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Using a Single Source of Truth to improve ESG reports for energy firms

3 October, 2022

Transforming the energy sector is a major challenge we are facing. Firms have a responsibility to remain compliant, efficient and transparent, and the industry as a whole is undergoing masses of change with more focus moving towards efficiency and sustainable energy.

The future of the energy industry

Although there is presently no requirement for firms in the US to release an Environmental, Social and Governance (ESG) report, it's increasingly likely that these will become standard practice in the coming years.

The ESG provides a framework which helps stakeholders understand how energy firms are managing their risks, obligations and opportunities. Plus, it gives an overview of how firms can maximise their value, which investors are paying attention to.

Producing an ESG report can be easy, but only if you have all your relevant business information (often from disparate systems or stored by various departments) to hand. 

Unifying your information is key to preparing for an ESG report

Working across teams, both internal and external can be challenging, especially when managing sensitive information and working across multiple formats and storage systems. 

Energy firms must move toward a Single Source of Truth, a centralised location for all business-critical information, if they want to guarantee that all critical project information is accurate and up to date.

A Single Source of Truth has the added benefit of reducing admin time, ensuring that business information is accessible by those who need it, and providing your team with the tools they need to make the right decisions at the right time.

The benefits of centralised information for energy firms

1. Your data becomes discoverable: Eliminate tedious tasks that cause frustrations, such as wasting hours searching for a specific email or document, with a centralised, accessible location for all project information.

2. Eliminate human error through automated workflows: Provide a central location to manage and maintain all project information, which can be made accessible to relevant stakeholders.

3. Establish version control: Eliminate uninformed decisions when mistakenly working from an out-of-date document, and efficiently track document changes.

4. Reduce time wasted on searching for and recreating lost documents: Create a complete audit trail of all business information, documents and correspondence without wasting time on onerous admin.

5. Increased transparency and traceability: Guarantee that all project members and relevant stakeholders have access to the correct information they need when they need it.

6. Comply with regulatory and legal requirements: Gain complete control over who can access sensitive information, mitigating the risk of non-compliance and the risk of disputes.

The Global Capital Confidence Barometer, a survey-based study by EY, revealed that nearly two-thirds of global oil and gas respondents have made digital and technology their priority investment. Is your company one of them?

Mail Manager helps energy companies around the world centralise their business information to improve operations. See how you can create a Single Source of Truth today and make producing an ESG report easy:

Unifying your information - Huddle x MM

 

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