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Persefoni

Persefoni provides an integrated solution that automates data collection, reporting and compliance across geographies with ease. Persefoni provides the most comprehensive software for automating carbon accounting and financial di...Read more about Persefoni

4.9 (9 reviews)

Diligent ESG

Diligent ESG (formerly known as Accuvio) empowers organizations to address the seminal components of ESG that matter most to their stakeholders, while meeting current reporting requirements and planning and preparing for the futur...Read more about Diligent ESG

Novata

As market and regulatory pressure increases, Novata was formed to help empower private market players to get a handle on their ESG data. The Novata platform provides a clear starting point for selecting ESG metrics, painless data ...Read more about Novata

KEY ESG

KEY ESG is a UK-based software platform that streamlines and optimizes the collection, management, and reporting of ESG and carbon accounting data. The platform helps fund managers across private and public markets and their portf...Read more about KEY ESG

Novisto

Novisto is a data collection, processing, and reporting ERP platform for sustainability management. It is used by businesses to meet environmental, social, and governance (ESG) commitments. ESG concerns are a growing concern for c...Read more about Novisto

4.7 (3 reviews)

Sustain.Life

Sustain.Life helps make sustainability universally accessible, providing companies with an affordable, easy-to-use SaaS platform that empowers organizations—regardless of budget, expertise, or industry—to adopt more sustainable bu...Read more about Sustain.Life

4.4 (7 reviews)

Nasdaq Metrio

Nasdaq Metrio™ is a sustainability reporting platform that is purpose-built for businesses at all stages of their ESG journey. It combines the power of hyper-granular data collection, tracking, management, emissions calculations, ...Read more about Nasdaq Metrio

4.5 (2 reviews)

Benchmark ESG Reporting

Designed for businesses of all sizes, Benchmark Gensuite's ESG Reporting is a cloud-based analytics software that helps track energy usage, carbon footprint, resource consumption, and material costs on a unified platform. The tool...Read more about Benchmark ESG Reporting

No reviews yet

Greenly

Greenly features assessment and reporting tools for all three scopes of the GHG Protocol to help companies in various industries track and formulate carbon emission strategies. Scope 1 entails company-level GHG emissions activitie...Read more about Greenly

HSI Donesafe

HSI Donesafe is the single source of truth that satisfies infinite EHSQ use-cases across every imaginable industry, all while driving record levels of engagement rates. Health & Safety leaders who are in a data...Read more about HSI Donesafe

VelocityEHS

VelocityEHS ESG|EHS software is trusted by 1/3 of the Fortune Global 1000 and thousands of other companies across industries to manage the environment, health, and safety programs. VelocityEHS modules include incident management...Read more about VelocityEHS

Osano

Osano is a cloud-based data privacy platform that helps businesses ensure compliance with various data governance regulations such as General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) across webs...Read more about Osano

No reviews yet

Cority

Cority offers a cloud-based, enterprise quality management and compliance software solution for midsize to large global manufacturers. It is suitable for manufacturers that operate in industries such as automotive, aerospace and d...Read more about Cority

PegEx Platform

PegEx Platform is a cloud-based hazardous waste management tool built specifically for waste haulers, brokers, and disposal facilities. Features include revenue tracking, digitized workflows, work order management, and biennial re...Read more about PegEx Platform

4.2 (5 reviews)

Locus ESG & Sustainability

Locus ESG & Sustainability is designed to help businesses across various verticals including mining, transportation, chemical, pharmaceutical and more handle compliance tracking, data collection and sustainability management opera...Read more about Locus ESG & Sustainability

5.0 (1 reviews)

ESG-SmartBoard

ESG-SmartBoard is an online dashboard that uses software robots (RPA) to automatically collect, track, and generate real-time reports of ESG data. With this platform, users can easily stay on top of their ESG performance, and make...Read more about ESG-SmartBoard

5.0 (1 reviews)

Optial SmartStart

Optial SmartStart is a cloud-based governance, risk and compliance (GRC) solution. It serves businesses of all sizes in industries such as banking, insurance, manufacturing and retail. Primary features include compliance managemen...Read more about Optial SmartStart

5.0 (1 reviews)

EHS Management Software

Enablon is a cloud-based environment, health and safety (EHS) management solution that helps organizations track the use of natural resources. Enablon allows users to create action plans and ensure proper follow-ups with bui...Read more about EHS Management Software

5.0 (2 reviews)

Alyne

The Alyne platform for governance, risk and compliance (GRC) provides intuitive, AI-enabled capabilities to dynamic enterprises across the globe. Mitratech’s GRC platform enables organizations of all sizes to transform their GRC p...Read more about Alyne

5.0 (2 reviews)

AuditBoard

AuditBoard is the leading cloud-based platform transforming audit, risk, and compliance management. More than 40% of the Fortune 500 leverage AuditBoard to move their businesses forward with greater clarity and agility. AuditBoa...Read more about AuditBoard

Buyers Guide

Last Updated: March 16, 2023

Today’s businesses face a wide range of environmental, social, and governmental (ESG) initiatives for which compliance is mandatory. Noncompliance can lead to fines levied by regulatory agencies and adversely affect a company’s reputation. Furthermore, with a regulatory environment that is constantly in flux, taking a proactive approach to keeping up with new ESG initiatives can be daunting without the right information.

