3 Ways Technology Empowers You To Manage Your Climate Performance
Complying with climate target expectations on the on hand and rising disclosure pressure on the other has become increasingly challenging for both sustainability and procurement teams. The tightening of regulations as well as the growing requirements of investors, customers and business partners have accelerated tremendously the need to provide decision-useful climate information from within the company and along the entire supply chain. This puts additional strain on often already small and under-resourced teams. Find in the following 3 ways how companies can use technology to accelerate their climate management to get ahead of new market needs.
Scaling Climate Management with Digital Support
The solution can nowadays often be found in technology. That feels unfamiliar? You are not alone. In the past, organizations have often overlooked the use of digital support in climate management, relying on manual processes, excel files or external consultants. However, leveraging the right tool can greatly improve climate data practices and help sustainability and procurement teams alike to align and optimize their climate strategies.
Let’s Start at the Beginning: the Hurdles Companies face Today
One of the major challenges companies face in climate management is the time and resources required for gathering data, validating it and putting it together in useful structures to make sense out of it – for compliance expectations of customers, climate target tracking and supply chain decarbonization. Climate management can be time-consuming and expensive, especially when considering not only your own company’s data, but also the one of every single supplier you work with. Taking away time and resources to focus of high-value activities like climate strategy, risk reduction and implementations.
How Technology can Lighten the Burden of Data Management
Technology can alleviate this burden by automating the process of data collection, validation and analysis. Focusing on climate collection alone, artificial intelligence-based tools can not only rapidly assess the climate performance of your own company, but also the climate maturity of hundreds of your suppliers and aligns these information with multiple internal frameworks, dashboards or reporting systems. This is just one example, how digital tools can provide instant insights on your own climate performance, while significantly reducing time and resources needed.
Get to know in the following 3 ways you can use technology to accelerate your climate management.
#1 Getting started with your own Climate Performance
Climate is not only about CO2 measures. See, that’s right! As all topics in sustainability, climate management is holistically treated along the various dimensions of: Governance, Strategy, Risk, Metrics and Actions. The breadth and depth of data software can surface thereby revolutionize climate performance assessments, enabling sustainability teams to spend less time on data gathering and more time on action. For example, the Starter Licence of our Climate Intelligence Platform empowers you to evaluate your company’s climate management with the use of our data-driven Climate Performance Assessment, providing actionable insights into the current status quo as well as a plan on how to improve.
#2 Benchmark your Climate Performance to Industry Peers
In a second step, you want to go beyond your own company’s boarder. And learn about your industry. Benchmarking progress against industry peers and climate leaders is crucial for building corporate climate maturity and gaining valuable insights of climate readiness, best practices and progress across your entire industry. However, conducting manual reviews or purchasing expensive data can be resource-intensive. AI-based tools can significantly reduce the effort required for benchmarking by quickly evaluating your companies’ climate performance against industry peers. These tools enable you to understand how your company compares against competitors and leaders in your field. This way, you gain insights for improving your own climate performance and potential best practices. Included in our Professional License, our software modules support you in tracking and benchmarking your companies’ climate-relevant data against industry peers and cross-sectoral climate leaders, providing a consolidated view on your climate performance.
#3 Data to Unlock the Decarbonization Power of your Supply Chain
Yes, you are right! The biggest impact lies in the supply chain, as most emissions are typically created here. This requires to access meaningful supplier data for developing effective climate strategies and action plans. A holistic climate management approach throughout the entire value chain becomes essential. Technology, as our Climate Intelligence Platform, can provide robust data on the climate maturity of your suppliers, including insights on their climate readiness, risk profiles, target setting, the status of decarbonization measures, and other crucial data points necessary for informed decision-making along the supply chain. With AI-based software, procurement teams can quickly identify relevant data and gain insights into what next steps are necessary to drive decarbonization. This data-driven approach facilitates the development of credible strategies and enables your entire team to take informed business decisions.
No Data is as powerful as a Human using it!
Digital tools can help you staying up-to-date with the rising market requirements and challenges of driving decarbonization. It can help you understand your own climate performance and filter through large quantities of unstructured climate-related data from the supply chain, delivering relevant information on how to met your climate targets. But in the end, it is always you, who matters!
Our software platform, for example, helps you in making better climate decisions and understand your own position in the low-carbon transition. However, it is you taking the next step.
Building climate competence within internal teams is therefore crucial for any successfully transitioning to a net-zero economy. Technology can play a significant role in scaling data availability and identifying gaps, but you are the one getting your climate management to the next level. Using the available data to take new decisions, to improve your climate performance and to collaborate with suppliers to get into actions. We therefore invite you to get climate ready and join the Scope 3 Action Group! Find here all information about the 6-month Program and don’t miss to apply until the end of July.
Your Technical Support to Accelerate Climate Management
You are ready to get started? Get in touch to learn more about how our Climate Intelligence Platform empowers you to take the next step. No mater where you get started.
#1 Start with your own climate performance assessment
#2 Benchmark with industry peers and learn from climate leaders
#3 Unlock the decarbonization power of your supply chain
In conclusion, digital tools offer significant benefits for improving climate management practices and empower you to take smart climate decisions. By leveraging technology, you can streamline efforts across teams, benchmark your performance, access meaningful data from suppliers, stay updated on changes in your supply chain, and scale climate actions.