Oracle EPM a Natural Fit for Sustainability Reporting
Continued
Stora Enso, a global forest products company with €13.4 billion in yearly sales, is one of many companies that is finding true business value in using Hyperion Financial Management coupled with 2future’s SDM application to handle its sustainability data management and reporting. Stora Enso’s production mills, based in 22 countries, produce newsprint and book paper, magazine paper, fine paper, consumer board, industrial packaging, and wood products. Some of their requirements included having a flexible and user-friendly system that could be accessed by 130 global users and 102 reporting units, one common system for financial and sustainability reporting, and capabilities for annual and quarterly reporting. “ Our previous system for sustainability reporting was a tailor-made, Web-based solution that proved to be inflexible,” says Johan Holm, vice president, environment, for Stora Enso. “ We liked the idea of linking our sustainability data management to our financial reporting system, which ensures that the environmental reporting system is up and running at all times.”
Stora Enso uses Hyperion Financial Management coupled with 2future’s SDM application to collect and consolidate data from its mills such as raw materials used, water consumption, energy emissions, and waste residuals. Currently, Stora Enso uses the system to do environmental and energy reporting and has been able to better keep up with the environmental progress of its units through benchmarking. The link to Hyperion Financial Management provides Stora Enso with great potential to integrate its sustainability reporting with its financial reporting system. In the future, Stora Enso plans to use the system to do social and health and safety reporting.
“ This new system allows us to collect data in a very efficient way,” says Holm. “ It’s a flexible and user-friendly system in which all users can access the data without difficulty, and adding parameters or new units, or removing units or pages, is very easy.”
As the trend of sustainability reporting grows, organizations will use Oracle performance management tools to manage all their needs regarding social and environmental analysis and reporting. By doing so, companies can create a triple-win situation: a win for profits, a win for the environment, and a win for society at large.
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Monica Mehta writes frequently for Oracle Publishing.
