Best Practices: Creating An RFP For ESG Reporting And Data Management Software
20 Apr, 2023
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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.
There Is Growing Demand For ESG Reporting Software
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
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 1. ESG Information Architecture Components
Figure 2. Questions To Ask When Preparing An RFP
Figure 3. Examples Of Vendors’ Industry-Specific Experience
Figure 2. Questions To Ask When Preparing An RFP
Figure 3. Examples Of Vendors’ Industry-Specific Experience
AbbVie, AECOM, Agnico Eagle, Air Canada, Akamai, Al Dahra, Aldo, Allergan, Amundi Asset Management, APlanet, Asana, Baker Hughes, Benchmark ESG, Biogen, Boston Properties, Brembo, BuildESG, Campbell Soup Company, Castik Capital, Castolin Eutectic, CBRE, CDP, Citi, City of Phoenix, City of San Diego, Clarity AI, Conservice ESG, Cority, Danske Bank, De Beers, Deepki, DevonWay, Diligent Corporation, Dow Jones, DS Smith, Enablon, Endeavor Mining, ERG, ESG Book, ESG Playbook, Eurazeo, EY, Fiat Chrysler, FigBytes, Ford, Global Reporting Initiative (GRI), GPA Global, GPT Group, Greenomy, GRESB, Hospital Care, IAMGOLD, IBM, IBM Global Real Estate, Intelex, International Sustainability Standards Board (ISSB), IsoMetrix, Kinder Morgan, Lavazza, Lazard, Locus Technologies, Manulife, Measurabl, MESA Group, Meta, NASDAQ, Naturgy, NAVEX Global, Norvestor, Novata, Novisto, O3 Mining, Oakley Capital, OneTRust, Orsero Group, Persefoni, Port Authority NY NJ, Position Green, Primonial REIM, ProcessMAP, PwC, Reporting 21, Sage, Salesforce, Salzgitter, Sanofi, Santander, SAP, Securities and Exchange Board of India, Sphera, State of Minnesota, Subaru, SUSE, Sustainability Accounting Standards Board (SASB), Swedbank, Swiss Life Asset Managers, Target, Task Force on Climate-related Financial Disclosures (TCFD), Tate & Lyle, The Clorox Company, Torex Gold Resources, UL Solutions, US Securities and Exchange Commission (SEC), VelocityEHS, Virgin Atlantic, WayCarbon, Wendel, Wolters Kluwer, Workiva, Worldfavor, XBRL US
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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