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Watershed not ticking off the boxes? Check out the best alternatives!
Watershed has been on the market for a while and has earned a good reputation among many enterprises. But you can’t be something for everyone so we’re here to investigate the reasons people look for Watershed alternatives and show you the best options out there.
The ESG compliance and carbon accounting market is now saturated with solutions. We’ve done all the research and are here to help you put together your list of favorites!
Why consider Watershed alternatives?
Watershed is one of the leading tools on the ESG market. It helps you measure your environmental impact, report on it, and then set goals to improve it. The software walks you through some of the biggest regulations and helps you remain compliant with the latest ESG updates.
And although there is no doubt that this is a good option to consider, there might be reasons why some Watershed competitors could make a better match with your needs.
Watershed frustrations
- It’s costly. Watershed has been on the market for a while and the product it offers is quite advanced. But this is also reflected in the price that comes with it and the granularity of customer service you can expect.
- It has data structuring limitations. If you’re working with unstructured data sources and need the extraction feature to also create neat categories for you, Watershed might add to the problem as it’s lacking some capabilities there.
- It’s behind on cross-framework reporting. The more regulations come into play within your area the more frameworks you will need to follow. Cross-framework work is one of Watershed’s weaknesses at the moment.
- It’s not the best for collaboration. If you’re going to add multiple users, suppliers, and stakeholders to the platform trying to improve visibility, communication, and task allocation, you’re bound to run into limitations with Watershed.
- Software onboarding will take a while. Watershed is a complex tool and training your workforce to make the most of it might take longer than you would hope. On top of that, it might come at an extra charge depending on your specific situation.
There are generally two scenarios where you’ll be looking into tools like Watershed: you’re already using it and have some frustrations to solve, or you are considering it but want to see what else is available on the market.
Here are your best picks in either case.
1) ESG Flo – Best Watershed alternative for accurate ESG reporting and carbon accounting
ESG Flo is that best-in-class tool for ESG reporting and compliance as well as carbon accounting. It helps you assess the impact you are making on the planet and people, quantify it, report on it, and develop an action plan to improve your footprint.
Built for businesses with multiple sites, ESG Flo will aggregate and standardize any information you feed it. For example, if you have sites in multiple locations and need to standardize the numbers they hand in – this software’s AI will do the job for you in a matter of seconds.
If you need to comply with multiple regulations and follow different frameworks because of how global your site network is – ESG Flo will help you pull the information into one cohesive narrative, so reporting is a way to uncover opportunities, not cause headaches.
When compared to Watershed, ESG Flo will stand out in several key areas:
- More budget-friendly and easier to get started with (from procurement to user onboarding)
- More advanced and accurate data extraction from the sources you provide (like utility bills or qualitative data)
- More opportunities for cross-framework reporting, which is particularly relevant if you are managing multiple sites
- Advanced capabilities processing qualitative data (in case you’re working with surveys or other “open question” reports)
- Better EPD extraction capabilities
- A well-structured collaborative environment for all users to come together solving their challenges
- Advanced data structuring capabilities for all the data to tell the same story
For long-time users, ESG Flo is that single source of truth and the platform they can rely on for accurate data, carbon accounting, and a seamless compliance journey.
‘This is a one-stop-shop for us. We don’t have to go to multiple data owners to get information. The tool does exactly what we need it to.’- Sonali Samani, Head of Environmental, Social and Governance at IWG.
2) Greenly – Best for carbon accounting
Before anything else, Greenly is a carbon monitor. It helps you track your carbon footprint, analyze it, and develop strategies to reduce it. On top of that, the platform can help you with some ESG compliance, one of the most prominent things being their CSRD reporting functionality.
The company helps you build a carbon mitigation strategy and will connect you with consulting partners for change management and financial analysis support. You can also expect to get help with sustainable procurement so making your business greener becomes a lot less problematic.
‘This platform is great for companies who want to streamline their procedures and increase their efficiency,’ says Zyra Joy, a CSR expert.
3) Workiva – Best if you want to add financial data management
Workiva is a controversial option but definitely one worth looking into. In short, this is your all-in-one solution for financial reporting, ESG reporting, and human capital management.
If there is one thing to highlight here, it is that the system will indeed bring together all your data across different departments and reporting frameworks. However, the tool is very complex and not user-friendly, can be difficult to navigate, can get buggy, and comes with a hefty price tag.
So if you’re looking for an alternative that zooms in on sustainability and ESG compliance specifically, Workiva might cause more problems than it will solve.
‘Wdesk has been an excellent solution for our Finance & Accounting team for SEC filings in that it provides automation and is effective and efficient,’ says Nancy A., a Risk Management Specialist.
💡Compare ESG Flo vs Workiva: 5 best Workiva alternatives to try for all things ESG management
4)Position Green – Good Watershed alternative for ESG reporting
Position Green is a good option for ESG reporting. It offers a ’sustainability suite’ that will help you collate, analyze, and act on your ESG data. And if you’re working with a complex supply chain, the tool will help you tap into the sustainability numbers hiding in there too.
This tool is said to be fairly easy in use yet can get quite manual when it comes to handling and exporting data.
‘With the help of Position Green, we know what impact we do on the environment and can take the right actions to lower the impact,’ says Martin B., Sustainability Coordinator.
💡Compare ESG Flo vs Position Green: Top 7 Position Green alternatives of 2024 + user reviews
5) Plan A – Best alternative to decarbonize your business
Plan A is a tool with a major focus on carbon accounting and decarbonization strategies. Next to that, it will also support you with ESG reporting. However, the capabilities of the tool are limited CSRD reporting so if you have some extra location-specific regulations to comply with, this software might be unable to support you.
There are also several consulting services they provide on top of the automated data management system. Double materiality assessment, gap analysis, and external assurance will be among the most popular options for companies seeking to get greener.
If you are just starting out on your journey and want to focus on your emissions only, Plan A will make a good pick. But if you want a tool that will serve more needs and will scale along with your business, ESG Flo will be a stronger option.
Where to go next with Watershed alternatives?
To set yourself up for success with your next automation tool, you need to start by clarifying your use cases, must-haves, and deal breakers so checking software options off the list will be easier.
Once you get clear on what you want in the software, take a deep dive with your favorites and see which one makes the best click. To investigate ESG Flo today, book your free demo now!
