Singapore business leaders struggle to collect and report accurate data amidst stricter ESG reporting requirements.
A recent environmental, social, and governance (ESG) study study, presented by UiPath in collaboration with Eco-Business, highlighted the common challenges that organizations face with ESG reporting and ways they can unlock value from ESG data.
As requirements for ESG reporting grow, the survey found that:
- Data collection is one of the most challenging aspects of the ESG reporting process.
79% of Singapore business leaders struggle with ESG data collection due to its resource-intensive nature, while 58% cited data inaccuracy or poor data quality as a significant obstacle.
- Companies are turning to automation to better ensure accuracy and compliance in ESG reporting.
35% of Singapore respondents have started adopting automation to help with ESG management, and 50% are considering investing in automation to improve ESG outcomes.
- Automation is helping businesses increase productivity.
61% of business leaders have reported at least a moderate improvement in productivity since adopting automation for ESG management.
- Effective use of automation will require collaboration and frequent engagement between sustainability and IT teams.
Currently, only 36% of business leaders in Singapore are seeing occasional collaborations between IT and sustainability.
For details, check out this infographic.