LONDON, June 1, 2020 /PRNewswire/ -- As climate change has become the focus of so much worldwide debate, sustainability has been thrust into the strategy of nearly every business function – few as much as the supply chain. A sustainable supply chain can identify and mitigate risks associated with forced labour, dangerous working conditions, information security lapses, quality issues, environmental waste, corruption and more. And as we face a new, deadly crisis in the form of Covid-19, other benefits of having sustainable supply chains – such as resilience, risk mitigation and continuity – have become even more obvious.
In an article for Business Reporter, Pierre-Francois Thaler, co-CEO and co-founder of EcoVadis, points out that sustainability in supply chains isn't just good for the planet, it can also generate revenue for those who buy into it. Indeed, 88 percent of studies have found that companies adhering to social or environmental standards experienced greater operational success. But a global pandemic represents huge challenges to supply chains. Procurement teams might end up inadvertently using less reputable sources in the rush to find alternative supplies, for example, leading to issues later down the line. Vendors could be hit by a data breach, or a critical plant closure. Any additional and preventable threats that disrupt supply continuity or damage brand reputation could be devastating.
Thaler outlines the phases that can help to frame a response to these rapidly evolving new supply chain risks. This approach can help procurement teams to first focus on identifying suppliers most at risk and securing employee safety, before moving on to re-establish or reroute supply, helping fragile suppliers and managing risk trade-offs. And companies that have committed to sustainable supply chains, says Thaler, are in the best position to benefit from this approach because they have already taken actions to protect the supply chain, with proven procedures to ensure transparency and monitor performance.
Sustainable procurement has been paying off – and indeed, have become indispensable – for companies that have already engaged in driving supply chain sustainability performance, says Thaler. Sustainable supply chain practices can help companies navigate muddy waters with agility and flexibility, strengthened supplier relations and visibility, and positive bottom-line impact. To find out more about what they can do for your business, you can read the article here.
Notes for editors
This press release has been provided by Business Reporter (www.business-reporter.co.uk).
About Business Reporter
Business Reporter is distributed with The Daily Telegraph, The Sunday Telegraph and City AM, with each publication reaching an average of 1.5 million people.
Content is also published through the Business Reporter and teiss websites, which include video debates, online articles and digital magazines, delivering news and analysis on the issues affecting businesses to a global audience.
Business Reporter also hosts conferences, breakfast meetings and exclusive summits, events which bring together some of the most influential decision makers and innovators in modern business. These exclusive events for business leaders give Business Reporter direct contact with readers and help to inform the content and direction of its editorial projects.
Business Reporter is committed to the UN Sustainable Development Goals, and was the first UK member of the UN SDG Media Compact. We have launched a website dedicated to showcasing the work of companies towards these goals at 17globalgoals.com.
Business Reporter is committed to providing meaningful analysis to everyone in business. Whether you're running a small business, the head of a local company or an executive in a multinational corporation, there's something for you at Business Reporter.
EcoVadis is the world's most trusted provider of business sustainability ratings, intelligence and collaborative performance improvement tools for global supply chains. Backed by a powerful technology platform and a global team of domain experts, EcoVadis' easy-to-use and actionable sustainability scorecards provide detailed insight into environmental, social and ethical risks across 200 purchasing categories and 160 countries. Industry leaders such as Johnson & Johnson, Verizon, L'Oréal, Subway, Nestlé, Salesforce, Michelin and BASF are among the more than 65,000 businesses on the EcoVadis network, all working with a single methodology to evaluate, collaborate and improve sustainability performance in order to protect their brands, foster transparency and innovation, and accelerate growth. Learn more on ecovadis.com,Twitter or LinkedIn.