IFS, the leading technology firm focused on cloud and industrial AI software, is collaborating with professional services firm PwC, to bring a new Sustainability Management Solution to market.
The initiative will see IFS develop a Sustainability Management module within IFS Cloud, while PwC will contribute its expertise in Environmental, Social, and Governance (ESG) criteria, as well as the financial regulatory landscape to assist in the design and build.
The Sustainability Management Solution will look to support compliance with sustainability disclosure requirements and embedding sustainable practices into business operations, including for multi-national organisations.
Once completed, the solution will help IFS customers navigate the new requirements of the Corporate Sustainability Reporting Directive (CSRD) and other emerging mainstream global regulatory standards that our customers are facing.
Mark Moffat, CEO of IFS, commented: “This strategic coalition between IFS and PwC is not just a technological advantage; it is a commitment to shaping a sustainable and transparent ecosystem.
“By equipping customers with the necessary tools and data, we are together enabling decisive sustainability action and ensuring we maintain the highest standards in sustainability disclosures.”
To ensure a seamless journey from start to finish, customers using IFS Cloud can enlist the services of PwC to guide on the wide range of issues facing our customers in relation to this critical aspect of governance, along with mandatory strategic ESG tasks like conducting a double materiality assessment and offering guidance for CSRD readiness.
Empowering organisations to manage sustainability initiatives
The sustainability module will offer out-of-the-box CSRD metrics, select IFS Cloud data mapping, approval workflows, target setting, and insights.
It will also deliver a library of KPIs, including quantitative metrics with calculation logic, all supported by PwC’s ESG experts to ensure credibility. The tool is designed to support customers as they navigate the sustainability disclosure landscape, while helping them remain focused on delivering real business value through identifying opportunities to transition to more sustainable and productive ways of operating.
Carl Sizer, UK management board member and ESG Sponsor at PwC, also discussed the move: “Our expertise in ESG criteria and knowledge of the regulatory landscape will enable us to provide valuable guidance and support in designing a solution that empowers organisations to effectively manage their sustainability initiatives and navigate the evolving regulatory landscape.”
The first version of the Sustainability Management Module will launch at the end of November. Alongside the IFS Cloud Sustainability Management module, PwC UK will provide the required services to help companies ensure compliance for their first CSRD reporting cycle in 2025.
