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Data Influencers Introduced Digitalization of Sustainability Data (DSD) Lab Accelerator Pgm at COP27

New York, NY; November 21, 2022 – The Digitalization of Sustainability Data Lab (DSD Lab), a collaboration of international standard-setters and data management experts focused on sustainability, has launched its Accelerator Program at COP27, the 2022 United Nations Climate Change Conference. The DSD Lab founders include Capitals Coalition, EDM Council and XBRL International. The DSD Lab is aimed at facilitating the exchange of data needed for statutory reporting across industries worldwide. The goal is to make the resulting information more trusted, actionable and discoverable, in support of better sustainability decisions that lead to more positive outcomes for people, the planet and the global economy.

The objectives of the DSD Lab Accelerator Program are to:

–  Spearhead the development of a Smart Shared Dictionary to include all ESG (environmental, social and governance) topics to drive the consistency, comparability and quality of sustainability data inside  enterprises and across supply chains
–  Accelerate the alignment of XBRL (eXtensible Business Reporting Language) sustainability taxonomies through collaboration among relevant standard-setters and regulators
–  Develop and implement a verification and certification program to help ensure that software and services can seamlessly move data between systems
–  Introduce a global registry for identification of all entity reporting (statutory and non-statutory) to vastly improve data discoverability
–  Launch the development of an emerging economy digital sustainability reporting playbook to help accelerate regulatory digital transformation

While the call for climate-related data continues to grow, it lacks uniformity to be useful. “There is both a growing appetite and need for better sustainability data, but one of the biggest challenges we’re facing globally is the fragmented state of corporate data,” said David Wray, co-founder of the DSD Lab. “Many of the costs that firms are facing are due to the disparities in the measurement of sustainability criteria and the lack of a common framework to connect and compare the data across systems. The DSD Lab will address this over the next two years and help firms reduce costs of complying with mandatory disclosures.”

The co-founders of DSD Lab spoke on November 10 at COP27 on a series of panels titled “The path to global digital sustainability disclosure.” These panelists included:

– Liv Watson, Senior Advisor,  Capitals Coalition

– David Wray, President of DFCG International Group

– John Bottega, President of EDM Council

– John Turner, CEO of XBRL International

 

About the Digitalization of Sustainability Data (DSD) Lab

The DSD Lab Accelerator Program is an open collaboration among international consortia, technology standard-setters and other influencers committed to greater access and discovery of decision-useful sustainability information that also significantly lowers data management costs. The DSD Lab designs approaches to digital sustainability disclosures that promote trusted and actionable data that is machine-readable.
For more, visit www.dsdlab.org

About Capitals Coalition

Capitals Coalition is a global collaboration redefining value to transform decision making. It sits at the heart of an extensive global network which has united to advance the capitals approach to decision-making. The ambition of the Coalition is that by 2030 the majority of businesses, financial institutions and governments will include the value of natural capital, social capital and human capital in their decision-making and that this will deliver a fairer, just and more sustainable world. The Coalition has published two international protocols – the Natural Capital Protocol and the Social & Human Capital Protocols – that provide a standardized framework for businesses to identify, measure and value direct and indirect impacts and dependencies on stocks of natural, social and human capital.
For more, visit https://capitalscoalition.org/project/digitalizing-sustainability-data/

About EDM Council

The EDM Council is the global association created to elevate the practice of data management and analytics as a business and operational priority. The Council is the leading global advocate for the development and implementation of data standards, best practices, and comprehensive training and certification programs. With more than 350 member organizations globally from the Americas, EMEA, and Asia, and more than 25,000 data management professionals as members, EDM Council provides a venue for data professionals to interact, communicate, and collaborate on the challenges and advances in data management and analytics as critical organizational functions. For more, visit https://edmcouncil.org and follow us on LinkedIn and Twitter.

About XBRL International

XBRL International is a global, not-for-profit consortium working through the XBRL Standard to improve business reporting for the public good. We are a member-supported organization, with dedicated volunteers from all over the world offering their time and expertise to develop specifications to support the collection, sharing and use of structured data for data reporting and analysis.
For more, visit https://www.xbrl.org/

Media Contact:
Greg Tarmin
+1 917.868.7791
greg@paragonpr.com

EDM Council welcomes Cross River as its new member

Cross River is an American financial services organization that provides technology infrastructure to fintech and technology companies. Based in Fort Lee, New Jersey, Cross River services its clients with embedded payments, cards, lending, and cryptocurrency solutions, and is an FDIC member.

For more information: click here

The Vanguard joins EDM Council as its newest member

The Vanguard is an American registered investment advisor based in Malvern, Pennsylvania. It is the largest provider of mutual funds and the second-largest provider of exchange-traded funds (ETFs) in the world after BlackRock’s iShares.

For more information: click here

Eyes on Data: The Path Ahead for Cloud Data Management

In today’s information-driven society, there is perhaps nothing more ubiquitous and nothing that is multiplying at a more rapid pace than data. According to Forbes, more than 90% of the data that is available worldwide today was created within the last two years alone. And as the complex data landscape continues to expand, so must the data management capabilities and tools that support it.

