Enterprise Sustainability Solution
Oracle releases its enterprise sustainability solution Oracle Fusion Cloud Sustainability, aimed at providing efficient and sustainable solutions for enterprises.
As regulators, investors, and other stakeholders increasingly seek to hold companies accountable for their environmental and social impacts, sustainability has become an important topic for business development. Many jurisdictions have also established sustainable disclosure policies for companies, requiring them to gradually transition from voluntary disclosure to mandatory disclosure. Oracle believes that the new enterprise sustainability solutions will provide assistance in tracking, organizing, and analyzing sustainable data, accelerate the progress of enterprise sustainability reporting, and improve decision-making efficiency.
Related Post: KPMG Releases 2024 Corporate Sustainability Disclosure Report
Introduction to Oracle Fusion Cloud Sustainability
Oracle Fusion Cloud Sustainability is a solution for capturing and managing sustainable data related to environmental, social, and governance activities. It is integrated into the Fusion program for daily operations of enterprises, providing accurate and comprehensive data to help achieve sustainable development goals and transition to more sustainable business models.
Oracle believes that technology plays a crucial role in driving human action towards climate change and sustainable development. To achieve sustainable development, companies need to capture and analyze sustainable development data in finance, procurement, supply chain, manufacturing, and human resource management to provide opportunities for people at all levels of the organization to achieve sustainable development goals.
The biggest challenge faced by enterprises in understanding sustainable performance and achieving sustainable development goals is collecting and analyzing data. Data typically exists in different systems and has issues such as duplication, whitespace, and inconsistent formatting. Oracle Fusion Cloud Sustainability provides a way to address these issues, allowing businesses to:
- Define the types of environmental, social, and governance activities.
- Capture environmental data in new Fusion entities and attributes.
- Automatically create sustainable development activity records from the Fusion program.
- Import all types of activity data from external sources.
- Calculate emissions using configured emission factors.
- Use the built-in dashboard to view, edit, and manage activities.
- Publish the event to the Sustainability Ledger.
- Automatically export the Sustainability Ledger to Oracle Fusion.
- Export data from Sustainability Ledger to Oracle Enterprise Performance Management for performance management purposes such as goal setting and scenario planning.
Oracle Fusion Cloud Sustainability can capture sustainable data in applications such as procurement, finance, supply chain, and human resource management, and use this data to help businesses establish sustainability standards, simplify data collection processes, drive impactful decisions, and verify data traceability in audits.
Oracle Enterprise Sustainability Solution Development
Oracle plans to focus on the following characteristics of sustainability solutions for enterprises:
- Flexibility: Customers need to capture data on common and specific business activities, thus requiring a flexible product framework.
- Automation: Oracle Fusion Cloud Sustainability will automatically create activity records from Fusion data using classification rules and sustainable metadata.
- Integration: In addition to deep integration with Fusion data, Oracle Fusion Cloud Sustainability will accept external data.
- Situational data: Sustainable activity records will be connected to Fusion database to help businesses understand whether their assets, processes, products, or suppliers need attention.
- Auditability: The Sustainable Ledger will record all activities and events determined to have a sustainable development impact, which cannot be adjusted or deleted. It is essential in future regulatory requirements for auditing sustainability reports.
- Dashboard and custom analysis: Oracle Fusion Cloud Sustainability can pre-build sustainability dashboards to provide an overall view of a company’s sustainability performance and provide a basis for decision-making.
- Measuring progress, scenario modeling, and planning: Oracle Fusion Cloud Sustainability and Oracle Enterprise Performance Management will utilize scenario modeling and planning capabilities to set and achieve appropriate sustainable development goals.
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