In the evolving landscape of corporate sustainability, organizations need robust tools to navigate complex Environmental, Social, and Governance (ESG) reporting requirements. Monica Boydston, General Manager of Controllership at insightsoftware, delves into the intricacies of their newly launched ESG solution. Designed to support organizations at every stage of their sustainability journey, this comprehensive solution aims to simplify data collection, streamline workflows, ensure seamless compliance, and provide future-proof flexibility. Boydston shares how this end-to-end ESG solution differentiates itself in the market, addresses key challenges faced by companies, and integrates with existing systems to enhance transparency and accountability. Discover how insightsoftware’s innovative approach empowers businesses globally to meet their sustainability goals and stay ahead of regulatory demands.
1. Can you provide an overview of insightsoftware’s new ESG solution and its key features?
insightsoftware’s new Environmental, Social, and Governance (ESG) solution is a comprehensive end-to-end solution designed to support organizations at any and all stages of their sustainability journey. Aimed at addressing the impact of the Corporate Sustainability Reporting Directive (CSRD) requirement, insightsoftware ESG is a modular solution that facilitates effortless data collection and consolidation. It provides a pre-configured data model to streamline the data-gathering process; simplified workflows, enabling comprehensive BI analytics to create interactive dashboards; seamless compliance and filing, based on an integrated solution that simplifies CSRD compliance and business reporting filing requirements; and future-proof flexibility, as evidenced by its modular configuration that adapts to any organization’s specific needs – even as regulatory requirements change.
2. What motivated insightsoftware to develop an end-to-end ESG solution, and how does it differentiate from other solutions in the market?
ESG reporting mandates, such as the CSRD, greatly affect how organizations prioritize sustainability efforts. As a result of these mandates, insightsoftware identified the need for an end-to-end ESG solution. It is important for insightsoftware to provide the most comprehensive solution set for the Office of the CFO, so adding ESG reporting capabilities was crucial. insightsoftware ESG differentiates itself from other solutions in the market by offering data collection, narrative reporting, and analysis in one solution. insightsoftware ESG is built upon an existing solution used by thousands of companies. With over 20 years of experience supporting companies with diverse filing regulations, insightsoftware is uniquely positioned to guide businesses through the ever-evolving ESG reporting landscape.
3. How does the insightsoftware ESG solution support organizations throughout their sustainability journey? Can you share some specific use cases or success stories?
The complexity of managing disparate ESG data sources can be overwhelming. insightsoftware ESG simplified the entire process. It allows organizations to connect seamlessly with its existing systems including enterprise resource planning, customer resource management, excel, and other sustainability tools. Organizations can then collect and consolidate ESG metrics alongside their financial data, guaranteeing consistency and completeness, and finally, store this data in their chosen ESG standard’s taxonomy. Ultimately, insightsoftware creates a single source of truth for all an organization’s ESG information, ensuring accuracy, transparency and clear picture of its sustainability performance. We are just launching the insightsoftware ESG solution, so we look forward to building out future case studies as our customers continue to utilize its capabilities to meet their unique sustainability goals.
4. What challenges do companies typically face with ESG reporting, and how does your solution address these challenges?
ESG reporting is complex, requiring data from multiple sources, such as enterprise resource planning, sustainability systems, customer relationship management, and human resource management. These systems are often siloed across an organization and its suppliers, adding to the complexity. Businesses also struggle to collect and consolidate ESG metrics alongside their financial data. Disjointed systems and inefficient processes limit an organization’s ability to provide ESG transparency and accountability to investors, consumers, regulators, and stakeholders.
insightsoftware ESG helps companies address these challenges through key features including effortless data collection and consolidation, simplified workflow, seamless compliance and filing, as well as future-proof flexibility. insightsoftware ESG empowers organizations to accurately and efficiently satisfy reporting requirements to internal and external stakeholders, demonstrating a commitment to their sustainability efforts and effectively utilizing their ESG data as a strategic driver for organizational growth.
6. With evolving regulations like the CSRD, how does insightsoftware ensure its ESG solution remains adaptable and compliant with international standards?
