ELEVATE SHARES FIVE KEY TRENDS IN SUPPLY CHAIN MANAGEMENT IDENTIFIED AT RECENT 2022 LEADERSHIP SERIES EVENT
Conference Brought Together Responsible Sourcing Leaders Across Financial, Technology, Apparel and Food Sectors
Speakers Highlight That Businesses Around the World Must “Know Their Suppliers”
NEW YORK CITY, October 27, 2022 – ELEVATE, an industry leader in ESG, sustainability and supply chain services in more than 100 countries, today shared five key trends outlined at its recent 2022 Leadership Series event held at the New York Stock Exchange.
The one-day conference, held on October 4, featured value-creating insights into trends, government policies; increased requirements associated with supply chain due diligence, and best practices associated with supply chain management, responsible sourcing and matters of ESG around the world. Participants included responsible sourcing leaders across financial, technology, apparel and food sectors.
The conference focused on (1) new forced-labor regulations wherein shipments can be detained and supply chain disruptions exacerbated; (2) increasing investor activism on behalf of those who want to see better ESG performance and the financial industry coming under greater scrutiny for the way they classify investments and funds as ESG; (3) public responsible sourcing commitments made by companies and the need for say-and-do alignment; and (4) expectations associated with companies providing transparent information about their supply chains, while doing a better job of managing inherent risk throughout their respective ecosystems. Speakers highlighted that businesses must “know their suppliers.”
Dr. Kevin Franklin, ELEVATE’s Managing Director said, “This year’s Leadership event, our 12th annual gathering, was a rich dialogue between supply chain leaders who share a singular focus on sourcing products in an ever-changing world. We are in the midst of a global sourcing environment that represents a near-perfect economic, post-COVID and regulatory storm for people who are working diligently to provide consumers and manufacturers what they need, when they need it, where they need it. Doing so in a way that meets expectations for responsibly sourced goods.”
Dr. Franklin set the stage for the meeting by outlining key trends influencing supply chain work today, including:
- A bumpy recovery from the global COVID-19 pandemic, which continues to hinder performance of global supply chains across literally every country, business sector and every product;
- Political instability, conflict and war that is influencing our ability to source confidently, reliably and responsibly with significant impact on society, workers and migration;
- Economic concerns including rampant inflation, higher interest rates, a global recession and a lack of economic confidence;
- Dramatic region-by-region impacts from climate change, which are leading to meaningful supply / raw material disruptions and increased costs and uncertainty; and
- New stringent legislative pressures and regulations, which are intensifying faster than anyone anticipated and moving from theory to reality – catching many unprepared!
“Today’s global trends require companies to quickly transform how product is sourced around the world. It’s no longer business as usual,” Dr. Franklin added. “Society is rightly expecting businesses to fulfill their obligations to source product in a way that is ethical, consistent with the rule of law and the protection of human rights. Those are reasonable expectations. At ELEVATE, we help our clients transform their approach to responsible sourcing in a way that leads to necessary change, a socially responsible approach to business and value creation for key stakeholders. Maintaining this unwavering focus on traceability, evidence and compliance despite economic concerns will be critical. Economic concerns and global instability cannot be an excuse for businesses to do less.”
The ELEVATE Leadership Series conference offered a roadmap for navigating and operationalizing this transformation.
To learn more about future events and webinars visit: Engage.
ELEVATE, an LRQA Company, is an industry leader in ESG, sustainability and supply chain services globally, with more than 17 years’ expertise in designing, building and managing data-driven, sustainability linked programs that drive positive impact. ELEVATE’s business-minded perspective and relentless focus on transparency, innovation, sustainability and measurable impact delivers lasting positive change for companies, brands and retailers, suppliers, factories and workers.
Having built an extensive global portfolio of clients, including corporations with international supply chains, suppliers, investors and banks, industry coalitions, NGOs and governments, and an operating footprint across 100 countries, ELEVATE currently conducts over 20,000 assessments and audits per year, to the highest standards of quality and integrity.
LRQA is a leading global assurance provider, bringing together decades of expertise in brand assurance, certification, cybersecurity, inspection and training, to help its clients negotiate a rapidly changing risk landscape.
Operating in more than 160 countries and recognized by over 30 accreditation bodies worldwide, LRQA covers almost every sector, and prides itself on the highest standards of quality and innovation as it helps clients to manage risk across the entire supply chain, drive operational improvements and build credibility with stakeholders.
On behalf of ELEVATE