IFS & PwC UK join forces on sustainability management solution

IFS and PwC UK have announced a strategic collaboration aiming to launch a Sustainability Management Solution. This initiative combines advanced technological capabilities with specialised services to assist businesses in adhering to sustainability disclosure requirements while integrating sustainable practices into their operations.

The partnership will see IFS, a provider of cloud and Industrial AI software, develop a Sustainability Management module within its IFS Cloud platform. PwC, with its extensive expertise in Environmental, Social, and Governance (ESG) criteria and regulatory frameworks, will contribute to the module's design and development. The solution is focused on helping organisations navigate the complexities of the Corporate Sustainability Reporting Directive (CSRD) and other global regulatory standards.

Key features of the new Sustainability Management module will include pre-defined CSRD metrics, data mapping within IFS Cloud, approval workflows, target setting, and actionable insights. It will also offer a comprehensive library of Key Performance Indicators (KPIs), quantitative metrics with calculation logic, and support from PwC's ESG experts to ensure reliability and accuracy. This tool is designed to help businesses manage their sustainability disclosure obligations while maintaining a focus on generating real business value through sustainable practices.

IFS CEO Mark Moffat highlighted the significance of the collaboration, stating, "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."

Carl Sizer, PwC UK Management Board Member and ESG Sponsor, also expressed enthusiasm for the partnership, saying, "We're thrilled to collaborate with IFS in developing the Sustainability Management module within IFS Cloud. 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 initial version of the Sustainability Management Module is scheduled to launch with the IFS Cloud 24R2 release at the end of November. This formation will be a crucial component of the collaboration, providing companies with the necessary tools to ensure compliance for their first CSRD reporting cycle in 2025.

This initiative underscores IFS's commitment to innovation and sustainability. The company has been a recognised leader in cloud enterprise software solutions, particularly noted for its contributions to the manufacturing, asset management, and service operations sectors. IFS has consistently been acknowledged for its market leadership, including ranking first in the EAM market share according to the Gartner Market Share report for three consecutive years and being named a leader in the IDC MarketScape for Field Service Management Solutions.

The collaboration between IFS and PwC UK is expected to set a new benchmark for sustainability management within the enterprise software landscape, offering businesses not only compliance solutions but also the potential to revolutionise their operational strategies towards more sustainable and productive methodologies.

As the pressure mounts globally for businesses to adopt and transparently report on sustainable practices, this new offering from IFS and PwC UK is set to provide vital support, ensuring businesses can keep pace with regulatory demands while capitalising on the opportunities presented by sustainable transformation.