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A sustainable supply chain can bring in more value to the company. At present and even in the future. The key to achieving the ideal corporate responsibility of the firm is by compliance.
FREMONT, CA: Consumer goods companies are facing both sides of the coin in terms of financial development. This is about to change as studies predict that the consumer class might swell up to around 1.8 billion people by the year 2025. The environmental impact of humanity offsets the rise in the number of people willing to spend an increasing amount of money. The process of making the supply chains and procure-to-pay much more sustainable and green has become the top priority for many companies.
According to McKinsey, consumer packaged goods companies with below-average environmental and social sustainability performance will experience a downslide going forward. To stay ahead in business, specific trends and upgrades need to be compulsorily taken to maintain the position of power. As times and technologies change, it is easier now more than ever to increase measures taken towards social and environmental responsibility.
1. Develop the Business Case:
Corporate values have driven many enterprises to take up the supply chain issues, especially those whose business cases are industry, business strategy, stakeholder expectations, and supply chain footprint-based. The efficiency of the supply chain and risk management are a few of the contributing factors in supply chain sustainability. By integrating global principles with compliance programs, enterprises can address the supply chain disruptors and maximize efficiency.
2. Benchmark against Peers:
As the identification of business drivers is essential, analyzing the external landscape is essential too. The companies need to develop business partnerships by decoding the strategies of the competitors. The focus should be streamlined on the internal structure and business cases in the supply chain ecosystem. The program to enhance the supply chain sustainability needs to include initiatives for strengthening the supplier relationships, and also comply with the codes of conduct.
3. Understand Stakeholder Expectations:
By understanding stakeholders’ expectations, companies can identify and improve to stay ahead of the curve. This section includes both customers and investors, as it is essential for the firms to understand that demands that are put forward. The identification of relevant standards to enhance the sustainable supply chain management can be carried out by the enterprises. Proactive measures to arm the company from any emerging risks and to accept the right opportunities in the supply chain is also of utmost importance.