In today’s market, every business needs greater transparency to meet consumer and industry demands. But supply chain transparency is an ambitious endeavor that is not “one size fits all.” The way a company approaches achieving greater visibility can differ depending on resources, corporate priorities, supply chain size, desired outcomes, and more.
The world of supply chains has transformed. This has meant the rise of buzzwords to describe new technologies, goals, and innovations as the industry shifts to accommodate this new world. But these buzzwords can be vague, overused, and even misused, leading to greater confusion about what they mean.
October 18th is Anti-Modern Slavery Day. This annual reminder gives businesses the opportunity to reflect on how their supply chains may be impacted by modern slavery and what steps they can take to eliminate it.
Given their use in everyday items such as mobile phones and jewelry, as well as in tools used to manufacture other products, conflict minerals are more widespread than you may think. Businesses must take steps to ensure the minerals found in their products are sourced responsibly.
Transparency in the supply chain is a hot, cross-industry topic that especially affects the automobile industry. In this context, the transition to e-mobility poses technological and infrastructural challenges to the Volkswagen Group: in order to ensure sustainable mobility, the responsible procurement of raw materials, especially of cobalt, lithium, nickel, lead and rare earths, has the highest priority.
While multi-tier supply chain transparency is challenging to achieve, it can reap serious benefits for businesses that invest the time and resources. Taking progressive steps to achieve visibility at multiple tiers can benefit businesses in five ways.
Companies around the world have recognized the importance of the UN Sustainable Development Goals and the role that business plays in helping achieve them. In fact, many have incorporated the Goals into their CSR strategies as a framework for their own corporate sustainability and social responsibility goals. Gaining greater supply chain transparency is an important first step in meeting a variety of SDGs.
Discussions about the benefits of transparency generally focus on providing end-consumers with more information about the food they eat and the clothes they wear, with the ultimate goal of generating more business. But transparency also benefits businesses internally by providing a compelling reason for employees to join, stay, and engage with your company.