ADDRESSING THE CHALLENGES OF SUSTAINABILITY REPORTING
For many organizations, sustainability reporting poses a challenge because it has additional requirements not typically found in most financial analytics and reporting systems. There are typically many different data sources--such as operational systems, financial systems, documents, published reports—and many different kinds of indicators that must be collected and aggregated. The diversity of the relevant structured and unstructured data further complicates matters.
But there's more to sustainability than just reporting. Sustainability initiatives should be part of your overall performance management practices. This means:
Including all stakeholder requirements and sustainability issues in your goal-setting process
Driving sustainability initiatives into financial and operating plans
Monitoring and analyzing sustainability metrics and adjusting goals and initiatives to achieve short- and long-term goals
Reporting progress on sustainability initiatives to internal and external stakeholders
Oracle's Hyperion Financial Management application makes sustainability reporting a faster process. One customer reduced an 18-month fragmented process, involving over 1,300 emails, to a single process aligned with its financial closing dates.
All sustainability data is stored within a single Enterprise Performance Management system, together with the overall operational and financial management information. This allows organizations to analyze correlations, results, variances and improvement opportunitie, and create a sustainable decision-making process.