targets.
  • ESG Reporting Frameworks: Compliance with leading ESG reporting standards and frameworks.
  • Building Ratings + Benchmarks: Performance ratings and benchmarks for buildings.
  • Value Chain Surveys + Assessments: In-depth surveys and assessments of the entire value chain.
  • Utility Bill Analytics: Detailed analysis of utility consumption and costs.
  • Interval Meter Analytics: Real-time analytics for energy usage.
  • Sustainability Program Tracking: Monitoring and reporting on sustainability initiatives.

Pros:

  1. Ease of Use
  2. Reporting
  3. User Interface
  4. Sustainability

Cons:

  1. Expensive
  2. Complex Setup
  3. Buggy Software

5. Persefoni

Persefoni is the leading Climate Disclosure & Carbon Accounting Solution. The company’s Software-as-a-Service solutions enable enterprises and financial institutions to meet stakeholder and regulatory climate disclosure requirements with the highest degrees of trust, transparency, and ease.

As the ERP of Carbon, the Persefoni platform provides users a single source of carbon truth across their organization, enabling them to manage their carbon transactions and inventory with the same rigor and confidence as their financial transactions.

Key Features of Persefoni:

  • Comprehensive Carbon Accounting: Provides accurate and reliable carbon accounting, ensuring enterprises meet all regulatory requirements.
  • Single Source of Carbon Truth: Offers a unified platform for managing carbon transactions and inventory, akin to financial ERP systems.
  • Stakeholder and Regulatory Compliance: Facilitates seamless compliance with stakeholder and regulatory climate disclosure requirements.
  • User-Friendly SaaS Platform: Designed for ease of use, promoting high adoption rates and operational efficiency.
  • Transparent and Trustworthy: Ensures high levels of trust and transparency in carbon accounting and reporting processes.

Pros:

  1. Customer Support
  2. Ease of Use
  3. Data Management
  4. Document Management

Cons:

  1. Software Glitches
  2. Complex UI
  3. Confusing Interface

Reference and source: https://www.g2.com/categories/environmental-social-and-governance-esg-reporting

Conclusion

In conclusion, selecting the right ESG reporting software can significantly enhance your company’s sustainability efforts by streamlining data management, ensuring compliance, and improving transparency. To further simplify your selection process, download our RFP Template for ESG Software. This will help you identify the key features and requirements essential for your organization, ensuring you choose the best solution to meet your ESG goals.

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