Franklin, Tenn. -- Last week, representatives from companies including Nestlé, Philips and Liberty Global got together to address a major business stakeholder and supply chain issue that has exploded in recent years – the need for enhanced data management.
Regulators, consumers and employees are increasingly demanding large companies provide expanded non-financial disclosure, asking how well a business is performing and behaving – toward people and the planet – before buying their products and services.
The venue for this discussion was the UL EHS Sustainability-hosted user forum, held at the University of Cambridge.
Sustainability reporting, beyond fulfilling stakeholder needs, can also provide companies with information to make better investment and supply chain decisions and develop strategic, long-term plans.
It also has the potential to greatly impact them financially. According to Mark Ward, general manager of UL EHS Sustainability, addressing the annual global environmental damage estimate, projected to reach $28 trillion by 2050, can offer companies a strong financial incentive.
“Our current sustainability challenges – from climate change and water scarcity, to human rights abuse and food waste – are not going away any time soon,” said Ward, during the event.
“Whether driven by a need to protect corporate reputation, improve resource efficiency or comply with increasingly stringent and complex regulation, we have a huge opportunity to use these challenges and greatly improve how companies perform – socially, environmentally and financially.”
UL EHS Sustainability’s software solutions provide insights that enable users to accurately capture, manage, analyze and report environmental, safety, supplier and social data in one single system.
Many customers benefit from the platform’s integration with other agencies and organizations that manage non-financial data. For example, it shares information with the Higg Index, a resource provided by the Sustainable Apparel Coalition that offers performance overviews of apparel products and companies, and the company plans to continue integrating with other tools.