Evaluate how each supplier positions themselves, what they represent for your business and which challenges impact their ability to deliver your products and services, minimizing risk in alignment with your own ESG goals.
Understand how each supplier fulfills or mitigates risk for your company and deliver greater awareness to them, setting KPIs, tracking their performance and improvements over time.
Determine which ESG frameworks and other reporting will be a part of your sustainability disclosure program and identify all requirements, including the impacts of your supply chain.
Set the right KPIs
Ensure that you get the data that best serves your ESG programs. Setting key performance indicators (KPIs) that make sense for you, your suppliers and your ESG goals is a great way to make sure your supply chain has a clear understanding of what is important and what is necessary. To accurately track and manage suppliers, your KPIs should remain consistent for long-term comparability and performance tracking.
Support suppliers in meeting compliance standards
Even with the best of intentions, suppliers may lack the institutional knowledge or resources needed to meet new and challenging ESG requirements, targets and policy frameworks. Start by listening to determine the types of support they need so they can help you achieve your ESG goals faster and with greater consistency.
Collaborate on your joint journey toward sustainability
From an environmental and social perspective, your suppliers’ impacts are your impacts. And, as a customer, you can and should play a direct role in changing the way your suppliers operate and provide their products and services.