by Vishal Patel
“Companies that fail to adapt to climate change will go bankrupt without question.“
-Mark Carney, Bank of England Governor
Those are some very forceful words from Mark Carney, Bank of England Governor, but he’s not entirely incorrect. The world continues to change and evolve, and supply chains are not excluded from that process. In fact, currently 80% of the carbon footprint comes from the global supply chain.
With this mounting pressure to commit to Net Zero and CPOs goals and incorporate sustainability metrics into all aspects of procurement decisions and processes, businesses are looking to elevate ESG strategies with a mind for climate change, ethical social practices and stronger governance models. Now is the time to act, and to engage your supply chain on this important global issue.
Creating a Sustainable Supply Chain Strategy – The IKEA Story
IKEA has worked hard to define their sustainability goals and implement a multi-faceted approach to create a better life for all through the restructuring of social, environmental and economic efforts and Ivalua offers the tools your organization can leverage to achieve these results.
We understand sustainable procurement and how important it is to evaluate where and how you spend your money and how you are vetting and selecting your suppliers and partners, ensuring that business with suppliers is conducted in a manner that aligns to certain environmental, social and ethical standards.
IKEA has one of the most ambitious sustainability initiatives out there, embodied by what they refer to as IWAY. IWAY is IKEAs supplier code of conduct for responsibly sourcing products, services, materials and components. It is a mandatory standard and sets clear expectations for environmental, social and working conditions, as well as animal welfare, for all suppliers and service providers that work with IKEA.
IWAY principles are based on internationally recognized standards and principles, such as the UN Guiding Principles on Business and Human Rights (UNGPs), the 10 Principles of the UN Global Compact, the UN Sustainable Development Goals (SDGs) and the ILO Centenary Declaration for the Future of Work, among others.
Ivalua partnered with IKEA and Capgemini to discuss this issue during an engaging learning opportunity. You will learn more about:
You can access the full webinar with IKEA and Capgemini by downloading the replay.
Vishal has spent the last 15 years in various roles within the Procurement and Supply Chain technology market. As an industry analyst, he researched and advised organizations in various industries on best and innovative practices, digitization and optimization. He brings a thorough understanding of market trends and digital technologies that can help enterprises be more effective with their Procurement and Supply Chain strategies. He works to ensure that organizations are empowered with technology platforms that enable flexibility, innovation, and agility.
You can connect with Vishal on Linkedin