In this post Phil Bulman, managing consultant at Vendigital, shares his thoughts on what impact the Modern Slavery Act is having on supply chains and what needs to be done to make it even more effective.
New items of legislation for transparency within procurement should not be treated with annoyance but should serve as a springboard to look within your own company at ways to improve the transparency of your own supply chain.
A common question: will auditing the supply chain reveal issues that will prove costly and damaging? Is it best to leave as is until an issue manifests? If the last question sounds familiar then it's definitely time to re-evaluate your approach.
Behind the positive messages that corporations and procurement teams produce about action to improve the sustainability of supply chains, what measures are they taking and how heavily are they investing?
In September this year the draft ISO14001 standard will be published and open for consultation before a final document is released in January 2015. It marks a turning point in how environmental standards fit within business cultures and how organisations approach the idea of sustainability within the supply chain.
By 2025 procurement functions will be asked to move beyond cost management and to create economic and social value. This change will be a consequence of the generational shift in the understanding of sustainability that will take place as the last of the 'Baby Boomers' retire.