Recently, consumers are starting to be more climate conscious with about 1 out of 3 consumers willing to pay for sustainable alternatives. This highlights the importance for businesses to start pivoting to become more sustainable.
Read below to know more about the upcoming sustainability trends in 2023.
Sustainable Supply Chain
Did you know that 60% of consumers rate sustainability as an important purchase criteria? This means that companies should look into making their business processes such as making the supply chain more sustainable. With the help of digitalisation, supply chains would not only be more efficient but also sustainable.
Digitalised companies are able to track and quantify the resources consumed and the emission generated by company activities and its supply chain ecosystem. This allows the company to identify areas of improvement and help it set goals and milestones that can be transparently communicated to external stakeholders
Sustainability Reporting
With the help of digitalisation, sustainability reporting is becoming more transparent and trackable. Sustainability reporting is the disclosure of sustainability related goals, which also includes the communication of progress towards these objectives. Sustainability reporting provides upper management with actionable insights to plan sustainability milestones and targets which can ultimately be shared to external stakeholders and the public.
Besides being the right thing to do, sustainability reporting can definitely help in the reputation of the company and customer loyalty. With more consumers being more aware, they would also be more likely to buy from companies that are transparent about their journey in sustainability .
Sustainability reporting also helps to enhance one's competitive advantage. Since sustainability reporting is not as widespread, your business can gain an edge over your competitors and industry counterparts by having a stronger brand reputation.
To conduct sustainability reporting, start by establishing sustainability goals. For example, it could be simpler goals such as using cloud systems to store your documents instead of printing them. In general, it is a good time to assess your processes. From creating these sustainability goals, set some KPIs to work towards achieving them.
Implementation of Sustainability
As countries work together towards a sustainable future, Singapore aims to be waste zero by 2030. With that, fostering a circular economy is crucial. Businesses can do so by implementing a well-thought, sustainable process end-to-end.
Take a look and analyse existing processes to see if there are any ways to improve sustainability. This provides the business with many benefits. Besides making the company more sustainable, you would be able to find potential business weaknesses such as redundant business processes or inefficient processes that can be further streamlined.
The sustainability process should also aim to design out waste and pollution. For instance, look at removing the usage of single use plastics and using reusable packaging.
For more tips and trends, download the EBook "Thriving Through 2023: A Handbook For Business Owners" by submitting the form below.
