Yodiwo – Fourlis Group: A New Approach to ESG Data Management and Reporting
It is a fact that ESG strategy is now at the heart of modern businesses. For this reason, Ms. Maria Theodoulidou, Group Procurement & Corporate Governance Director & BoD Secretary of the Fourlis Group, and Mr. Alexandros Maniatopoulos, CEO and Co-founder of Yodiwo, through their collaboration and the use of the EnGage platform, reveal how technology is transforming sustainability data management and discuss the challenges and trends shaping the market.
How has the new EU Corporate Sustainability Reporting Directive (CSRD), effective from January 1, 2024, impacted the Fourlis Group?
Theodoulidou: At the Fourlis Group, after 15 years of publishing Sustainability Reports, we have observed significant changes. The introduction of the CSRD is expected to bring even greater changes, such as:
- Increased ESG disclosures in accordance with the European Sustainability Reporting Standards (ESRS).
- Enhanced quality of ESG information, aligning with the qualitative characteristics of financial reporting.
- Mandatory external assurance by an independent auditor. Initially, this will require limited assurance, progressing to reasonable assurance as sustainability reports become part of the Annual Financial Report.
- Greater involvement of stakeholders, including consultancy services and adopting platforms for data collection, management, and reporting to ensure CSRD compliance.
This has led to a major investment by the Group in systems, personnel, and knowledge.
Choosing a digital ESG solution is critical, especially with the CSRD’s stricter sustainability reporting requirements.
The key reasons we chose Yodiwo’s solution were to ensure:
- Data accuracy and reliability.
- Efficiency and time savings.
- Regulatory compliance.
- Transparency and traceability.
- Integration of ESG into corporate strategy.
- Improved reporting and analysis capabilities.
In the coming months, the first CSRD-compliant Sustainability Report of the Group, integrated into the 2024 Financial Report, will be produced via EnGage.
Yroup: The New Approach to ESG Data Management and ReportingYour collaboration with the Fourlis Group is a prime example of how an ESG platform can address challenges related to sustainability data collection, management, and reporting. From the provider’s perspective, what challenges have you identified, and what technological innovations does the EnGage platform incorporate to address them?
Maniatopoulos: Implementing the EnGage platform for automating the ESG Data Management & Reporting for the Fourlis Group is one of our most comprehensive solutions to date. The Group identified challenges such as real-time collection and processing of large data volumes and emphasized the need for the platform to integrate with their existing digital systems to automatically retrieve primary data without human intervention.
Another major challenge for organizations of this scale is consolidating data across all business units and subsidiaries, essential for calculating ESG metrics at the Group level. Our platform is specifically designed to address this need.
Yodiwo continually enhances its capability to draw data from third-party systems and process it using traditional and modern AI models. This ensures accurate metrics and forecasts their trajectory against corporate targets, preparing organizations for future challenges such as indirect emissions calculation and the overall evolution of ESG.
The evolving ESG landscape presents new requirements and regulations for businesses. What changes do you foresee, and how does the Fourlis Group plan to adapt? What collaborations do you anticipate will be necessary, e.g., consulting services or products?
Theodoulidou: The CSRD and the ever-evolving ESG requirements provide businesses investing in sustainability with the opportunity to enhance their value for stakeholders. By adopting best practices, businesses gain resilience, better prospects, and cheaper access to capital. These developments affect all aspects of our operations, from CO2 emissions and the value chain to industry-specific sustainability standards and the circular economy. Just as we approached CSRD compliance in a structured manner, we will similarly understand and integrate any future ESG developments into our operations.
How does Yodiwo plan to tackle the ESG challenges of the coming years?
Maniatopoulos: Yodiwo addresses ESG challenges through two main pillars: technological and operational.
In the technological realm, our specialized team in digital governance systems focuses on applying AI models for the automated management of corporate sustainability policies. Simultaneously, we collaborate with universities, such as the University of Patras, to ensure continuous improvement and innovation.
On the operational front, we partner with experienced consultants specializing in corporate sustainability policy. This allows us to enhance user experience and provide advisory support to our clients.
Source: https://www.capital.gr/epixeiriseis/3881612/yodiwo-omilos-fourlis-i-nea-proseggisi-sti-diaxeirisi-kai-anafora-esg-dedomenon/