BETTER FOR THE PLANET , BETTER FOR COMPANIES
Michael Stockdale , Group Head of Supply Chain and Logistics at Red Sea Global , highlighted the two-way street of benefits that come alongside a more sustainable supply chain .
Michael said that supply chain sustainability should be monitored from four key perspectives : Environmental , Social , Economic , and Governance .
Developing a sustainable supply chain can lead to many advantages , including :
• Speed to market : Sustainable products have fewer regulatory hurdles and more
• Delivery of value-additions : Reduced costs of raw material and manufacturing and also improved manufacturing processes
• Risk management : Potential to prevent or reduce product related risks and the restriction of problematic materials
• Product differentiation : Potential to differentiate the product from those of competitors
• Streamlined manufacturing and processing
• Regulatory compliance : Sustainable supply chains are , generally , more compliant with social and environmental law and regulations
• High market demand : Consumers and regulators are increasingly aware and demanding of sustainably produced products
• Employee productivity : Improved employee health and safety
• Reduced costs : Achieved by reducing input materials , waste , and energy inputs
• Lower production costs : Reduced food loss and waste . Approximately one third of all food produced for human consumption is not consumed
• Brand reputation : Sustainable companies are more attractive to consumers , investors and other stakeholders
• Talent attraction and retention : Sustainable companies are more attractive to employees
• Market development : Opens new markets , including internationally