In recent years, software solutions have become widely recognized as an efficient way to measure and track a company’s performance in various areas. With the growing role of technology in the coming years, software solutions are expected to play an even more significant role.
Importance of ESG Criteria and Transparency in Reporting
Investors are increasingly looking at a company’s Environmental, Social, and Governance (ESG) criteria to make investment decisions. Governments are also requiring greater transparency in business reporting, especially in packaging, where companies are expected to report volumes with regards to Plastic Tax, Extended Producer Responsibility, Deposit Return Schemes, and Carbon Tax. However, many businesses make spurious environmental claims, which is known as greenwashing. The competition and Market Authorities (CMA) encourage the right business behaviours by establishing standards and ensuring adherence.
Importance of Good Granular Data
The only objective way to address these issues is with good granular data, not averages, accurately calculated, and reported consistently. To attract investors, retain customers, and grow, standards must be adhered to. Moreover, they can result in total cost savings. The savings may not be found in the price to pay for materials, but more significantly found in the cost in use.
Companies could face fines of up to 10 percent of their global turnover and individuals could be hit with penalties of up to £300,000 for making misleading green claims, known as greenwashing.
Benchmark’s Solution for Packaging Producers, Brands, and Retailers
Benchmark have been supplying commercial estimating software solutions to the producers of packaging materials for 11 years and is now used by many major UK and European packaging producers. We also provide ‘should cost’ modelling consultancy to many Global brands. We have invested circa 4 years with the Engineering Sustainability department at the University of Nottingham to research and develop a software solution to calculate and report the carbon footprint (CO2e) for every stock keeping unit. As no two packs of crips are printed the same.
At Benchmark, we offer commercial estimating software solutions to the producers of packaging materials, our software solution can calculate and report the carbon footprint (CO2e) for every stock keeping unit. The process is approved by academics, a commercial life cycle analyst, and has been audited and verified to ISO 14067. The ISO 14067 is an international standard that defines the requirements necessary for companies to qualify the carbon footprint of their products/packaging.
Benefits of Using Benchmark’s Solution
Benchmark’s solution provides packaging producers, brands, and retailers with both commercial and CO2e data. The software and templates are simple to use for the infrequent user, and the data is very granular for the frequent user/data warehouse requirements. The process is consistent, and the calculations are accurate and transparently communicated onto your templates. Once the initial data is loaded, the ongoing administration is straightforward. The data is live 24/7 and can be audited and certified annually. The solution also provides multiple levels of security and company access levels to ensure the data remains secure.
A software solution can help reduce your carbon footprint, move towards Net Zero, maintain margins, and save money. Benchmark’s solution for packaging producers, brands, and retailers provides both commercial and CO2e data, and the process is consistent, accurate, and transparently communicated. By adhering to ESG criteria and ensuring transparency in reporting, businesses can attract investors, retain customers, and grow while reducing their environmental impact.
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