Concept 4 Partners with PALO IT to Streamline ESG Reporting for Business
- Written by Telegraph Magazine
HONG KONG SAR - Media OUtReach Newswire - 1 August 2024 - Global digital innovation and software developer, PALO IT Hong Kong Limited has announced a partnership with Concept 4 Group to accelerate its sustainability efforts.
By leveraging PALO IT's Impact Tracker, Concept 4 can gain a 360° view of environmental performance to support ESG-related strategic decision-making.
Established in 2003, Concept 4 is B-Corp certified global fashion and cosmetic company offering a one-stop-shop for sourcing, designing, and developing high quality GWPs, primary and secondary packaging, cosmetics, and lifestyle products. Headquartered in Hong Kong, Concept 4 also operates in China, India, France, and the USA.
As part of the commitment to sustainability, Concept 4 embarked on their Science Based Targets initiative (SBTi) journey. PALO IT was engaged to develop a solution to optimize its ESG journey as follows:
- Identifying data sources – PALO IT provided a snapshot of the current ESG maturity level, highlighting areas requiring more data, and defining KPIs in line with sustainability targets.
- Ingesting data into the repository - 800 data transformation rules across 10 countries were created to manage the data inconsistency issues. Concept 4 can now calculate Scope 1, 2 and 3 emissions covering 90% of their turnover.
- Building dashboards and automating processes - The dashboards include both automated (ERP, PLM) and manual functions, plus surveys for additional data. This multi-faceted view equipped the company to monitor metrics across 2,500 products and align its business with CSRD reporting frameworks.
- Meeting ESG transparency demands - Concept 4 can now automate their carbon accounting process, gaining visibility across carbon subcategories. They can identify carbon reduction opportunities, and transform 200+ supplier contracts to meet client demands for ESG transparency.
"At PALO IT, we prioritize sustainability in every project, ensuring it adds value for our clients," said Fabrice Bayon, Managing Director Hong Kong, PALO IT. "We not only champion innovative projects, but also make sure each initiative contributes meaningfully to our planet and society. PALO IT is proud to support Concept 4 in driving positive change through the power of tech."
Impact Tracker is an all-in one ESG data platform to accelerate the delivery of ESG reporting. The AI-powered solution empowers organizations in measuring, managing and maximizing their impact on the triple bottom line: people, planet, profit.
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https://www.palo-it.com/
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PALO IT
PALO IT is a global innovation software developer and consultancy dedicated to helping organizations embrace tech as a force for good. We have a team of more than 650 experts across 16 offices in design, tech development and Agile who work with clients in all regions: Europe, Asia-Pacific and the Americas, to rapidly create new business models, launch innovative products and services with positive impact at their core, and prepare leadership and culture for the future.
We are proud to be B Corp-certified in Singapore, Hong Kong, Mexico, Thailand and France, and working towards certifications across all other locations. Certified B Corporations are a leaders of a worldwide movement of people using business as a force for good.
We are also honoured to be a World Economic Forum New Champion since 2021, a network of high-growth companies chosen by the World Economic Forum who are applying new business models, emerging technologies and sustainable growth strategies into every arm of their organization.
