M-Risk Blog 

"You can't manage what you can't measure" We've all heard that phrase within an organization. For a long time, data has been considered a champion; and there is proof to prove it. Good data management can take an organization a long way; and that is why there are technological tools that make data collection and analysis easy and effective. An example: With software such as M-Risk, it is possible to know the behavior of thousands of different variables corresponding to a period, in just a couple of minutes. To be able to see countless figures in a short period of time is undoubtedly a significant attribute, but we insist that it is not the most important thing. The advantage of using software solutions lies in the transformation of millions of data into useful information for decision-making. This is done in just a few minutes. In this blog we will give you some tips to get the most out of your metrics and generate an impact on your organization.

Non-financial aspects are becoming increasingly relevant in business decisions and therefore it has become essential to incorporate these elements as management variables. Today it is necessary to generate specific metrics, which together with the traditional variables empower decision making. This is where ESG (Environmental, Social, Governance) information has become a valuable element for business.

For some years now, the existence of a fourth industrial revolution has been discussed, driven by the impact of digital technology and data processing. Its consequences: an explosion of productivity.

In June, an important update was announced to the core of the Global Reporting Initiative (GRI) report that will affect every organization using the GRI Standard. This update will help them report more efficiently their most significant impacts on the economy, environment, and social areas.

Given the international debate on the company’s purpose, Chile’s Manufacturers’ Association (SOFOFA - Sociedad de Fomento Fabril) carried out the following analysis to understand how to address it at a local level.

A new challenge or new demand for organizations? The preparation of these reports (that consider environmental, social, and corporate governance aspects) will certainly require dedication and a cross-cutting effort, but also greater responsibility from the CFO.

The reasons can be wide-ranging, such as increasing profitability or making a positive impact on the environment. Whichever may be, implementing sustainability practices is an option that significantly contributes to business continuity in the long term.

As a management and communication tool, sustainability reports reveal the company’s performance in economic, environmental, and social areas, allow to know the impact on stakeholders and help assess improvement opportunities.

If you want your stakeholders to know your business’ contribution to economic, social, and environmental development, you must have a sustainability report. For this, check some of our tips for successful elaboration here.

We have witnessed a world in constant change, in which businesses are demanded to explicitly state the “why” of what they do, while the “how” must be subject to standards superior to mere compliance.