TrustRadius Insights
Users of Novata have found the software to be a helpful data collection tool, increasing efficiencies for GPs. They appreciate the value …
Overview
What is Novata?
Novata is an ESG (Environmental, Social, and Governance) technology platform developed by Novata, Inc. According to the vendor, Novata aims to empower private markets to achieve a more sustainable and inclusive form of capitalism. It serves a wide range of private market participants, including private...
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Product Details
- About
- Tech Details
What is Novata?
Novata is an ESG (Environmental, Social, and Governance) technology platform developed by Novata, Inc. According to the vendor, Novata aims to empower private markets to achieve a more sustainable and inclusive form of capitalism. It serves a wide range of private market participants, including private equity firms, private credit firms, venture capital firms, limited partners, and private companies. These professionals and industries can utilize Novata to enhance their ESG performance and meet reporting requirements.
Key Features
ESG Metric Selection: According to the vendor, Novata offers a comprehensive library of over 700 ESG metrics, allowing users to select the metrics most relevant to their needs and industry. Users have the flexibility to customize metric frameworks, assign weights and scores to metrics, and validate data integrity.
ESG Data Management: Novata provides a centralized data repository where users can store and manage their ESG data, including financial data, non-financial data, and sustainability reports. The platform facilitates data collection and aggregation from various sources, performs quality checks, and offers data visualization and reporting capabilities.
ESG Services: The vendor states that Novata offers ESG consulting and advisory services to assist users in developing and implementing effective ESG strategies. Users can access training and educational resources, benchmark their ESG performance, and generate standardized ESG reports.
Carbon Data Management: According to the vendor, Novata enables users to track and manage their carbon footprint by collecting and analyzing carbon emissions data across their portfolio companies. The platform captures Scope 1, 2, and 3 emissions, supports carbon reduction strategies, and facilitates carbon reporting and disclosure.
Reporting & Analytics: Novata provides real-time data analytics capabilities, allowing users to analyze and visualize their ESG data and performance metrics through dynamic dashboards and reports. The platform enables performance tracking and monitoring, stakeholder reporting, and regulatory compliance.
Benchmarks: According to the vendor, Novata offers a range of universal benchmarks covering a broad set of ESG metrics. Users can compare their ESG performance against industry standards using these benchmarks. Sector-specific benchmarks tailored to specific industries are also available, allowing users to conduct performance gap analysis and generate benchmark reports.
Novata Features
- Supported: Emissions Management
- Supported: KPI Monitoring
- Supported: Performance Metrics
- Supported: Process/Workflow Automation
- Supported: Reporting/Analytics
Novata Technical Details
| Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
|---|---|
| Operating Systems | Web-Based, Mac, Windows, Linux, Chromebook |
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Community Insights
TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Business Problems Solved
- Pros
- Cons
Users of Novata have found the software to be a helpful data collection tool, increasing efficiencies for GPs. They appreciate the value it provides to portfolio companies through its useful guidance material and hands-on support. The introduction session offered by Novata helps users become familiar with the process and software, making it easy to use and intuitive. This positive user experience has simplified the process of collecting information, even for users who are new to this kind of data collection. Users have also been able to easily set up and report on the metrics requested by their Private Equity owners, even when some metrics are not applicable. Additionally, Novata's readily available support team is easy to work with, providing assistance whenever needed. Overall, users have had a positive experience with Novata and are satisfied with its performance. It has also proven effective in completing ESG reports as requested by holding companies.
Easy to navigate and intuitive: Many users have found the Novata platform to be easy to navigate and intuitive, allowing for a seamless user experience.
Automated data collection: Several reviewers have praised the automated data collection feature of Novata, which seamlessly integrates with existing systems and processes. This automation saves time and effort, making it convenient for users.
Ability to apply standard and customized metrics: The capability to apply both standard and customized metrics in Novata has been highly valued by users. It allows for a more comprehensive analysis tailored to specific needs, enhancing the flexibility of the platform.
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Need for Further Development: Some users have mentioned that Novata still needs further development, as it is considered a young platform. They feel that certain features could be improved and additional functionalities added to enhance the overall user experience.
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Lack of Intuitive Interface: Several reviewers have expressed frustration with the interface when it comes to uploading Excel data into the forms provided by Novata. They find it difficult or non-intuitive, suggesting that an easier and more streamlined process would greatly benefit users.
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Vague Guidance and Explanation: A number of users have found the guidance provided by Novata to be vague at times, particularly in terms of external validation of data and certain metrics within the system. They believe that more detailed explanations, context, and lists of accepted verifications would greatly assist them in understanding how to effectively use the software.