The CSRD directive and others like it (i.e. the European Sustainability Reporting Standards) usher in a new era of transparent and comprehensive corporate sustainability reporting across the EU. With growing global adoption, they are poised to reshape the landscape for businesses worldwide. With that said, they will require companies to disclose more and better ESG information,to use eXtensible Business Reporting Language (XBRL) tags, and format for their reporting. To prepare for these regulations, companies will need to rely on consolidation and disclosure management tools like insightsoftware ESG that can help them collect, consolidate, validate, analyze, report, tag, file, and publish their ESG information in a compliant and efficient way. By doing so, companies can not only meet their ESG reporting obligations, but also create value for their business and their stakeholders while contributing to a more sustainable and inclusive economy.
insightsoftware ESG allows companies to embrace a tailor-made CSRD journey without settling for a one-size-fits-all approach – which will remain crucial. By providing a unified approach to data management, analysis, and reporting, insightsoftware ESG offers pre-built templates and workflows aligned with major ESG frameworks, streamlining the process and ensuring consistency. The modular design adapts to an organization’s specific needs alongside future regulatory changes.
7. How does the insightsoftware ESG solution integrate with existing systems and processes within an organization to enhance transparency and accountability?
Don’t underestimate the ability to deliver investor-grade data that seamlessly integrates ESG and financial information into a single, visually engaging report. This transparency provided by insightsoftware ESG, achieved through accurate, auditable, and timely data presentation, allows organizations to clearly demonstrate the link between sustainability and value creation. Such clarity goes beyond mere compliance; it strengthens brand reputation and resonates with stakeholders, fostering trust and engagement. For example, the ability to integrate with tools like InDesign ensures efficient multi-author collaboration and eliminates tedious formatting struggles. Its support for XBRL tagging and other regulatory requirements also makes compliance effortless and accurate. Because insightsoftware ESG unlocks the power of visual storytelling with data-driven insights, it enables organizations to go beyond reporting – they can cultivate meaningful engagement with stakeholders.
8. Can you explain how your solution helps businesses tailor their sustainability journey and make informed decisions based on ESG data?
By building insightsoftware ESG to be a modular solution, organizations are empowered with the tools and flexibility to tailor their sustainability journey to their specific needs. This enables businesses to collect, consolidate, and analyze ESG data from any source and create accurate and compliant reports in minutes versus weeks or months. Without this tool, organizations are left scrambling to keep up with frequent last-minute mandate changes and new compliance requirements. Instead, this ESG solution suite gives organizations flexibility in how they pull in data, where they pull it from, and how they use it – whether it be for Sustainability Accounting Standards Board (SASB) reporting, XBRL Tagging & Filing, multiple taxonomies, or glossy reports – to eliminate the risk of manual errors in the process. By allowing for this flexibility, teams are equipped with the tools they need to make the most up-to-date and informed decisions based on their ESG data.
9. Why do you think US companies are increasingly prioritizing sustainability despite the lack of ESG mandates, and how can insightsoftware support them in this transition?
U.S. companies currently follow a voluntary approach when it comes to ESG reporting. However, there is an increased demand for transparency and accountability on ESG issues among investors, consumers, regulators, and stakeholders. This means that despite the lack of any major mandates, U.S. companies still find value in demonstrating the impact of their sustainability efforts. In fact, it has been found that investors increasingly believe companies that perform well on ESG are less risky, better positioned for the long term, and better prepared for uncertainty.
insightsoftware is able to simplify and streamline a U.S. company’s ESG journey. Especially at the beginning stages, what will be most important is consolidating internal and external data sources, reducing manual data entry and errors, and providing real-time analytics. By integrating ESG reporting with existing financial reports, insightsoftware can help companies link ESG performance to financial outcomes and demonstrate ESG leadership and value creation to stakeholders and potential investors – transforming ESG data into actionable decisions in minutes.
10. Looking forward, what are the next steps for insightsoftware in terms of developing and enhancing ESG solutions? Are there any new features or updates on the horizon?
Looking forward, insightsoftware has plans to expand the ESG solution into other markets. Additionally, the ability to support multiple ESG/sustainability frameworks and share data between them is on the roadmap to be delivered in the next 12 months. insightsoftware also intends to make the following prepackaged templates available within 12 months: GRI, IFRS S1, IFRS S2, GHG scope 1, 2, and 3 emissions.
