Supply chains are the biggest violators of global ESG standards. Whether social, environmental or financial, supply chains have negative impacts. This is an unescapable fact of a global supply chain system.
The issue is that there is no ‘fix all’ solution to supply chain issues. Improvement must be an ongoing exercise. However, there are ways that companies can lessen their social and environmental impact, with the help of innovative technology.
Environmental, social and corporate governance (ESG) and why it’s important in global companies
ESG sits at the core of company processes, especially those with large supply chains. All businesses have an impact on the environment and on people, regardless of the discipline. From fashion to mining, there are many vulnerable people that are exploited as part of global supply chains.
Often, companies sourcing do not even know that they are sourcing from conflict sources. Rather, they lack visibility over their supply chains as a whole. This can have a negative impact on both reputation and overall revenue.
Technology is helping us get to good standard
Technologies such as blockchain, artificial intelligence, machine learning and automation all play a part in helping us move towards a better standard of environmental, social and corporate governance. For example, artificial intelligence can help to pinpoint points of social and environmental improvement in the supply chain.
Blockchain can allow executives to have better transparency over their data. It can also help companies provide better transparency to their clients and customers.
Blockhead Technologies has created a suite of products that support ESG reporting. These include STAMP Supply and STAMP Fuel. STAMP Supply tracks data throughout the supply chain and can monitor a myriad of measurables.
STAMP Fuel tracks fuel throughout your entire company and centralises it in one secure platform. It also identifies any fuel anomalies through an easy-to-use dashboard.
Blockhead also offers STAMP Vision, a platform designed specifically for the precious metals sector to verify the authenticity of gold. It is being trialled in collaboration with ABC Refinery.
Overall, technology allows us to track where our assets are going, and identify if there is any environmental or social harm involved. This then enables us to remove the unethical or unsustainable practices from our supply chains.
Our platforms are versatile and can be delivered on their own or as bespoke products. They integrate a very of tech from blockchain technology to artificial intelligence. You can find out more about Blockhead here or contact us here for more information or a demo.