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.