LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of supply chain management solutions, has announced the completion of their latest article on how can companies get started on supply chain sustainability while applying global compact principles.
Adhering to international principles for sustainable business conduct has been a major challenge for businesses. By implementing supply chain sustainability practices, businesses can create, protect, and grow long-term environmental, social and economic value for all suppliers involved in the supply chain. They can also promote good governance throughout supply chains and ensure the availability of goods and services in the market.
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At SpendEdge, we understand that achieving supply chain sustainability is crucial to protect the long term viability of the business. Therefore, we have outlined the key steps involved in developing supply chain sustainability.
Steps to Get Started on Supply Chain Sustainability
Step 1: Develop the business case
Most businesses are driven by their corporate values to address supply chain issues. Their business cases are based on industry, business strategy, stakeholder expectations, and supply chain footprint. Risk management and supply chain efficiency are a few of the most common drivers for supply chain sustainability. By integrating Global Compact Principles with compliance programs, companies can better address supply chain disruptions and improve supply chain efficiency.
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Step 2: Benchmarking against peers
Analyzing the external landscape is as important as identifying business drivers. Companies need to understand their competitors' strategies and develop business partnerships accordingly. They must focus on the internal structure and business cases for supply chain sustainability. Also, codes of conduct and initiatives for supplier relationships should be incorporated into the supply chain sustainability program.
Analyzing competitors’ strategies is critical for companies to develop business partnerships. Request a free demo from our experts to access our smart procurement solutions and improve decision making.
Step 3: Understanding stakeholder expectations
Understanding stakeholders' expectations is imperative for companies. This includes inputs from both customers and investors. Companies can identify relevant standards to sustainable supply chain management, take proactive measures to address emerging risks, and identify opportunities in the supply chain.
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About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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