You may already be aware that EcoVadis is adapted its benchmarks for 2024 to ensure its ratings reflect exceptional sustainability performance. For those who respond to EcoVadis you will be affected by this change on your next submission so we wanted to highlight the key changes that will be made and how AI could support you.
Key Changes Effective January 1, 2024:
- Revised Medal Thresholds: EcoVadis is adjusting the percentage thresholds for medal eligibility, making them more selective to distinguish top performers better.
- Dynamic Scoring: Medal thresholds will now be dynamic, reflecting the evolving distribution of scores across all assessed companies.
- Increased Minimum Scores: The minimum score required for certain themes, such as Sustainable Procurement, will be raised to encourage deeper engagement in these critical areas.
What This Means for Companies Previously Rated by EcoVadis:
- Fewer Medals Awarded: Achieving an EcoVadis medal will become more challenging, with fewer companies meeting the stricter benchmarks.
- Potential Medal Downgrades: Some companies may experience a drop in their medal tier as the criteria for higher-tier medals become more rigorous.
How EA’s AI Solution Can Assist You:
- Automated Questionnaire Completion: Upload your EcoVadis questionnaire to EA, and our AI will search all available evidence to generate responses, often finding a wider depth of evidence than human searching alone while reducing manual effort and minimising errors.
- Collaborative Review Process: Assign answers to colleagues within the platform to streamline reviews and approvals, ensuring that all inputs are accurate and comprehensive.
- Create New Answers with AI Assistance: Use EA’s AI to create and interrogate new answers to questions ensuring the best evidence is used in your submission.
By leveraging EA’s advanced AI capabilities, you can confidently adapt to EcoVadis’ evolving benchmarks. Our platform ensures you maximise the use of all available evidence while saving valuable time, allowing you to focus on achieving your ESG goals more effectively.
For more information on how EA can support your EcoVadis assessment process sign up for a free trial.