The firm has released a plethora of industry leading research identifying the ways that software and service firms partner to deliver tools, strategy and insights to corporates who are actively pursuing ESG and sustainability agendas.
“Meeting the climate and social emergencies with purpose and love is often a bridge in the complex and emotional work we do. Although it can at times feel overwhelming, I am so inspired by the joy, creativity, and passion of our clients, partners, and the sustainability services teams at EY,” Sheri Hinish Principal, Global Sustainability Innovation and Ecosystem Leader at EY shares.
Industry leaders in ESG software
For the first time, Verdantix has released a Green Quadrant report on ESG Reporting and Data Management Software, in which it highlights the need for agile ESG reporting software in an evolving regulatory landscape.
The research has identified 11 software providers as leaders in ESG software — Benchmark Gensuite, Cority, Diligent, IBM, Intelex, Nasdaq, Sphera, UL Solutions, VelocityEHS, Wolters Kluwer and Workiva.
The report reveals:
- ESG reporting and data management software must aggregate sustainability-related data from all departments to break down silos and facilitate communication with stakeholders such as investors, business functions and the C-Suite.
- In the absence of a global framework, corporations are increasingly reporting in alignment with various voluntary reporting standards, enabling customers to report to multiple frameworks.
- Organisations are transitioning from annual sustainability reporting to more frequent reporting to meet stakeholder demands, with some integrating sustainability data into their financial reports.
- Digital ESG reporting solutions are ever-evolving and growing in popularity. As vendors scale to meet demand, some are adopting pricing models that do not charge for the number of system users, to encourage collaboration and streamline the data collection process.
- Software providers are forming strategic partnerships with complementary vendors to enhance their offerings without significant investment in product development. These partnerships facilitate capabilities such as integrating essential data and insights and expanding into more impact areas, like biodiversity.
- Vendors are offering varied use of services — some providers have in-house consulting branches that assist in this respect, while others have strong partnerships with services firms to expand their offerings.
"As the ESG reporting and data management software market is projected to soar to US$4.3bn by 2027, it is imperative for vendors to proactively stay ahead and remain competitive. With a widening scope of business functions engaged in ESG implementation and a continuously evolving regulatory landscape, agility and adaptability are paramount,” says Jessica Pransky, Principal Analyst at Verdantix.
"To meet escalating demand, vendors must deliver fast-to-deploy, scalable solutions that address market trends and cater to the evolving needs of businesses. Executives seeking to maintain their competitive edge in the rapidly evolving landscape of ESG reporting and data management must ensure they understand the market dynamics and trends that shape it."
Please also check out our upcoming event - Sustainability LIVE in London at the BDC on Sept 6/7th 2023
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