Cloud-focused infrastructure and software provider Oracle announced the launch of Oracle Cloud EPM for Sustainability, a new solution aimed at helping organizations to measure, manage and track sustainability initiatives, and to comply with new sustainability-related reporting standards.

According to Oracle, the launch of the new solution comes to help organizations address the need to manage environmental data typically sourced from multiple disparate  locations and business units, as well as from suppliers and business partners, with many businesses still consolidating this information manually in spreadsheets, leading to slow, inefficient and error-prone analysis. Oracle said that the new solution, forming part of its Oracle Fusion Cloud Enterprise Performance Management (EPM) platform, uses Oracle workflow systems and tools for data tracking and sharing as well as AI and machine learning to more efficiently record, track and glean insights from the data.

Key functionality and features of the new solution include collecting data from disparate sources with an account structure based on IFRS, ESRS (CSRD), and GRI standards, embedded scenario modeling capabilities enabling enhanced understanding of the risks and opportunities for sustainability initiatives, AI-powered insights and automated alerts on anomalies and variances as well as self-service capabilities for filtering, sorting, and visualization, purpose-built dashboards and automated analysis, predictive planning capabilities to create and validate forecasts and predict future performance, and capabilities to align data with relevant reporting standards and the production of reports for key stakeholders.

Hari Sankar, Group Vice President, Product Management at Oracle said:

“Many organizations are beginning to treat sustainability reporting requirements with the same rigor, governance, and technical expertise as financial reporting. With Oracle Cloud EPM for Sustainability, our customers can leverage a trusted solution that embeds AI and other advanced technologies to help improve efficiency, deliver insights, promote compliance, and effectively manage their progress on sustainability initiatives.”