ESG software provides businesses with the tools to monitor existing ESG initiatives, collect data regarding a company’s progress towards compliance, and proactively outline efforts towards new ESG goals.

This guide will help you understand the different factors that must be considered when choosing an ESG software solution.

Here’s what we'll cover:

What is ESG software?

ESG software helps companies stay up to date with environmental, social, and governance (ESG) initiatives by automating data collection of key performance indicators (KPIs) across multiple sources of information, monitoring progress or deficiencies in reaching ESG goals, and providing an automated framework to disclose the status of a company’s successful ESG initiative implementations.

Common features of ESG software

While features vary from product to product, ESG software typically offers some or all of the following functionality:

Framework management

Manage global or internal ESG standards that are designed to measure and limit the impact of business processes or procedures.

Multi-channel data collection

Collect information from multiple sources, such as internal company data, regulatory entities, and social media.

Compliance management

Identify non-adherence to policies in a service, product, process, or supplier behavior and monitor progress towards improvement.

Disclosure management

Create, manage, and publish disclosure statements or reports to the public and regulatory agencies.

Performance metrics

Track indicators that detail how well an organization, a division, or a particular project are performing within required parameters.

Reporting and analytics

Compile key data into customizable dashboards. View and track pertinent metrics.

Risk management

Identify areas of risk and implement processes to mitigate future ESG hazards.

Sustainability management

Manage the impact of a company’s processes on the environment and comply with government regulations.

What type of buyer are you?

As you research your options for ESG software, consider the type of buyer you are. This will help you better understand your company's needs and the required software features:

  • Companies with strong regulatory requirements: As businesses have become increasingly interconnected in a global marketplace, the variety of environmental and governmental regulations with which an organization must comply has continued to expand. By utilizing ESG software, companies can track their progress toward ESG-related initiatives by monitoring key performance indicators. In doing so, an organization can make necessary changes to business practices to avoid unnecessary fines due to non-compliance.

  • Organizations that rely on public reputation: Adherence to ESG initiatives is a primary factor in how consumers view the reputation of a company. Customers want to know the products and services they are paying for have been sustainably provided and without negative impacts to the environment or society. Additionally, as the labor market diversifies, maintaining compliance with ESG initiatives also attracts employees and talent that share the same level of global conscience.

Benefits and potential issues

By employing ESG software, companies can experience the following benefits:

  • Publicize existing strengths: By providing up-to-date information on a company's progress related to ESG initiatives, ESG software allows your company to publicize its successes in bringing sustainability and moral responsibility to the market. In addition to attracting potential customers to your brand, this also provides a gauge for investors to assess investment viability.

  • Limit liability: ESG software monitors where your company stands in relation to vital KPIs. In doing so, companies can proactively identify potential ESG risks and change business processes to mitigate potential financial losses or damage to public reputation.

As with any change in business workflow, be mindful of the following potential issues when considering an ESG software:

  • Confidence of reported data (due to multiple sources): Even though ESG software has the ability to track data from multiple sources, such as internal company data, regulatory entities, and social media, the adage of “garbage in, garbage out” still applies. Therefore, it’s vital to make sure that the data being tracked by your ESG software is reliable and up to date.

  • Provide a pathway for isolated data: In many cases, data vital to ESG research may not be easily amenable to automated collection. Much of this data may reside in spreadsheets or PDFs that are not easily collected by ESG software’s automated tracking. In order to leverage all necessary ESG data, be sure that you have provided a means to import this data from isolated sources.

Market trends to understand

When researching the ESG software market, there are some market trends that you may want to consider.

  • Monitoring political action involvement: As sustainability and adherence to ESG initiatives becomes an increasingly key component in a business’s success, the impetus for a company to influence environmental policies through political action threatens the viability of ESG data. As a result, the need to track both businesses and consumers moves towards the ideal of increased transparency. An organization's contributions to political action groups will most likely become a key data point in the future for ESG software.

  • Incorporation of social listening tools: One of the best ways to gauge public sentiment of a company’s adherence to ESG initiatives is by simply listening to what people are saying on social media platforms. Social listening tools will increasingly be employed to scan social media platforms for mentions of a company’s reputation which can then be factored into ESG software scoring.