A recent poll conducted by Ivalua and Forrester Research of 467 business decision-makers worldwide, examines how companies approach corporate social responsibility (CSR).
With more customers selecting brands based on CSR values, 69% of decision-makers said their companies' sales grew as a consequence of CSR initiatives. However, 35% say their businesses lack systems to improve collaborations and empower supply-chain partners to support their CSR policies.
Despite sustainability being a top priority, just 33% of decision-makers have defined official CSR policies and targets. 67% are actively measuring CSR performance. Brands face challenges like the inability to adequately monitor individual supplier performance and gauge supply chain performance.
Allowing suppliers the flexibility to meet the requirements, was the most efficient strategy to improve sustainability. David Khuat-Duy, founder and CEO, Ivalua states, businesses looking to accelerate CSR initiatives should “empower procurement teams and suppliers with the technology.”
[2 minute read]