Specright Partners with Lorax EPI to Streamline Sustainability Reporting & Compliancehttps://specright.com/wp-content/uploads/2022/08/lorax-square-01.png 360 248 Specright Specright https://specright.com/wp-content/uploads/2022/08/lorax-square-01.png
The partnership grows the Specification Management ecosystem and enables companies to manage sustainability reporting requirements like EPR with the comprehensive specification data they need to ensure accuracy and transparency.
Tustin, CA – August 3, 2022 – Specright, the leading cloud-based and patented platform for Specification Management, announced today a partnership with Lorax EPI, the leading cloud solution for Extended Producer Responsibility (EPR) and Product Stewardship Compliance.
For more than 20 years, Lorax EPI has been helping companies manage the complexity of global environmental reporting, giving them the ability to view, manage, and reduce their impact on the environment.
“When we talk to companies about sustainability, the biggest challenge is that they don’t have the data they need for reporting – it typically lives in spreadsheets or with their suppliers,” said Matthew Wright, Specright Founder and CEO. “While our Specification Management platform solves this foundational issue, we didn’t want to stop there. We knew we had to take it one step further to enable companies to take that data in Specright and quickly generate the reports needed to comply with emerging regulations like EPR, which can have a financial impact on their business. That’s why we’re so proud to partner with an industry leader like Lorax EPI.”
EPR is just one of many pieces of legislation increasing globally. In its simplest form, it is a set of regulations designed to financially incentivize manufacturers to make more sustainable products and packaging decisions, keeping waste out of landfills and provide funding for waste management infrastructure.
Lorax EPI’s software provides a flexible data infrastructure to underpin mandatory and voluntary EPR reporting, product stewardship reporting and corporate environmental metrics. While companies can interface existing online and offline datasets to the Lorax EPI ENVI™ platform, quality and complexity can be very variable depending on the company. Now, with this partnership, Specright will enable companies to ensure they are capturing the necessary specification data for packaging EPR and tax reporting and seamlessly send that to Lorax for more accurate, faster reports.
“Many companies have taken huge strides forward when it comes to the data needed for accurate reporting, but as legislation develops and fee modulation programs are enhanced, the level of granularity needed for reporting is hard to keep up with. There are still many companies who are struggling to gather their foundational data in order to even understand where they stand when it comes to sustainability and EPR cost impacts,” said Michelle Carvell, Lorax EPI Chief Operating Officer. “Now, through our partnership with Specright, companies can focus on the upfront data requirements and have the confidence that what they are reporting is comprehensive and accurate – avoiding unnecessary taxes and fines, whilst providing much greater transparency.”
“If you don’t know what you’re making, how much of it you’re making, and how much people are consuming, then it’s impossible to measure your environmental footprint,” said Adam Armstrong, VP of Strategic Partnerships at Specright. “Specification data is the foundation of these sustainability measurements. With both existing packaging tax regulations globally and the increasing regulations in the United States, this partnership with Lorax EPI will help our customers accurately report on their EPR and tax liabilities, and ultimately exceed their sustainability goals.”
Wright founded Specright with sustainability in mind after contributing to the problem during his career in packaging sales, when incorrect orders due to bad specs were tossed in landfills. “The faster you get control of your data, and optimize it for needed reporting, the better for your business and the environment,” he added. “At Specright, our vision is to live in a world without waste, and none of us can do it alone.”
Specright is the first purpose-built, patented, platform for Specification Data Management™. Whether it’s packaging, raw materials, formulas, products, or machines, Specright helps companies digitize, map, and take action across their supply chain to reduce costs, increase profitability, and drive sustainability. For more information, visit: www.specright.com.
ABOUT LORAX EPI
The Lorax EPI ENVI™ software provides an EPR, product stewardship, plastic tax and corporate commitment metrics reporting solution, covering a global scope. For more information, visit: www.loraxcompliance.com.