Digitize Sustainability Reporting
For sustainability reporting to produce effective reports and set impactful targets, companies need complete, granular, and accessible data.
Context & Challenges
Sustainability reporting is an invaluable management tool for any sector, with at least three quarters of all mid-large sized organizations investing in it. From increasing a company’s own understanding of its performance, to providing competitive benchmarks and tracking, to strengthening stakeholder engagement and building trust, reporting drives a number of benefits.
The fertilizer industry is growingly conscious of its environmental impact, with effective stewardship at the forefront of sustainability discussions in the industry. Accurately and efficiently reporting on data such as nitrogen efficacy, fertilizer usage, runoff, and lost product allows for the kind of oversight necessary to drive sustainability in the industry, having been shown to drive significant financial and social benefits, with The Fertilizer Institute finding that water usage per ton of fertilizer has decreased every year since reporting commenced in 2013. Moreover, the Institute reports that 1.4 billion gallons of water have been reclaimed and 461.9 billion of treated wastewater have been recycled.
However, sustainability reporting can be a cumbersome task, with little standardization and often inadequate transparency. In order to produce effective reports, companies need complete, granular, and accessible data to set realistic and impactful targets.
For example, Capgemini collates over 10 million sustainability data-points each year in order to directly calculate operational carbon impacts.
Reports must also be precise and authentic in order to drive benefits of trust.
Often regulations around sustainability reporting are siloed, resulting in a lack of standardization that makes data difficult to holistically understand. The fertilizer industry is based on a complicated supply chain ranging from production to distribution to retail, making it difficult to accurately assemble the necessary data, especially given an already siloed system.
Reporting on sustainability is currently a cumbersome and labor-intensive process, with most farmers lacking the time and manpower to take advantage of its benefits.
- Fertilizer Producers
Producers, like farmers, are often prohibited from working on sustainability due to time constraints.
- Industry Regulators
With limited and often arbitrary data records, it’s difficult to regulate or create effective standards around sustainability reporting.
Consumers today care more than ever about corporate sustainability and are more loyal to and trusting of those who can transparently and accurately report on their efforts in the area.
- Automate data collection around sustainability efforts (e.g., CO2 emissions)
- Through a single ledger, standardize practices and streamline communications around sustainability reporting.
- Use smart contracts to create an incentive system around sustainability, whereby if certain goals are met, rewards are automatically given
- Prevent fraud and misreporting through in-built immutability
Any STRATO insurance solution leverages STRATO’s enterprise grade features
- RESTful APIs for direct connection of IoT devices to the blockchain network
- Identity Management, OAuth and SSO capabilities for simplified IoT authorization and user login
- Privacy via private chains to keep any competitive/operations data private
- Enterprise Data Modeling for integration of existing and future sustainability calculation models