Your Guide to Automating ESG Reporting in Hong Kong
Preparing an ESG sustainability report often takes over half a year for Hong Kong companies. That doesn’t leave much time for driving improvements in environmental, social and governance related metrics at your company. Much of that time is spent gathering data from multiple departments and sites. It’s an exercise in frustration.
Even worse, the longer it takes to get the data, the longer your feedback cycles. How are you supposed to drive improvement in ESG metrics if you can’t assess performance until half a year later?
As usual, automation is the answer. It’s just a question of how far you want to go.
Many companies are already automating data consolidation with online ESG reporting tools like iESG by Fuji Xerox. These tools make it easy for various departments and sites to input and validate ESG data on a regular basis. That data is then stored and visualized on the cloud by anyone in the company who needs it.
This saves countless emails back and forth, as well as hours spent combining the latest data into a single document where it can be visualized and analyzed. Although it still relies on manual input by staff members, which leaves open the possibility of error during data entry, missing submissions, and of course time spent on data entry and error identification/resolution, which is something to be mindful of.
The next step is automating data collection with metering devices. There’s a common misconception that ESG data needs to come from utility/vendor bills, but HKQAA (Hong Kong Quality Assurance Agency) has actually approved the use of certain independent metering devices to collect and report ESG data. That means you don’t need anyone to input the energy/gas/water bills each month – instead they’ll be updated in your ESG reporting software in real-time.
This approach has several advantages. Of course, it removes the possibility of human error in data collection and recording. It also shortens your feedback cycles significantly. Instead of waiting for the final site to submit its utility bills, you can analyze data and trends at any time to make sure you’re on track for year-end ESG targets.
Most importantly, it focuses your relationship with various departments on implementation and improvement, rather than on reporting. You’re both using the same automatically-generated data to solve problems related to sustainability. It’s essential for effective cooperation.
ESG may have started as a logistical burden, but as you continue to automate the data collection, consolidation, and reporting process, you’ll find that those metrics will drive real improvement. And that’s the goal.
En-trak is an award-winning cleantech IoT company. We design and sell cloud-based solutions to help enterprises manage and optimize their energy consumption. Our flagship solution En-trak™ Energy enables users to know where, when and how they are using energy in real-time.
With continuous monitoring and advanced analytics, we’ve helped over 300+ world-class clients including Hong Kong Stock Exchange, National Environmental Agency, and Fuji Xerox achieve their sustainability goals. We’ve also launched our patented En-trak™ Smart Lighting solution designed to help companies and building owners to automate and optimize their office lights.