IMPORTANCE OF SUPPLY CHAIN MAPPING AND RESPONSIBLE SOURCING
R&C: Could you outline the factors that are causing a push for more transparency across supply chains?
Morrison: Consumers want products that are safe, sustainable and responsibly sourced. When making a purchase, consumers want to know where it was made, how it was made, and its impact on people and the planet. To deliver on these expectations and secure consumer trust, modern businesses must ensure their supply chains are transparent, connected and compliant with consumer values. In addition, resiliency in a business’ supply chain is a business necessity. Transparency helps build supply chain resiliency.
R&C: Given that sustainability and transparency are of growing importance to consumers, investors and regulators, are you seeing more companies engaged in responsible sourcing throughout their supply chain?
Schloesser: More and more investors are factoring sustainability and transparency into their investment decisions. Transparency and responsible sourcing is how successful businesses do business. To achieve transparency at scale, organisations must establish a shared vision across all stakeholders in their value chains, one that fosters open communication and data exchange. Companies that support supply chain transparency at scale create the most valuable asset to drive brand relevance and revenue: the ability to engage current and new consumers in their journey. Responsible sourcing requires collaboration with suppliers and among internal teams. It requires collecting and monitoring vast amounts of data to identify risks and assess compliance. In-depth and comprehensive supply chain knowledge is crucial to ensure products are safe, sustainable and responsibly-sourced – from raw material to finished good.
Jan-Mar 2024 Issue
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