All posts tagged Supply chain
Environmental, social, and governance (ESG) is currently a contentious issue for both employers and employees. ESG reporting is both a moral requirement and a wise commercial decision. Particularly Gen Z and Millennial workers are aware of ESG issues and how they impact both existing and future workplaces. It is crucial to comprehend the highest degree of ESG, supply chain ESG, and the reasons why ESG is important for procurement and supply chain future.
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Sustainability is one of the defining issues of our age. Companies are overhauling the way they source, create and distribute products to achieve and promote supply chain and social responsibility.
Sustainability affects everything a company does, including how it works with its suppliers. But too many supply chain managers employ a “take-make-waste” mentality. As a result, supply chains around the globe remain fraught with inefficiencies due to wasteful use of assets. But there’s a solution at our fingertips: blockchain.
Blockchain can transition supply chain management to a sharing economy where people and companies reduce waste and decouple growth from the consumption of finite resources — thus becoming more sustainable and profitable at the same time.
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We’re stepping into the next stage in consumer-business relationships. As consumer awareness of environmentally friendly practices increases, companies need to enact significant changes towards building the ethical and sustainable supply chain of the future. One that ensures sustainable sourcing, manufacturing and product distribution.
In this article we explore 6 concrete steps to make your supply chain more ethical and sustainable.
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Automating controls and compliance with blockchain is the next step in the digital transformation of companies of all sizes and types. Blockchain technology can create greater efficiency than we’ve ever known, while reducing delays, costs and errors.
Reading time: 3 minutes. Photo by Maximalfocus on Unsplash.
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The application of smart contracts can streamline transactions across the globe. Friction points smart contracts can solve begin with the automation of trust between parties. This is blockchain’s primary purpose.
Smart contracts can reduce the operational friction required to validate ownership, identity and contractual terms by allowing participants to interact directly with one another with no middlemen providing verification.
Reading time: 5 minutes. Photo by Ehimetalor Akhere Unuabona on Unsplash.
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More and more enterprises are turning to smart legal contracts for managing supply chain ecosystems efficiently. Smart legal contracts can provide secure, accessible digital versions to all parties in a single transaction. In addition, they can also manage the workflow of approvals and automatically transfer upon all signatures being collected.
Reading time: 4 minutes. Photo by Sigmund on Unsplash
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The relationship between blockchain and supply chains has developed in recent years. Thanks to concrete examples and successful pilots, blockchain and smart contracts for supply chain automation are now gaining momentum.
In less than a decade we’ve started to see real-world applications and how some industries are already reaping the benefits. Distributed ledger and blockchain technology clearly have many far-reaching implications for global trade and supply chains.
Reading time: 3 minutes. Photo by frank mckenna on Unsplash
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