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Achieving your environmental, social & corporate governance (ESG) goals with the right technology
August 3, 2021

When it comes to business technology, there’s no going back to pre-COVID-19 times. Rapid digitisation and remote-work productivity have already happened.

We don’t have to imagine a new business “normal”. It’s already begun.

Among all this change, new priorities have emerged, says APAC (Coupa Software) managing director, Stuart O’Neill.

Customers, investors, and employees are increasingly holding organisations accountable for more than just financial success. They’re expecting them to deliver against key social and environmental metrics as well.

And key to getting the ESG metrics right, says O’Neill, will be to have the right digital capability and to use it effectively.

He believes that ESG on an enterprise scale will require updating the Corporate Social Responsibility approach of the past. It will demand modern, cloud-based solutions that align ESG factors with the crucial decisions business leaders will need to make to ensure every corporate dollar is spent meaningfully.

These digital solutions will not only have to be user-friendly but will need to be extended to support effective and efficient supply chain management.

Where supply chains are concerned, O’Neill says, Australian businesses will increasingly be looking to work with suppliers that identify as sustainable and that prioritise diversity, equity and inclusion (DEI).

And as our country focuses on building sovereign capabilities, businesses will also be looking to add more domestic and indigenous suppliers to their supply chains.

Key recommendations

In order for organisations to achieve their ESG objectives O’Neill believes they will need to:

  • Align their ESG functions with processes and tools that enable leaders across organisation to ensure every dollar spent is done with the intent of benefitting the business and the community.
  • Implement systems and solutions to digitise the management of annual statements from suppliers (and their suppliers), to deal with risk and to comply with regulations such as Modern Slavery reporting.
  • Increase the visibility of the organisation’s financial situation, cash flow availability, accounts payable, and planned spend so decision makers can react quickly in an emergency. Technology can play a huge role by providing a real-time picture of all aspects of spend.
  • Implement new digital tools that enable employees to quickly and easily get the job done.
  • Draw on data and community intelligence to understand which suppliers are aligning their business values around things like sustainability, diversity, sovereign capability building and stamping out modern slavery.

At Neo Technologies we are committed to helping businesses implement the right technology to achieve their ESG outcomes.

Reach out if you have any questions about accessing the right technology and what the best options are for your business.

To view the full story go to: https://www.bit.com.au/guide/setting-your-business-up-to-achieve-its-esg-goals-567627