OneStream, an enterprise finance management platform, today introduced its latest innovation, the ESG Reporting & Planning solution.
This tool is designed to modernize and streamline how businesses manage their financial and sustainability reporting.
The launch responds to the increasing complexity and demands of ESG (Environmental, Social, and Governance) reporting, particularly for larger enterprises governed by stringent EU mandates. Despite a recent dial-back in regulations for smaller companies, the need for robust, scalable ESG reporting tools remains critical for major corporations to meet existing and future regulations effectively.
OneStream is renowned for integrating core financial operations such as financial close, consolidation, reporting, planning, and forecasting into a single platform. This integration is crucial for enabling a holistic view of an organization’s finance management.
The new ESG Reporting & Planning solution extends OneStream’s capabilities into the realm of sustainability, offering features like target setting, scenario modelling, and comprehensive Scope 1, 2, and 3 emissions reporting. This allows companies to align their financial and sustainability goals, fostering a unified strategy for environmental responsibility and financial health.
Key features of the solution include unified ESG data collection, reporting, and planning. It allows companies to align ESG and financial planning, manage renewable energy contracts, and forecast ESG Key Performance Indicators (KPIs), ensuring that sustainability efforts are seamlessly integrated with financial performance metrics.
Additional capabilities of the OneStream ESG Reporting & Planning solution include governance of ESG planning and reporting processes through dynamic user workflows and the enhancement of ESG planning and forecasting to provide clear insights into financial and ESG target achievements.
Executive Director Robert Kugel said, “Despite the recent proposed scaling back of ESG and sustainability reporting regulations mainly aimed at small and midsize enterprises, larger enterprises covered by EU mandates will still need to meet reporting standards, albeit on a more forgiving timetable. Moreover, enterprises that see value in reducing costs by consuming less energy and water while reducing GHG emissions must have systems in place that enable them to manage to ESG objectives. They will need software that allow them to reliably capture, plan, forecast and report ESG metrics and align them to financial planning and reporting.”
Matt Rodgers, EVP, EMEA and ESG Executive Lead at OneStream, added, “Global businesses that align sustainability and carbon emissions reporting with financial performance have a stronger competitive advantage. Our recent Finance 2035: Return to Investment report found 73% of investors believe strong ESG credentials are key to global competitiveness. Today’s launch of ESG Reporting & Planning signifies our commitment to finance-led business planning – enabling Finance leaders to align sustainability with strategy so they can steer their businesses towards growth.”
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