A solution enabling both buyers and suppliers to streamline and digitize ESG procurement survey tasks

TOKYO, JAPAN, August 21, 2024 /EINPresswire.com/ -- Sustainable Lab Inc. , a developer and provider of the ESG data aggregation, management, and analysis tools "TERRAST for Management" and "TERRAST for Enterprise" is pleased to announce the launch of a new plan that includes an ESG procurement service for both buyer and supplier companies. This service aims to streamline the aggregation, management, and disclosure of ESG data across the entire supply chain, supporting sustainable management practices on a societal level.

※TERRAST for Management: An ESG aggregation, management, and analysis tool for buyer companies.
※TERRAST for Enterprise: An ESG aggregation, management, and analysis tool for supplier companies.

▶️Background of the Need for Sustainable Procurement
With the growing seriousness of environmental issues and heightened awareness of corporate social responsibility, the importance of sustainable corporate activities is increasing. Governments and international organizations worldwide are tightening environmental regulations and labor standards. As investors and consumers increasingly expect corporate sustainability, companies are required to engage in sustainable procurement—considering environmental impacts and social responsibilities when sourcing raw materials, products, and services—and to disclose relevant qualitative and quantitative information appropriately. Moreover, it is essential for not only individual companies but also entire supply chains to conduct ethical procurement, collaborating across society to advance social, environmental contributions, and economic activities.

▶️Challenges Faced by Companies Implementing Sustainable Procurement
Sustainable procurement involves both buyers and suppliers, each facing different challenges.

【Challenges for Buyer Companies】
・Spending significant time and effort on aggregating survey responses
・Inability to effectively analyze and utilize the collected survey information
・Limited deployment of the survey to some suppliers, leading to challenges
・Creating and operating surveys independently, but wishing to align with standard survey items

【Challenges for Supplier Companies】
・Uncertainty about where to start and what actions to take, with no in-house expertise
・Lack of tools to understand GHG emissions or CO2 emissions
・Insufficient internal resources to carry out the activities
・Increasing demands from domestic and international business partners for ESG-related actions, which could negatively impact business activities if not addressed

▶️Solutions Provided by Each Products

【For Buyer Companies Using TERRAST for Management】
・Comprehensive management and simple analysis functions for data entered by suppliers
・Based on the entered quantitative indicators, buyers can check the ① quantitative scoring results of suppliers' ESG efforts, ② strengths and weaknesses from an ESG perspective.
・Compliance with the SDSC (Sustainability Data Standardization

【For Supplier Companies TERRAST for Enterprise】
・Input forms for quantitative indicators (75 items) for scoring
・Data integration functions with accounting and HR systems (automating the input of quantitative indicators)
・Function for requesting data entry from relevant departments or locations
・Simple ESG diagnostic function for input data
・Standard framework compliant with various international standards included in the SDSC (Sustainability Data Standardization Organization).

▶️Contact Information
For companies and media interested, please contact us through the inquiry page below.
We also offer support for causal analysis and correlation analysis of non-financial and financial indicators.
Please feel free to reach out.
https://www.terrast.biz/en/contact

▶️Sustainable Lab Inc.
Sustainable Lab Inc. develops and provides Japan’s largest non-financial data platform "TERRAST", which evaluates the qualitative environmental and social contributions of companies using big data and AI. They also offer the ESG/SDGs report generation tool, "TERRAST for Enterprise." Sustainable Lab inc. aims to seamlessly connect societal and environmental contributions with the economy with their experts in data science, sustainability, and financial engineering.

NATSUKI TAKAGI
Sustainable Lab Inc.
+81 3-6869-3615
email us here

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