Better use of the vast amounts of data available is increasingly critical to meeting organisational goals and expectations — especially key environmental, social and governance (ESG) objectives.
The data lineage and data governance experts at Solidatus say there are seven important points for customers and partners to look at for assured ESG strategies, moving them head and shoulders above their competitors.
1. ESG needs full integration with business structures and cultures
Solidatus recommends that chief data officers and other key executives avoid the temptation to treat ESG as a box-ticking compliance exercise. Instead, the entire organisation needs to be looked at through the lens of the chosen ESG objectives.
This ensures that the datasets to be created and analysed down the track can deliver the insights required as well as meeting the ever-more stringent ESG standards and requirements set to emerge.
2. It’s the data and processes behind ESG that are the real challenge
Stumbling blocks can easily appear within data sourcing and governance. Get a handle on data and data flows throughout the company to develop full transparency. Hidden connections must be uncovered, with key points fed into automated processes and reporting.
3. With accurate, transparent reporting, accusations of greenwashing can be avoided
Organisations that cannot provide sufficiently compelling evidence of their ESG policies, practice and achievements leave themselves open to reputational damage. More than ever, products and ethos must match to avoid criticism that damages overall progress.
4. ESG frameworks and strategies should evolve alongside reporting advances
Analysis on climate change, sustainability and social governance continues to advance, which means organisational standards and reporting must evolve too to reflect new levels of understanding and guidance.
5. In the absence of industry standards, internal standards become essential
« Agreeing on well-defined internal standards, requirements and policies can help businesses clear up uncertainties in data strategies, as well as make it easier to reach ESG objectives, » explains Solidatus.
6. Applications can help you meet requirements, scale and innovate with data
With Solidatus to help integrate an organisation’s metadata with an agile cloud-based platform, ESG initiatives can be tracked and reported on against relevant ESG standards and disclosures while meeting fresh demands.
7. A data blueprint can map data flows around the organisation
More complete data mapping can enhance agility by delivering transparency in context and visibility of the people and processes that impact ESG and other goals and objectives.
Solidatus data lineage solutions can help customers and partners ensure that ESG data in an organisation can be visualised in a clear and linear way. This means important information can more easily reach the right people at the right time, flowing into the right processes.
Talk to QBS today to hear more on the Solidatus approach to data best practice and governance for better business decisions.
( Image by anncapictures from Pixabay )