In our new column Eyes on Data with The EDM Council, which will be published during the second month of each quarter, we hope to shine some light on the most pressing data management issues that are impacting business across all industries, while offering our views on how companies can approach data-related challenges and opportunities. We’ll touch upon some of the advanced tools that are available, including AI, Machine Learning and advanced analytics, while examining some of the pertinent trends around which data is playing a growing role, such as ESG  (environmental, social and governance) and the usage of hybrid cloud environments.

Click here to read the full article on TDAN.com

Demyst Data joins EDM Council as its newest member

Demyst Data is a technology platform partnering closely with the most innovative organizations to collaboratively take on the most detailed aspects of their data projects.

For more information: click here

EDM Council and National Institute of Standards and Technology (NIST) Collaborate

EDM Council and National Institute of Standards and Technology (NIST) Collaborate to Launch Ontology Development Infrastructure for the Manufacturing Industry

 

NEW YORK, Oct. 27, 2022 /PRNewswire/ — EDM Council, a cross-industry trade association focused on data management and analytics best practices, has teamed up with the U.S. Department of Commerce’s National Institute of Standards and Technology (NIST) to launch a collaborative program to standardize knowledge engineering and ontology development, including infrastructure, processes and guidelines to support data interoperability and analytics in manufacturing. The program will also support the Industrial Ontology Foundry (IOF), which will help in developing the processes and product modelling for the resulting data models.

The current data and analytics model that manufacturing firms use to develop products and implement manufacturing processes is very complex but lacks a universal set of data guidelines, which has led to cross-organizational production issues, delays, and heightened levels of risk. This project will leverage the infrastructure and processes of the EDM Council’s Open Knowledge Graph Innovation Lab to address these challenges, which are being used to build out other industry ontologies, including ontologies for the finance and pharmaceutical industries.

The new infrastructure will enable the IOF community, whose members include manufacturing firms, software vendors, academics and research institutes, to:

  • Formalize data definitions to improve data quality for the entire product life cycle, including product design & engineering, production planning, supply chain management, maintenance and service, and decommission
  • Create greater interoperability across industry and enterprise data
  • Improve issues related to data silos while helping to resolve lingering terminology conflicts
  • Automate data analyses which will improve productivity across the manufacturing supply chain
  • Enhance the development of Artificial Intelligence (AI) and Machine Learning (ML) capabilities

“This type of ontology supports the uses of the large amount of data this industry creates to bring production and supply chain efficiency, quality, and resiliency to the next level. By teaming up with the EDM Council, we will be able to deliver a platform for producing new, high-quality data standards that create strategic value for manufacturing professionals,” said Serm Kulvatunyou, project lead for the Biopharmaceutical Manufacturing and Supply Chain project at NIST and an IOF Board Member.

NIST promotes U.S. innovation and industrial competitiveness by advancing measurement science, standards and technology in ways that enhance economic security and improve quality of life.

“As processes and advancements in the manufacturing supply chain are becoming more sophisticated, the amount of data being created has amplified exponentially,” said John Bottega, President of the EDM Council. “By creating a consistent data quality ontology for the manufacturing sector in collaboration with NIST and IOF, we will collectively deliver the necessary capabilities that companies can implement in order to effectively manage their business.”

The infrastructure that supports the manufacturing ontology that will be developed in this project comes off of the success of the EDM Council’s Financial Industry Business Ontology (FIBO).

About EDM Council

EDM Council is the global association created to elevate the practice of data management and analytics as a business and operational priority. The Council is the leading global advocate for the development and implementation of data standards, best practices, and comprehensive training and certification programs. With more than 300 member organizations globally from the Americas, EMEA, and Asia, and more than 20,000 data management professionals as members, EDM Council provides a venue for data professionals to interact, communicate, and collaborate on the challenges and advances in data management and analytics as critical organizational functions. For more, explore edmcouncil.org and follow us on LinkedIn and  Twitter.

About the Industry Ontology Foundry (IOF)

The Industry Ontology Foundry‘s mission is to create a set of core and open reference ontologies that spans the entire domain of digital manufacturing. The IOF works with Government, Industry, Academic and Standards organizations to advance data interoperability in their respective fields. The organization provides principles and best practices by which quality ontologies can be developed, while providing an organizational framework and governance processes that ensure conformance to principles and best practices for development, sharing, maintenance, evolution, and documentation of IOF ontologies.

University of Southampton joins EDM Council as newest member

The University of Southampton is a public research university in Southampton, England. Southampton is a founding member of the Russell Group of research-intensive universities in the United Kingdom, and ranked in the top 100 universities in the world.

For more information: click here

EDM Council welcomes QBE Insurance Group Limited as its newest member

QBE Insurance Group Limited is a general insurance and reinsurance company listed on the Australian Securities Exchange and headquartered in Sydney. The company employs more than 11,700 people in over 27 countries.

For more information: click here

Smart Nation and Digital Government Office joins EDM Council as newest member

Smart Nation and Digital Government Office (SNDGO), under the Prime Minister’s Office (PMO), plans and prioritizes key Smart Nation projects and drives the digital transformation of Singapore’s Government.

For more information: click here

Thomson Reuters joins EDM Council as a new member

Thomson Reuters is a Canadian multinational media conglomerate. The company was founded in Toronto, Ontario, Canada, where it is headquartered at the Bay Adelaide Centre.

For more information: click here