Top ESG Reporting Software of 2023: A Market Overview

ESG reporting software plays a vital role in simplifying, standardizing, and improving the efficiency of ESG reporting processes. But with ample providers to choose from—and a lack of familiarity with what the software does—navigating the market can be confusing.  

This post will simplify matters through an overview of the top ESG reporting software providers of 2023. Before delving into who is doing what, we’ll present some background information to facilitate your understanding of what a reporting platform can do for you, including:

• Software benefits
• Features and functionalities
• Tips for overcoming implementation challenges
• Future trends to look out for

First, Some Context

ESG reporting goes beyond traditional financial reporting by focusing on non-financial metrics that encompass environmental stewardship, social impact, and governance practices. These include carbon emissions, resource usage, diversity and inclusion, supply chain management, executive compensation, and board diversity. In turn, organizations can gain a holistic view of their ESG progress, which helps communicate key impacts with stakeholders. By fostering transparency and accountability, ESG reporting offers numerous benefits, spanning the areas of risk mitigation, reputational capital, investor attractiveness, and long-term value creation.

While beneficial, ESG reporting is not without its challenges. Navigating multiple frameworks, evolving regulations, burdensome data collection—and the inherent difficulty of identifying material issues—are time and capital-intensive. For global enterprises with intricate supply chains, these issues tend to be compounded. 

ESG reporting software is increasingly recognized as an ally in navigating these challenges. At its core, it serves as a powerful tool to streamline the arduous process of collecting, managing, and reporting ESG data. It not only enhances data accuracy and integrity, but enables organizations to benchmark their performance against industry peers, identify areas for improvement, and demonstrate progress over time.

A Word on Transparency

For transparency reasons, it’s important to note that Novisto is a solution in the ESG reporting software industry. We’ve produced this post with the intention of providing an informative and unbiased resource for navigating the ESG software landscape in 2023. 

Many lists of ESG reporting software that are available online may be promotional in nature, where “solution positioning” is influenced by various commercial factors. It’s therefore crucial to note that the order in which the software solutions appear in this post does not reflect their quality, nor is Novisto endorsing any particular one. 

Rather, our goal is to offer objective information to assist readers in their exploration of ESG reporting software options. We encourage you to conduct your own research and evaluations to determine the most suitable solution for your team.  

In the following sections, we’ll delve deeper into the world of ESG reporting software. We’ll explore how it can help enhance transparency and accountability and enable better performance measurement. We’ll also examine its role in facilitating the integration of ESG considerations into business strategies, and provide guidance on how to overcome implementation challenges. Lastly, we’ll highlight the top ESG reporting solutions of 2023 as well as emerging tech trends to look out for.

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