Best Practices: Creating An RFP For ESG Reporting And Data Management Software
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Executive Summary
Firms are under increased pressure to improve and report on their sustainability performance, whether this is to meet regulatory requirements or to cater to demands from shareholders, suppliers, customers and other stakeholders. The EU’s Corporate Sustainability Reporting Directive (CSRD) alone will require roughly 49,000 firms to disclose sustainability information as soon as 2024. Over 100 software vendors – ranging from small start-ups to major enterprise applications and platforms – have developed digital solutions to help corporates with this challenge. This report provides heads of ESG and sustainability – as well as other buyers of ESG reporting and data management software – with guidance on how to design a request for proposal (RFP), in order to navigate this crowded market and meet their firm’s specific needs, taking into account product functionality, services and customer support, as well as industry-specific experience.Corporates Face A Wide Variety Of Challenges With ESG Reporting
Considerations When Selecting A Software Vendor
Evaluate Services And Partnerships
Ensure Key Functionality Is Embedded In The Software
Look For Vendors With Industry-Specific Functionality And Experience
Figure 2. Questions To Ask When Preparing An RFP
Figure 3. Examples Of Vendors’ Industry-Specific Experience
About the Authors
Jessica Pransky
Principal Analyst
Jessica is a Principal Analyst at Verdantix, specializing in providing insights to sustainability leaders and analysing ESG and sustainability reporting software. She advises ...
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Kim Knickle
Research Director
Kim Knickle is a Research Director at Verdantix, bringing more than two decades of analyst experience to the evolving world of sustainability. Her current research spans ESG a...
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