A good ESG solution reduces effort and avoids hassle for the user. At the same time, it should simplify reporting, save time, cost, and reduce the risk for your company.
A good solution gives your team quick overview of the current status, and the solution can integrate easily with other solutions, reducing time spent on gathering the data. Instead of spending time gathering data, the team can spend their time assessing what to do next, to continuously improve your business performance.
Today, many companies use a solution, just because they have always used it. Old HSE solutions is forced to function and comply with new ESG requirements, creating Frankenstein systems that leave no one satisfied. Maybe it is time to explore the market, and see if fit-for-purpose products are out there?
Eventhough ESG has 3 similarly weighted components, the E is often times the most complex. Getting aggregated and high level numbers from environmental reports are easy, but being able to have a transparent and traceable data trail is often times harder in generalist systems.
How to get started
1) Assess your needs
At this stage it is essential to get a full overview of your existing work processes. Are they fit for purpose, or do they need to be updated? Are there any processes that can be aligned?
How about existing data sources? Do you know where your data resides?
When you have a full overview of your processes, it is time to assess the features and functions you need. Which existing solutions will the ESG solution need to communicate with? Do you need dashboards and report generator, or only communicate with existing solutions?
At this stage you can’t please everyone, and it is important to kill your darlings. Separate “need to haves” from “nice to haves”. Ask the different stakeholder to prioritize the features and functions they need. This makes it easier to remove the nice to haves. No solutions do everything well, and the more “need to haves” you include, the less likely it is to nail it on the head.
2) Assess the market
Assess which features and function the different solutions offer. Are there any candidates that have specific experience with your industry?
Make a list of candidates who seem promising. Maybe some vendor seems more promising than others for certain features. Could it be you need more than one solution?
3) Understand and demo the solutions
It is a lot of “promiseware” in the market. Solutions that take time to set up and configure. Reduce the list of candidates to solutions you can get proper demonstrations of and test.
Are the solutions easy to understand, and do they meet the table stakes? Can they be easily integrated with other solutions? Are there any potential hidden costs with the need of 3rd party consultants for configuration and integration?
Do you get the impression that the supplier understand your needs and your industry? Future needs might change, so it is vital to choose a supplier that can deliver on future demands too. The more industry generic the solution is, the more likely it is that future industry specific demands will go under the radar of the supplier.
4) Be open to new perspectives
At this stage you will have a pretty good idea about what you need, and who you want to get a proposal from. However, this might be a good time to actually look at what each of these vendors bring to the table in terms of value-added deliveries. Are you looking for a pure supplier just providing you a tool and off handing it to you via a 3rd party? Or are you looking for a partner who can provide you with a solution and domain competency? Someone who you can discuss and brainstorm new ideas and concepts with, that are equally invested in improving your experience in the years to come. By looking at vendors as partners, rather than suppliers, you might be able to identify even more value and opportunities than initially through your vetting process.
5) Choose solution
You have now assessed your needs and tested the relevant solutions. It is time to make a choice. Don´t forget pricing isn´t always what it seems to be. Beware of hidden pricing traps, if your solution is based on low license cost, you might not be seeing the entire picture. Is there a lot of setup fees and implementation cost that you aren´t being presented up front? a
6) Take advantage of the potential
The job is not completed just because you have picked the perfect system for you. If the solution is not used, it is of no value. Make sure to use the solution properly to release the full potential and value. The supplier you have chosen should be able to help you.
But be patient. Rolling out a new system is not done overnight. Spend the time showing how the new solution makes everyday life easier for your colleagues. Make sure that everyone uses the solution in the right way. Continue to work with your colleagues and supplier, and you will be able to take advantage of the full potential.
If you are looking for an ESG solution or Environmental Management Solution tailored for the Oil & Gas industry look no further. Check out our solution and product pages for ESG or Environmental Accounting or get in touch today for a demo.