Increasing regulatory demands and stakeholder pressure are fueling a surge in the ESG reporting and data management software market. This trend, highlighted in a Verdantix report, has led to a multi-billion-dollar market that software vendors must keep pace with.
Verdantix notes that organizations worldwide are realizing the significance of improving their sustainability efforts, resulting in heightened demand for innovative software. The report identifies key trends and software requirements in this space, while also highlighting 11 top vendors, including Benchmark Gensuite, Cority, Diligent, IBM, and more.
The report emphasizes that ESG reporting and data management software play a critical role in aggregating sustainability-related data from various departments. This breakdown of information silos enhances communication with stakeholders such as investors and the C-Suite.
Although a global framework for ESG reporting is lacking, many corporations are aligning their reporting with voluntary standards. To meet stakeholder expectations, organizations are shifting from annual to more frequent reporting and some are even integrating sustainability data into financial reports for a competitive edge.
As the demand for digital ESG reporting grows, software vendors must scale their offerings swiftly. This involves delivering fast-to-deploy, customizable solutions, often with starter packages, and adopting user-independent pricing models.
Strategic partnerships between software providers and complementary vendors are on the rise, allowing vendors to enhance their offerings without extensive investment in product development. These collaborations facilitate the integration of vital data and insights and enable expansion into areas like biodiversity.
By FCCT Editorial Team
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