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Home Business Insights Strategies and Tactics

Business leaders in Singapore struggle with ESG reporting, study says

FutureCFO Editors by FutureCFO Editors
November 21, 2023

Business leaders in Singapore are finding it challenging to deal with the reporting and data collection for environmental, social, and governance (ESG), a study found.

The Navigating ESG Reporting Challenges Through Innovation and Collaboration research, conducted by enterprise automation software company UiPath in partnership with Eco-Business, revealed that 58% of senior decision-makers in Singapore consider data inaccuracy or poor data quality as a significant obstacle in ESG data collection.

Meanwhile, 53% see investments in automation as a way to support their organisation's ESG data management.

Seventy-nine percent of respondents in Singapore highlighted its resource-intensive nature, as 56% of those surveyed reported that their organisations have inconsistent and irregular data collection procedures.

In addition, Singapore companies still rely on spreadsheets and manual entry as data collection methods , which are both time-consuming and susceptible to human error.

Amid these challenges, companies are turning to automation to better ensure accuracy and compliance in ESG reporting. In Singapore, 35% of respondents have already started to adopt automation to help with ESG management, and 50% are eyeing investments in automation to improve ESG outcomes.

Related:  Deloitte: There is growing need to see value of GenAI
Tags: automationESGSingapore
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