By Anthony Payne, CMO of HICX
As environmental concerns continue to take centre stage, businesses are under more pressure than ever to act sustainably.
According to a Deloitte study, 45 per cent of Gen Z consumers have stopped buying certain brands due to sustainability concerns. Other stakeholders such as employees, investors, and governments, also expect better business practices.
Sustainability is now a topic for many boards. But it needs to be established on the corporate agenda for good. To make this happen, we need to rethink how we work with suppliers.
Organizations are recognizing that they will make little progress in sustainability without the full participation of suppliers. At the heart of this is accurate, current, and complete supplier data.
To collect, analyze and report on this data as it relates to sustainability, large organizations are running hundreds of data gathering exercises a year. But simply surveying suppliers regularly doesn’t necessarily lead to the best results.
To make the most of these exercises, it’s essential to communicate with the right supplier segments for each campaign. Consider essential information goals, and how they can be reached. What information is required? Why and how often? Who is best placed to provide this material?
Investing the time to plan the survey approach leads to efficiencies. For example, an organization may need to determine whether it is following sustainable packaging regulations. Procurement can group suppliers by category and country and set up a process in which data is received in a sequence, starting with suppliers in countries with stricter legislation.