As pressure from important stakeholders continues to rise, businesses are expected to report on the impact from their supply chains as well.
Some suppliers may be unwilling to support the company’s sustainability agenda, while some may simply be unable to. This means brands will have to invest in supplier development programs and enhance supplier innovation. Similarly, businesses must build deeper relationships with suppliers based on shared sustainability goals.
Brands should also incorporate sustainability objectives in their decision-making process. For instance, while awarding new businesses to suppliers, Vodafone reserves 20% of its criteria for its ability and willingness to support its sustainability agenda.
Brands can work towards more sustainability-oriented strategies by relying on technology solutions like survey-based risk monitoring solutions and traceability applications. Similarly, businesses must feature sustainability metrics while evaluating internal staff and supplier performance.
[4 minute read]
