Green coding - IFS Cloud sustainability management module with PwC
Enterprise cloud and self-styled ‘Industrial AI’ company IFS used its annual customer, partner, user & practitioner event this month to detail its latest work in cloud sustainability management.
A new Sustainability Management Module is available in the 24R2 (i.e. release 2 for 2024) version of IFS Cloud as part of a collaboration with PwC.
The module includes features to help organisations manage sustainability data collection and performance tracking.
CSRD… and equivalents
Because many large companies operating in the EU, North America and the rest of the world are obliged to comply with the EU Corporate Sustainability Reporting Directive (CSRD) and its international equivalents (the US Securities and Exchange Commission (SEC) for example), readiness is needed fast.
IFS suggests that a key area holding organisations back is data management. IFS Cloud provides the confidence that all data being used to measure and support reporting is accurate and up to date.
The Sustainability Management Module has been designed in collaboration with PwC’s environmental, social & governance (ESG) to create features that are standardised and can become interoperable with other forthcoming directives in the future.
IFS Cloud customers will also have the option to use PwC’s ESG advisory services, including entity scoping, double materiality assessments, gap assessment and implementation planning to support compliance with the CSRD and with the implementation of their sustainability reporting strategy.
Lockstep to environmental stewardship
Sophie Graham, chief sustainability officer at IFS has said that her team realises that business success extends beyond profit margins and that it must move in what she calls ‘lockstep’ with championing environmental stewardship for lasting impact.
“We are proudly leading the charge in embedding environmentally conscious practices into core operations by helping to support growing regulations while also providing customers with a competitive edge. This is only achievable if enterprises have full confidence in their data source and if the process is demystified. The introduction of the Sustainability Management Module enables our customers to make a huge leap towards achieving their sustainability goals and see value quickly,” said Graham.
Insights from the module promise to empower organisations to drive sustainability action that supports greater ESG transparency and provide companies with a competitive edge by helping to optimise resources and minimise waste, delivering long-lasting business value.
A KPI catalogue
A core component of the Sustainability Management Module is the KPI Catalog, which exists to enable the management of sustainability KPIs and ensures organisations can track relevant sustainability metrics consistently and accurately.
“Accurate and comprehensive ESG data is essential for organisations to monitor progress, identify improvement opportunities and comply with regulations. Reliable data also enables businesses to make informed decisions, be transparent with stakeholders and build trust,” said Iain Anderson, ESG technology & data leader at PwC UK.
The module streamlines the management of sustainability data and goals, offering a solution that ensures sustainability initiatives are fully integrated into the organisation’s overall business strategy.
This integration helps meet regulatory requirements, respond to stakeholder expectations and – says IFS – achieve long-term sustainability objectives effectively.
