Say goodbye to spreadsheets for ESG tracking

A survey by Ernst & Young LLP (EY US) and non-profit research group the Financial Education & Research Foundation (FERF) from May this year indicated that 55% of companies were still housing ESG data in spreadsheets, and the collection and reporting of ESG information remained a highly manual process.

As pressure mounts on companies to collect and report ESG data, we look at why the spreadsheet won’t cut it, and how teams can manage funds through automated software solutions most effectively.

User access and collaboration

The problem: The Excel spreadsheet was not built for multiple users. Even modern versions make it impractical to have more than a limited number of users access a spreadsheet at once. It is incredibly easy to create multiple versions of the same file, for users to download and work from outdated copies, not to mention confidential data falling into the wrong hands, or simply disappearing altogether. 

The solution: An ESG management solution that facilitates adding selected authorised team members and full control over user permissions and settings, all while working from a single source. Software-as-a-Service (SaaS) technology means that those permitted can securely log in anytime, from anywhere.

The cost of manual data entry

The problem: Sure, accuracy can be cross-checked, but the nature of entering a large amount of data into a spreadsheet takes a huge amount of time and creates room for error. Spreadsheets can become error-prone due to incorrect cell references, and data input is not always reliably traceable. Strained resources, a lack of continuity, and resulting failure to hit targets or audit requirements can be costly. 

The solution: Managing large scale ESG data requires input from across the supply chain and relevant departments. The solution needs to integrate with and centralise existing processes and systems to save your team time, while reducing risk. 

Gaining meaningful insight

The problem: Though graphs and charts are possible, spreadsheets generally fail to paint a visual picture, and extracting the right data can be complicated and time-consuming. Each team will need to glean different insight, but holding large volumes of data in a single file makes it bulky, slow and prone to crashing. 

The solution: Your ESG management system should visualise data in realtime, in a way that is easy to digest and customise. Speed and simple customisation will empower teams with knowledge, leading to improved communication around ESG progress and goals with different departments and stakeholders, advancing you towards targets with maximum efficiency. 

Security

The problem: Excel spreadsheets are more unstable than other software solutions, and therefore more vulnerable to data corruption. 

The solution: SaaS provides daily customer data backups and offsite storage in secure locations for longer retention.

These solutions are just some of the benefits of choosing an all-in-one data capturing system such as SI Engage. We want to support every member of your investment team to quickly and easily ensure that corporate engagement data can be used for positive change.

We know that no two ESG journey’s will look the same, so we’re committed to continually developing and releasing new features to improve user experience and promote overall efficiency. 

To find out more, contact our team. 

Image credit to Vecteezy.com.

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