Discover how Synesgy simplifies ESG reporting, empowers businesses to enhance sustainability, and supports global compliance through innovative tools and actionable insights
Stringent regulations such as the CSRD, CBAM, and CSDDD, as well as rising market attention to businesses’ sustainability performance, have made ESG considerations a focal point of corporate strategy.
To confirm this trend, the majority of big corporations are acknowledging the shift, as highlighted by proven market data from McKinsey where it’s shown that over 90% of S&P 500, 70% of Russell 1000 and 80% of Fortune 500 companies are publishing ESG reports.
However, the complexity of ESG corporate performance, characterized by fragmented data and varying standards, presents substantial challenges for businesses aiming to disclose their sustainability efforts and engage all stakeholders transparently.
Innovative platforms have emerged to address these issues.
A New Approach to ESG Communication
Synesgy, a digital solution developed by CRIF, is a platform designed to bridge the gap between internal corporate data and the ESG language.
According to Synsegy’s director, Simone Rampichini: “Synesgy offers to companies the opportunity to analyze their ESG performance as well as that of their value chain, enabling them to leverage ESG data and providing a customized action plan, once the assessment is made, to improve sustainability performance and ensure compliance”.
Beyond compliance, Synesgy aims to educate businesses unfamiliar with ESG principles, fostering awareness and offering actionable insights with a comprehensive approach that positions Synesgy as a tool for meeting regulatory demands and achieving strategic business objectives.
The platform goes a step further by addressing the complexities of supply chain management thanks to an aggregated view of supplier performance that enables companies to identify inefficiencies, enhance transparency, and drive improvements throughout the value chain.
Addressing Industry-Wide Challenges
Synesgy was established in response to the recognized systemic challenges associated with ESG reporting. Companies face inconsistent methodologies and a lack of standardized frameworks, making compliance challenging and hindering meaningful comparisons with other business entities which can drive strategic decision, and business development.
In this context, CRIF envisioned Synesgy as an accessible solution to help businesses navigate these challenges while also promoting growth and innovation.
“While regulations have accelerated adoption, our focus has always been on creating opportunities for companies to improve their sustainability and seize new market opportunities,” Simone Rampichini explained.
This ethos underpins Synesgy’s focus on Scope 3 emissions, supply chains, and value chain management, offering businesses a pathway to embed ESG considerations into their core strategies.
Streamlined Reporting and Data Validation
Effective ESG integration requires robust data collection, analysis, and reporting processes.
Alarmingly, a World Economic Forum survey revealed that only 9% of companies actively use software to support ESG data collection and reporting.
Synesgy addresses this gap by categorizing internal data according to globally recognized frameworks such as the Global Reporting Initiative (GRI) and the European Financial Reporting Advisory Group (EFRAG).
The platform then simplifies the data categorization process, allowing companies to translate internal information into actionable insights for disclosures, tenders, and stakeholder communications. Moreover, it offers tools for monitoring supply chain performance, helping businesses implement targeted sustainability strategies.
Another relevant challenge is data accuracy and quality.
To ensure transparency, Synesgy employs a multi-layered validation process, analyzing questionnaire responses for internal consistency and benchmarking them against industry standards.
Additionally, Companies can also be required to upload supporting documents, which are verified by local teams to ensure reliability.
Benefits and Regional Adaptability
For Synesgy users, the benefits are multiple.
The platform helps large enterprises meet complex regulatory requirements while offering small and medium-sized enterprises (SMEs) a competitive edge.
Improved communication with banks, easier access to financing, and enhanced eligibility for tenders are just a few of the advantages SMEs experience.
For companies exporting to Europe, Synesgy simplifies adherence to regulations like the Carbon Border Adjustment Mechanism (CBAM) by quantifying carbon emissions.
Its adaptability to regional regulations ensures its relevance across diverse markets, from Europe to Asia, offering businesses a common framework for ESG evaluation. Moreover, Synesgy is available in more than 20 different languages, helping companies around the world to assess in their languages.
Looking to the Future
The ESG landscape is dynamic, with evolving standards and growing stakeholder expectations.
“Synesgy is constantly evolving to stay ahead of these changes” highlights Simone Rampichini talking about ongoing enhancements, including improved ESG performance monitoring and historical analysis functionalities.
Moreover, to keep up with the constant changes in standards and regulations, Synesgy continuously works with the CRA (Crif Rating Agency) to update its assessment methodology.
These advancements aim to provide businesses with a snapshot of their current ESG performance while enabling them to track progress toward long-term goals like the 2030 and 2050 sustainability targets.
As the ESG tide continues to rise, platforms like Synesgy are proving indispensable, enabling businesses to turn sustainability challenges into strategic opportunities and fostering a culture of accountability and progress.
