Enterprise software company IFS, in collaboration with professional services provider PwC UK announced the launch of a new Sustainability Management Module on the IFS Cloud platform aimed at supporting companies in complying with the new sustainability reporting requirements, including the EU’s Corporate Sustainability Reporting Directive (CSRD).

The announcement follows the formation earlier this year between IFS and PwC of a collaboration to launch the new solution, with IFS responsible for the development of the module, and PwC assisting in the design and build, and contributing expertise in ESG criteria and the regulatory landscape.

According to IFS, the new module aims to help customers simplify and efficiently manage sustainability data collection and performance tracking, with IFS Cloud providing a single source of organization-wide data required for accurate reporting. Among the key features of the module is the “KPI catalog,” including “out of the box” CSRD metrics to easily select those most relevant to the business and operations.

Additional functions of the module include features enabling setting of long-term organizational goals and track performance, creation of sustainability plans with targets linked to customer’s agreed KPIs, and disclosure of progress and outcomes for each reporting period.

Sophie Graham, Chief Sustainability Officer at IFS said:

“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.”

Under the collaboration, 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.

Iain Anderson, ESG Technology & Data Leader at 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.”