Transforming sustainability: Insights from our ESG workshop, “Acting for impact”

On May 16th, our “Acting for impact: Leading with ESG - Data, technology, and partnerships" workshop brought together leaders to explore the intersection of environmental, social, and governance (ESG) strategies, data, and technology. Hosted in partnership with ERM, the event underscored the importance of robust ESG data foundations for driving sustainability and competitive advantage.

Overcoming functional silos

A recurring theme was the need to integrate business, data, and technology domains. Manoj Mathew, Sustainability Lead at Cognizant, highlighted the shift from year-end ESG reporting to real-time data utilization. He emphasized that ESG data should inform operational performance and transformation, akin to financial data.

The workshop also stressed the significance of converting data assets into actionable insights. With new regulatory frameworks like the Corporate Sustainability Reporting Directive (CSRD), companies must now adopt comprehensive data strategies that encompass various disclosure initiatives. Mathew noted that companies need to set science-based targets and manage these dynamically.

“Organizations will have to start making efforts to create its first set of submissions on this model, which is opportune for us to fundamentally rethink any other data model or data process we set up today. Most important question is: how do we handle the same data in a company? Now, most of our companies would have started the process of defining goals, defining what's material, prioritizing what's material, setting targets related to that, and then being able to create a data and technology strategy which can drive and measure against those targets in real time—that's the foundation that the Corporate Sustainability Reporting Directive is going to essentially drive all companies to implement.”

Supply chain transparency

Using next-gen technologies to extend sustainability initiatives beyond internal operations was another critical discussion point. Laurent Beuselinck, EMEA Regional Service Leader Corporate Sustainability & Climate Change from ERM discussed the findings from their report, “Catching the wave and seizing the opportunity of the sustainability transformation.” He noted that while some companies lead in sustainability, others underestimate its importance, risking obsolescence.

“There are many signals and clear indications that it is happening. But still many stakeholders don't see the need to move. Yes, it will be a bumpy road; it will be difficult, but we need to go through that sustainability transformation. It’s about taking risk now to avoid risk in the future. Our research is very much aligned with messages in Cognizant’s Green to deep green report.”

Cross-functional collaboration

The workshop concluded with a call for broader stakeholder involvement in ESG data management. Noah Nzuki, ESG Lead EMEA at Cognizant, emphasized the necessity of cross-functional governance and the potential of ESG data to drive tangible business decisions.

"When I engage with clients, we begin by collaborating with the Chief Strategy Officer (CSO). Our goal is to implement their ESG data strategy. However, we often encounter challenges because different parts of the business interpret data needs differently and consume information in distinct ways. While we may have the necessary approvals to proceed, internal disconnects can limit awareness of our implementation efforts. Therefore, it’s essential not only to establish policies but also to conduct an educational exercise within the organization to ensure everyone understands and aligns with the strategy."

The event highlighted that the future of ESG lies in leveraging data and technology to not only meet compliance but also to create sustainable business models that generate growth and resilience.

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