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OneStream's New ESG Reporting and Planning Solution

OneStream, Inc., a prominent name in enterprise finance management, has recently announced its latest offering: an ESG Reporting and Planning solution. This development is particularly timely as organizations face new regulatory pressures and a growing demand for comprehensive sustainability reporting.

Addressing Evolving Needs for ESG Reporting

With the landscape around environmental, social, and governance (ESG) reporting more dynamic than ever, especially for enterprise-level companies, OneStream aims to provide its clients with the necessary tools to meet these new challenges.

According to Robert Kugel, Executive Director at ISG Software Research, while recent moves to scale back ESG regulations focus on smaller enterprises, larger companies, especially those under EU scrutiny, must continue to adhere to rigorous reporting standards.

Kugel emphasizes that companies must adapt their strategies and have the right systems in place to manage ESG objectives effectively. This includes executing software solutions that enable them to capture, plan, forecast, and report ESG metrics in a reliable manner.

Key Features of the ESG Solution

OneStream's new platform facilitates the integration of ESG processes with traditional financial operations. The key features of this innovative solution include:

1. Unified Data Collection: Firms can gather ESG data, utilizing either industry standards or customized parameters to calculate their Scope 1, 2, and 3 emissions. Not only does this collection ensure data accuracy, but it also streamlines the processes.

2. Integrated Planning and Reporting: Users can define and align ESG metadata models using the same framework applied to financial planning, ensuring consistency across all reporting dimensions.

3. Governance in Reporting Processes: The solution creates workflows that support dynamic input interfaces for collecting both quantitative and qualitative data, guaranteeing that all information is complete and auditable.

4. Enhanced Forecasting Capabilities: Organizations can predict ESG Key Performance Indicators (KPIs), giving leaders insight into how well they are achieving targets linked to their financial performance.

5. Management of Renewable Energy Contracts: Through an integrated approach, the solution allows companies to manage Renewable Energy Certificates (RECs), Power Purchase Agreements (PPAs), and align them with Scope 2 Market Method calculations, further enhancing their sustainability objectives.

Strategic Advantages for Businesses

As highlighted by Matt Rodgers, EVP at OneStream, businesses that effectively marry their sustainability practices and carbon emission systems with financial performance gain a competitive edge in today's market. The recent Finance 2035 Return to Investment report shows that 73% of investors consider strong ESG qualifications crucial for global competitiveness. This underscores the critical importance of integrating ESG reporting into the overall business strategy.

Conclusion

OneStream's ESG Reporting and Planning solution is designed to empower finance leaders to steer their organizations not only toward compliance but also toward future growth by intertwining sustainability with strategic financial objectives. As companies gear up for a landscape where ESG accountability is paramount, OneStream provides a robust platform that enhances decision-making and optimizes resource management to foster long-term success.

For additional details on OneStream's latest solution, you can visit onestream.com.