What's more important to your company in 2021? Short-term profits, or long-term growth and reputability? Do you see the impact that your choice of suppliers can have?
It should be clear by now how crucial it is in today's global business environment for companies to establish and maintain a sustainable supply chain. Not only is it necessary to comply with local and international laws & regulations, but consumers are increasingly expecting companies to operate ethically by increasing sustainable product suppliers to consider the interests of society at large, and not just of shareholders.
Prioritising sustainability in 2021 can deliver remarkable benefits to all aspects of an enterprise.
“A recent survey found that 81% of supply-chain professionals claimed that their companies have increased their focus on sustainability in the last three years due to its core benefits:
Increased Consumer Interest
Positive Environmental Impact
How To Prioritise Supply Chain Sustainability?
Sustainable supply chains play an integral part in a rapidly growing trend that is transforming businesses across the world. An Increasing number of eco-friendly product manufacturers in the UK are adding value to their offerings by using a sustainable supply chain strategy.
First and foremost, there must be a commitment from a company's leadership. If they don't have a clear vision or stance on the issue, how can they expect the purchasing and procurement people to seek out ethical suppliers?
Once a vision is established, companies should pledge not to do business with vendors who are complicit in human rights violations, have unsafe working conditions, use forced labour or child labour, damage the environment, or engage in extortion or bribery.
Map your supply chain
Identify the most significant environmental and social challenges you have, and prioritise efforts with suppliers.
Communicating expectations through a supplier code of conduct is a critical step. From the very start of a relationship with a supplier, it's important to establish ethical guidelines. Also, keep in mind international standards. As laws and expectations change, periodically review the contents of the code.
Evaluating baseline assessments from the starting point is imperative to improve supply chain sustainability and further help to assess where the greatest need for improvement exists for future programs.
Develop training and capacity-building programs
It is a crucial step in improving sustainability and driving behavioural changes throughout your supply chain.
Drive performance improvement
Once supplier baseline performance is evaluated, an audit program can measure performance improvement over time.
Join industry collaboration
Many companies recognise that complicated supply chain challenges cannot be solved by individual efforts therefore industry-wide collaboration is required. Treat sustainable suppliers as partners.
Gradually supply chain has realised that sustainability should be a priority for achieving lasting success, and 2021 is the year to further emphasise it. Join Tiger Global, supply chain to complete your vision by working together for the benefit of the company, society, and the environment.