Triple Bottomline Accounting
Moving Beyond Price, Quality + Service
Accountability is an important factor in every organization’s success. Triple Bottom Line [TBL] accounting extends the traditional financial reporting framework to consider environmental and social performance criteria into the Total Cost of Ownership equation. Many clean technology initiatives focus solely on what is best for the environment, ecoConsole is a clean technology focused on minimizing the environmental impact of the supply chain while also driving improved productivity – for trading partners.
“The supply chain, and the technologies that support it, will play an important role in helping companies deal and thrive in an economy that is going to be quite unlike anything we’ve seen in the post-war era.” - John Fontanella, vice president of research at AMR Research
Toreion’s ecoConsole solution provides reporting visibility, dashboards and scorecards that open up the information channel between people charged with driving change and the systems they use to manage their enterprise performance. Top level executives understand that corporate performance begins with a plan. Strategic planning ties together business goals, forecasts with execution to drive bottom-line results.
Toreion turns data into business intelligence that can be used to build accountability and improve productivity based on better collaboration with trading partners. From a financial perspective this includes understanding the total spend footprint of an enterprise; in order to reduce consumption; as well as, understanding the impact of procurement choices on the operation’s bottom line.
Being responsible to the environment is a growing factor being taken into account by customers when making purchasing decisions. Customers believe that the planet deserves a balance sheet, creating accountability for our choices. Toreion’s sustainability index helps trading network partners to score and compare product choices based on environmental factors. The end goal of the sustainable index is to drive buyers toward the selection of suppliers, products and services that minimize environmental impact across the supply chain in real time.
Score: product rating system used to rank product choice based on user defined environmental factors such as:
- Energy consumption
- Carbon footprint
- GHG emissions
- Recycled content
Evaluate and Monitor: Item level scores are presented to buyers in product selection to highlight the relative impact of procurement choices on their supply chain footprint. Scores are captured over time to give purchasers visibility into the environmental, social and financial impact of their purchasing decisions.
ecoConsole is an evaluation framework that further extends the analysis of goods and services purchased by an organization to include social indicators of its trading partners. Research has shown these factors have a significant impact on perception for the buyer. The ecoConsole sustainability index allows trading partners to evaluate different dimensions of social responsibility such as:
- Labor practices
- Outsourced contract manufacturing
- Pay equity practices
- Human resource policies
- Corporate philanthropy