5 Measurable Ways to Benefit from a Sustainability Software
Sustainability is a theme that companies increasingly work with in one way or another. It can mean different things for different stakeholders, like product longevity and quality, efficiency in the production lines, corporate social responsibility or climate positive operations. A sustainability management software can help your organization to pinpoint exactly what sustainability areas matter the most.
So what is a sustainability software, and why is it important? A sustainability software or platform utilizes technology to collect, store and manage sustainability data, allows digitization and helps to automate processes, while helping to organize and analyze results.
If you’re asking yourself how to convince your company executives to invest in a sustainability software, look no further. We have listed five ways that a sustainability software can help your organization with managing its sustainability work.
1. Better insight
When it comes to such a complex matter as sustainability management, technology can help to create clarity and insight. A sustainability management tool allows a streamlined process with more proactivity in the entire value chain, improving your insight in the organization on a much broader and deeper level than possible without one. Spending that extra time on analysis and insight-driven work lets you focus on developing your organization in the right direction to reach your goals.
2. Reduce Costs
A sustainability software lets you gain efficient processes that allow you to eliminate margins of error, shave off time from ad hoc tasks, manual work, and timely person-dependent processes, so an initial investment in time and moneywill save you, you guessed it, time and money in the long run and reduce costs. With a deeper insight in your value chain, it’s also easier to identify wasteful activities. You can spare costs with increased resource efficiency, for example by optimizing energy and water consumption, or through efficiency in your supply chain.
3. Increase revenue
When you manage your sustainability systematically, you might start noticing new patterns in your own, and your customers’ behavior. A sustainability platform helps you to gain a clearer picture of the impact you are making today, and to recognize new potential in your operations. That also means the opportunity to reach more conscious and sustainably driven customers – Millennials and Gen Z:ers being two of the most rapidly growing and most environmentally mindful consumer groups– and to straight up increase your revenue.
“56% of U.S. consumers stop buying from companies they believe are unethical.”
Unpredictable risk can happen anywhere, anytime, and can get extremely costly. It can be caused by natural disasters, political events, pandemics, or even media. A study by McKinseyshows that risk is on the rise, and "global losses due to earthquakes, floods, fires and the like reached $150 billion" only in 2019. Having specialized technology to help you manage your sustainability data also means that you easily can quantify alternative costs as well as detect and mitigate risks in order to be more resilient. Risky business can jeopardize both your brand reputation and your operations, and if you can stay one step ahead of the game to minimize any of those risks and can focus on transparency, you have the upper hand.
5. Maximize transparency
A state of the art sustainability platform allows you to be transparent, track climate frameworks, international reporting standards and other metrics that are relevant for you. Calculate your carbon emissions, or benchmark yourself on a set of SDGs. That means you can set targets, measure your progress and reach your sustainability goals through a streamlined process, and consequently, create value adding sustainability reports and, ultimately, be transparent to your stakeholders.
Reasons to use sustainability software
Summing up, a sustainability software can help your organization in many ways, from cutting costs, to being more resilient, and being transparent to your stakeholders.
If you’re still using endless spreadsheets to collect, track and analyze your sustainability, it might be time for an update. A tool that is specifically developed to follow up on sustainability metrics, will help you to become more efficient and work more consistently to reach your goals, whether it is gaining more insight in how your suppliers conduct business, or getting standardized information about your investees to make the best, most data driven business decisions.
Explore Worldfavor’s sustainability platform and drive transparency and sustainability in every step of your value chain. Our solutions help you to manage your sustainability and reach your goals, whether you wish to improve the sustainability of your supply chain, to gain information about your investment portfolio, to track internal operations across the company or need to follow up on your EU Taxonomy alignment and goals.