As the year winds down, it’s time to reflect on our accomplishments and growth. Well, our businesses should do the same. In this day and age, embracing sustainability is no longer just a buzzword – it's a vital component of a company’s blueprint for success.
The ESG framework isn’t just about portraying a rosy image of your organisation, it is also the compass to guide you through the ever-changing business landscape and steer your ship in the right direction. The stakes are high. Neglecting ESG-related issues could lead to steep remediation costs and an uncertain, unsustainable future. But don’t worry, there are tools to help you navigate this ESG terrain successfully.
What is ESG Management?
Let’s start with the basics: What exactly is ESG? It breaks down into three key components, Environment, Society, and Governance.
The “E” in ESG stands for Environment and it deals with your company’s impact on the planet. It measures things like your energy consumption and waste generation, in order to identify your position on common environmental concerns such as carbon emissions and climate change.
Moving on to the “S”, which stands for Society. This aspect focuses on the relationships your organisation has with its people, the local community, and other business institutions. It's all about issues such as labour relations, diversity and inclusion – the vital elements of social responsibility.
Lastly, we have the “G” for Governance, which revolves around the processes your company undertakes to govern itself. This is to ensure compliance with the law and make responsible decisions.
Given the vast array of issues that fall under the ESG umbrella and the intricate connections between them, defining a solid ESG strategy demands not only a talented team but also a robust tool to keep everything organised and promote collaboration.
ServiceNow, a leading IT Service Management (ITSM) and workflow automation platform, plays a pivotal role in helping organizations elevate their sustainability standards, particularly when it comes to reducing carbon footprint in the realm of IT operations. In this article, we’ll look into details of how organisations can harness their platforms’ readily available capabilities to tackle critical ESG management tasks effectively.
ServiceNow ESG Management
With heightened ESG consciousness among businesses, ServiceNow has made a significant move by introducing the ESG Workspace app, available on the App Store. It has been meticulously crafted for planning, managing, and reporting ESG impacts and is essentially your one-stop solution for transforming the once manual, scattered, and error-prone ESG management processes into an automated and easily auditable experience.
What sets it apart from all the other tools? The ESG Workspace boasts a streamlined user interface that simplifies both documentation and visualisation of critical topics in an interactive manner. This facilitates key tasks like resource prioritisation, decision-making, and crafting compelling narratives. What’s more, it seamlessly connects and syncs with the core ServiceNow platform and its diverse product suites, so that it can become your ESG Command Centre where you can track your sustainability impacts and chart-out forward-looking roadmaps.
Within the Workspace, the Executive Dashboard paints a comprehensive picture of your ESG performance, showcasing everything from the material topics and goals set up by your team to the related disclosure information. Your team will also have the flexibility to configure personalised dashboards to cater to specific business needs.
These dashboards provide a straightforward visual presentation of individual metrics and trends, offering a holistic view of the entire ESG scenario with context. The feature is ideal for communicating your ESG efforts to the broader team, making it easier to illustrate progress and impact.