MVGX and BDO Launch AI Tool to Cut ESG Reporting Time in Half
Following in the footsteps of organizations incorporating AI into their processes, products, and services, MVGX, a Carbon Software-as-a-Service (SaaS) company based in Kuala Lumpur, is making great strides in terms of introducing an AI-powered ESG platform whose purpose is to enable adherence to sustainability reporting requirements for Indonesian companies, ensuring ESG compliance in Indonesia.
MVGX and BDO Indonesia, a top accounting and advisory firm, have collaborated to launch an AI-driven platform, the primary objective of which will be to automate data collation and assessment to systematize the sustainability reporting process.
This, in turn, will save both time and expenses associated with conventional reporting methods. Interestingly, the sustainability reporting automation will enable organizations to save 50% of the time taken earlier to finish the sustainability reporting.
This is not the first time that MVGX and BDO Indonesia have partnered. While their initial partnership in September 2023 was intended to deliver decarbonization solutions using MVGX’s Carbon Connect platform, the scope has increased to incorporate ESG (Environmental, Social, and Governance) reporting needs.
Read More: How AI Could Be The Key To ESG Working
The platform was created to address the increasing legal requirements within Indonesia. Here, the Financial Services Authority necessitates sustainability reporting for companies listed under Regulation No. 51/2017. It is also worth noting that a key objective of the platform is to ensure organizations comply with Indonesian as well as global frameworks such as the Global Reporting Initiative (GRI) and the International Sustainability Standards Board (ISSB) criteria.
The technology used for the platform enables users to follow an organized reporting process that uses the power and potential of a proprietary AI inference model and an extensive emissions factor database, customized for the area.
Lily Hong, the CEO of MVGX, believes this collaborative effort to be a crucial landmark in terms of their attempts to transform sustainability reporting through state-of-the-art technology. According to her, “This partnership reflects our shared vision of a future where technology drives meaningful, measurable environmental progress.”
The CEO of BDO Indonesia, Thano Tanubrata, has also shared his thoughts. He has said, “This partnership reflects our shared vision of a future where technology drives meaningful, measurable environmental progress. By combining our expertise in governance, risk management, and compliance with MVGX's technological leadership, we are delivering a powerful solution that simplifies ESG reporting while ensuring companies remain accountable, agile, and ahead of the curve.” He believes that adherence to ESG guidelines extends beyond complying with legal guidelines. Essentially, it paves the way for crisis preparedness for corporations while enhancing confidence levels among investors and consolidating market competitiveness.
Also Read: How Can An ESG Reporting & Rating Framework Help Investors Achieve Their Financial Goals?
Ultimately, the partnership between these two organizations enables businesses to adapt to the emerging expectations concerning sustainability, honesty, and disclosures.
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Source: ITBrief Asia
