Special Feature
ICTI - ethical toy program
Cost-effective Solutions to Power Start your ESG Performance Sarah Ng of the ICTI Ethical Toy Program shares how companies can successfully communicate their ESG story, highlighting specific services which can help those at the start of their ESG journey, or those who want to make further progress. Leverage technology to tackle geographic limitations
Background Businesses are facing increasing regulatory, investor and consumer pressure to measure, report and improve their ESG (Environmental, Social and Corporate Governance) performance, while executives are looking for ways to kickstart their ESG journey with confidence. For many of us, ESG reporting seems daunting - but it doesn’t have to be. What’s more, it can be very valuable.
Problem Did you know 40% of UK manufacturers are operating without a sustainability policy? In a recent survey, 95% of respondents said they were planning to introduce one by summer 2022 (Presmedia). On a broader scale, a survey conducted
by KPMG found that 80% of companies worldwide now report on sustainability. This trend indicates a likely surge in ESG Reporting. In addition, multiple studies have proven that a company’s non-financial ESG performance can directly correlate with its profitability and the growth potential of the business. ESG reporting indicates whether an organisation has the capability and the management systems in place to identify and manage its regulatory, reputational and organisational risks successfully. The ICTI Ethical Toy Program (IETP) constantly engages with the toy industry to understand its needs and is supporting programme members to develop their capability regarding ESG reporting. Using insights gained from our work, we’d like to share our experiences of how companies can successfully and confidently communicate their ESG story. This article will also introduce specific services which are helping companies at the very start of their ESG journey, or who want to make further progress.
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Toy brands, retailers, vendors and manufacturers are all seeking effective solutions that are not bound by their borders: in other words, solutions that work in all countries and regions where their business activities and partners are present. Technology solutions that enable user-friendly and interactive data collection, and that streamline workflows and processes, are required. Using such technology lowers operational costs and reduces resource requirements, enabling a company’s people to focus on product development, marketing and sales. Digitising data collection can optimise the gathering of specific information, helping to drive ESG reporting forward. For example, closed questions which offer a distinct set of pre-defined responses help ensure data quality for more accurate insights. Open questions can help provide more qualitative data. For data to be tangibly useful, you need to know what data to collect and then be able to collect it efficiently. Furthermore, with the unpredictable spectrum of Covid-19 outcomes and circumstances, a digital platform which can be deployed at scale cost efficiently, and is accessible anytime and anywhere, is of great value.
Flexibility of choice reduces duplication, allowing both independent and integrated reporting
