With the complex challenge of sustainable business transformation at hand, businesses are being observed under a magnifying glass to present accurate environmental, social, and governance (ESG) measurements against global standards organizations and check Scope 3 Emissions, circularity, and ethical practices of trading partners throughout the entire supply and value chain.

麻豆原创 sees this challenge as an opportunity to help businesses take on corporate accountability in a genuine way. 麻豆原创 solutions can provide needed insights, backed by data and process-enabled technology, to help businesses see in a granular view where they can reduce their carbon footprint, optimize resources, and drive social responsibility.

Record Actuals, Not Averages, Across Value Chains

There are three key steps when it comes to taking on this challenge of sustainable business transformation. The first is to record actuals across value chains, not averages.

鈥淚n the old world, it was good enough to know data within your own four walls. Now, in the new world, it鈥檚 beginning to move out of the four walls and into your supply chain,鈥� said Jim Sullivan, head of Sustainability Product Management at 麻豆原创. Sullivan discussed the need for accurate, comprehensive, and industry-specific data during the closing roundtable of the held on September 28^th. He expressed the demand for data transparency in not just company operations, but also in taking responsibility for impact beyond聽the聽supply chain and into聽the聽broader cross-industry聽value聽networks to keep materials in use at their highest value.

Report Against a Quickly Evolving Set of ESG Standards

The second step is that businesses must report against an evolving set of ESG standards. With plastic taxes on the horizon in the UK and the from the International Sustainability Standards Board (ISSB) that companies must disclose Scope 3 emissions, the ability to form resilient business models falls on how flexible a business can be when ESG standards rapidly change.

To zero in on what matters most, businesses need to capture their data in a way that meets standards across the board. Being fluent with KPIs聽that cover common ESG frameworks based on an open, extensible solution empowers businesses to be ready when new regulations arise and communicate their metrics clearly to stakeholders, investors, and customers.

Janine Guillot, special advisor to the ISSB Chair at IFRS Foundation, explained in the Wall Street Journal Pro Sustainable Business Forum on October 10^th how the ISSB provides comparable sustainability-related reporting standards for companies such as climate risks that will be integrated into the global International Financial Reporting Standards (IFRS). 鈥淲e鈥檙e trying to create a common language for companies and investors when it comes to sustainability performance, which is what financial standards did for accounting decades ago,鈥� Guillot said.

Act Beyond Ambitious Targets

The third step is that for businesses to drive a successful, sustainable business transformation, they must act beyond ambitious targets.

鈥淭o act鈥� means to plan a future with granular insights, set targets, track initiatives, and change business processes. It means to take significant strides by 鈥渃reating new, bold partnerships and ecosystems to share ESG data and best practices on climate action,鈥� stated Sebastian Steinhaeuser, chief strategy officer, general manager of Sustainability, 麻豆原创.

In the end, 鈥淪ustainability is a team sport,鈥� Steinhaeuser said at the Communicating and sharing data with other companies is critical to achieving a global transformation that transcends a single company鈥檚 sphere of influence. 麻豆原创 is committed to supporting the execution of data sharing and ultimately provide the backbone to a sustainable business strategy. With solutions that capture veritable data, a growing ecosystem of partners, and the ability to provide strategic insights, 麻豆原创 enables companies to work towards a more sustainable world, together.