Powerful combination of IFS Cloud’s single source of data truth and PwC’s ESG expertise will help customers navigate the new requirements of the Corporate Sustainability Reporting Directive (CSRD)
ORLANDO, Fla., Oct. 15, 2024 /PRNewswire/ — IFS UNLEASHED IFS, the leading provider of enterprise cloud and Industrial AI, today announces that a new Sustainability Management Module is available in the 24R2 version of IFS Cloud as part of a collaboration with PwC*. The powerful module includes new features which have been developed to help customers simplify and efficiently manage sustainability data collection and performance tracking across the organization.
Many large companies operating in the EU are obliged to comply with the CSRD from 2025, requiring urgent readiness action now. A key area which is holding organizations back is in data management. IFS Cloud provides the confidence that all data being used to measure and support reporting is accurate and up to date.
Designed for ease-of-use, the Sustainability Management Module streamlines complex data collection, with IFS Cloud providing a single source of organization-wide data that is essential for accurate reporting.
The Sustainability Management Module has been designed in collaboration with PwC’s ESG experts to ensure features are comprehensive, standardized and can become interoperable with other forthcoming directives in the future. IFS Cloud customers will also have the option to use PwC’s expert ESG advisory services, including entity scoping, double materiality assessments, gap assessments, and implementation planning to support compliance with the CSRD and with the implementation of their sustainability reporting strategy.
Insights from the module will empower organizations to drive sustainability action that supports greater ESG transparency and provide companies with a competitive edge by helping to optimize resources and minimize waste, delivering long-lasting business value.
Key Features of IFS Cloud Sustainability Management Module:
- One central location for sustainability related data across organizational entities
- An extensive KPI catalog with “out of the box” CSRD metrics to easily select those most relevant to the business and operations. “Create your own” also available
- Ability to set long-term organizational goals and track performance
- Allow customers to create sustainability plans with targets linked to customer’s agreed KPIs
- Transparently disclose progress and outcomes for each reporting period
A crucial component of the Sustainability Management Module is the KPI Catalog, which facilitates the comprehensive management of sustainability KPIs. The KPI Catalog ensures that organizations can track relevant sustainability metrics consistently and accurately. Furthermore, the module streamlines the management of sustainability data and goals, offering a comprehensive solution that ensures sustainability initiatives are fully integrated into the organization’s overall business strategy. This integration helps organizations meet regulatory requirements, respond to stakeholder expectations, and achieve their long-term sustainability objectives effectively.
Sophie Graham, Chief Sustainability Officer, IFS commented: “Business success extends beyond profit margins, in lockstep with championing environmental stewardship for lasting impact. We are proudly leading the charge in embedding environmentally conscious practices into core operations by helping to support growing regulations while also providing customers with a competitive edge. This is only achievable if enterprises have full confidence in their data source and if the process is demystified. The introduction of the Sustainability Management Module enables our customers to make a huge leap towards achieving their sustainability goals and see value quickly.”
Iain Anderson, ESG Technology & Data Leader, PwC UK, said:
“Accurate and comprehensive ESG data is essential for organisations to monitor progress, identify improvement opportunities, and comply with regulations. Reliable data also enables businesses to make informed decisions, be transparent with stakeholders, and build trust. Through our collaboration with IFS and their Sustainability Management Module in IFS Cloud, we leverage our PwC ESG expertise and regulatory knowledge to provide valuable guidance, insights and support. This enables organisations to effectively deliver their corporate sustainability objectives, and navigate the evolving regulatory landscape.”
About IFS
IFS is the world’s leading provider of Industrial AI and enterprise software for hardcore businesses that make, service, and power our planet. Our technology enables businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI™ to enhance productivity, efficiency, and sustainability.
IFS Cloud is a fully composable AI-powered platform, designed for ultimate flexibility and adaptability to our customers’ specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), Information Technology Service Management (ITSM), and Field Service Management (FSM). IFS technology leverages AI, machine learning, real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service™.
IFS was founded in 1983 by five university friends who pitched a tent outside our first customer’s site to ensure they would be available 24/7 and the needs of the customer would come first. Since then, IFS has grown into a global leader with over 7,000 employees in 90+ countries. Driven by those foundational values of agility, customer-centricity, and trust, IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.
IFS Press Contacts:
EUROPE / MEA / APJ: Adam Gillbe
IFS, Director of Corporate & Executive Communications
Email: adam.gillbe@ifs.com
NORTH AMERICA / LATAM: Mairi Morgan
IFS, Director of Corporate & Executive Communications
Email: mairi.morgan@ifs.com
* Where “PwC” is referenced in this press release it relates specifically to the collaboration with IFS and PwC UK, the UK member firm, part of the PwC network. Each member firm is a separate legal entity.
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