“Exponential growth of the volume of the data being created every day remains a challenge if we do not how to make sense of it,” says Jeanne Boillet, Audit Partner & Global Assurance Innovation Leader at EY. Technologies like big data and conventions like XBRL provide organizations with access to extremely large amounts of data as well improve the quality of data being analyzed. This was not an option a decade ago, but today, because of new and powerful technologies, businesses are better equipped to receive the data and incorporate it into their strategies to enhance future business performance.
Despite the advantages of adopting sustainability reporting practices, many business owners and board directors continue to view sustainability reporting as merely a compliance exercise. They also have the mindset that over-disclosure could result in leakage of trade secrets and loss of competitive advantage.