In a complex marketplace where supply chains are often opaque, customers are becoming increasingly interested in the source of the products and services they consume. Customers now expect insight into how products and services they buy are sourced, the impact the supply chain has on the environment as well as the ethics of the companies within the supply chain. To address this lack of awareness, intelligent inventory management technology can be integrated into supply chains to make end-users more aware of a technology asset’s provenance.
Sustainability is now at the forefront of many people’s minds and has sparked an evolution across the world of business. Provenance is becoming increasingly more ingrained in decision making as a result, with three key drivers pushing it up the agendas of organisations all over the world. This includes transparency, making provenance real and understanding its true value in modern supply chains.
Transparency is key
As a society, we now place more importance on where our products come from and recognise the need to eliminate unethical practices to protect the planet. This increases the need for collaboration and prompts the re-alignment of social values and business goals. From being a factor to becoming a corporate goal, the meaning of a ‘green’ company has evolved over time.
Championing a sustainable approach whilst functioning as a successful organisation has led to businesses witnessing a new wave of customers. Being environmentally aware has resulted in many changes for companies. New sustainable strategies have led to updates in services, giving them a competitive edge. Demonstrating transparency in sustainability efforts is a positive consideration, with those who remain quiet in their attempts to comply with expectations putting themselves at risk of losing customers.
Sustainability comes with responsibility and accountability. This gives companies a chance to evolve and drive improved performance for themselves and above all else, the planet. Building a successful circular economy within a business echoes the morals and values of not only the company, but also the people working there. Measuring sustainability can be a great way to recognise the efforts that the business is making towards becoming a more environmentally friendly workplace, whilst being a great way to retain and grow its customer base.
Internally, employees can be aware of the progress but leaders should also recognise what objectives they need to achieve a fully sustainable business model. Without this transparency, trust and loyalty is unlikely to be maintained.
E-provenance can help to turn knowledge and data from the supply chain into a force for good, whilst playing a big part in building value across partner relationships as provenance becomes a key part of the procurement process. The technology marketplace is huge, so end users want to know where they have received the products and associated services from and if they have been a part of a sustainable journey. Lack of awareness from businesses can be a cause for concern, which may result in a drop in customer retention, leading them to instead seek more reliable and trustworthy businesses.
We are now more aware of sustainable practices and how important it is to protect our planet. Although sustainability is by no means a new practice, with net zero on the horizon and climate change becoming more of an imminent threat, we have an obligation to educate ourselves on sustainability to preserve the planet for future generations.
As we develop as a society, so does the technology we use. E-provenance makes data more collectable across the supply chain, allowing us to recognise unethical practices within the journey from sourcing to delivery. By acknowledging these areas for improvement, businesses can continuously update their methods to become more sustainable, which reinvents the company’s ethics and values, strengthening its reputation and position in the market. By committing to new ways of working, this modern vision of the supply chain has the ability to add worth to both the products and services behind the value proposition.
Boosting the bottom line
When it comes to e-provenance, businesses that implement it are not just taking the first steps to a more sustainable way of working, but are doing what is best for the organisation and its customers. Embracing more sustainable practices will boost the bottom line across many industries and by tracking the data, companies are able to look at how its environmental practices have benefited its customers. Transparent technology and communication will be able to prove this, as well as contributing to building a community of trusted supply chains.
Over the years, the supply chain has been built to be fast and efficient, but often this focus has overlooked ethical factors. The e-provenance platform now has the capabilities to provide practices that demonstrate a sustainable future. The time to change is now and corporations are already seeing an increase in value and better service for their customers whilst making a difference to the planet.