IFS and PwC Launch Sustainability Management Solution

IFS, a leading cloud and industrial AI software provider, has partnered with PwC, a well-known professional services firm specializing in ESG and Sustainability, to launch a Sustainability Management Solution. This joint effort aims to provide essential technology and services to help organizations meet sustainability disclosure requirements and incorporate sustainable practices into their operations, particularly benefiting multinational companies.

The collaboration involves the creation of a Sustainability Management module within IFS Cloud, utilizing PwC's expertise in ESG criteria and regulatory knowledge. This solution will support IFS customers in adhering to the Corporate Sustainability Reporting Directive (CSRD) and other global regulatory standards. Customers using IFS Cloud can leverage PwC's services to address governance issues, conduct materiality assessments, and prepare for CSRD compliance.

The Sustainability Management module will include pre-configured CSRD metrics, data mapping, approval workflows, target setting, and performance insights. It will offer various KPIs, including quantitative metrics, backed by PwC's ESG specialists to ensure credibility. This tool is designed to assist customers in meeting sustainability reporting requirements while identifying opportunities for more sustainable business practices.

Mark Moffat, CEO of IFS, highlighted the strategic significance of the collaboration, emphasizing the dedication to fostering a sustainable and transparent business environment. Carl Sizer, a member of PwC UK's Management Board, expressed excitement for the partnership, underscoring the value of their ESG expertise in developing the Sustainability Management module.

The initial version of the Sustainability Management Module is set to be released in the IFS Cloud 24R2 update by the end of November. PwC UK will provide necessary services to ensure companies are compliant with their first CSRD reporting cycle in 2025. This collaboration represents a significant advancement in empowering organizations to effectively manage sustainability initiatives and navigate regulatory changes.

The collaboration between IFS and PwC to introduce the Sustainability Management Solution signifies a crucial step towards promoting sustainable business practices and compliance with global regulatory standards. By offering a comprehensive tool within IFS Cloud, organizations can streamline their sustainability reporting processes and enhance their commitment to environmental, social, and governance responsibilities.