{"id":207508,"date":"2024-12-03T14:18:05","date_gmt":"2024-12-03T19:18:05","guid":{"rendered":"https:\/\/www.concentrix.com\/?p=207508"},"modified":"2025-11-03T16:58:39","modified_gmt":"2025-11-03T21:58:39","slug":"transforming-businesses-value-chains-to-meet-evolving-esg-standards","status":"publish","type":"post","link":"https:\/\/www.concentrix.com\/insights\/blog\/transforming-businesses-value-chains-to-meet-evolving-esg-standards\/","title":{"rendered":"Transforming Businesses\u2019 Value Chains to Meet Evolving ESG Standards"},"content":{"rendered":"\t\t
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As the world inches closer to the UN Sustainable Development 2030 goals as well as the 2050 Net Zero objective, the business landscape has been steadily evolving and adapting to keep pace with changing ESG standards. However, without an actionable plan to restructure operations and practices, businesses could risk being underprepared for meeting current and upcoming sustainability regulations or penalized due to non-compliance.<\/span>\u00a0<\/span><\/p>

Concerning results from one survey showed that more than three in four companies acknowledged that they experience a significant lack of knowledge how to effectively execute ESG strategies in their supply chains, revealing a major gap that demands to be addressed.\u00b9 The silver lining is that this process doesn\u2019t have to be created from scratch.<\/span>\u00a0<\/span><\/p>

One way to start the process is to consider leaning on solution providers who are knowledgeable about the complexities of ESG regulations and initiatives, which can make integrating processes into supply and value chains simpler and faster for businesses of all types.<\/span>\u00a0<\/span><\/p>

However, it\u2019s not enough to secure a tech partner who treats sustainability data and initiatives as a set of boxes to be checked. The best ones set an inspiring example for other businesses by reaching far beyond minimum regulatory requirements.<\/span>\u00a0<\/span><\/p>

Speaking of examples, we won an award in August 2024 for <\/span>Best Sustainability Initiative of the Year for our ESG Impact Accelerator \u201cProject Change\u201d<\/span><\/a>.<\/span>\u00a0<\/p>

Roundtable Discussion<\/span><\/h2>

We also recently hosted a virtual client<\/strong> roundtable featuring thought leaders and field experts who discussed the top best practices designed to help companies in the EU recognize the importance of executing an effective ESG strategy.\u00a0<\/span>\u00a0<\/span><\/p>

Missed the roundtable or just need a refresher? We\u2019ve compiled the main takeaways from the event. Here are seven ways businesses can start integrating ESG regulations into every aspect of their supply chain:<\/span>\u00a0<\/span><\/p>

1. Leverage External Platforms\u00a0<\/h3>

Companies who struggle to tackle ESG goals by themselves due to staff shortages or bandwidth constraints make use of software that specializes in sustainability processes. These tools are designed to streamline an organization’s ESG program by tracking, reporting, and assessing their suppliers’ performance while providing them with standardized assessments. This type of software also enables them to easily make measurable improvements to their ESG initiatives over time.<\/span>\u00a0<\/span><\/p>

2. Integrate ESG into Procurement Processes<\/h3>

Other businesses incorporate ESG criteria directly into Request for Proposal (RFP) processes.\u00b2 For example, some companies can apply ESG standards from selecting suppliers or negotiating contractual terms. Integrating these measures into every step of the RFP ensures that sustainability is considered from the outset of any new supplier relationship.<\/span><\/p>

3. Adopt a Segmented Approach for Evaluating Suppliers<\/h3>

Supplier evaluations aren\u2019t one size fits all. Nowadays, companies who operate or do business in the EU are using segmented approaches to achieve Net Zero, social and compliance goals.<\/span>\u00a0<\/span><\/p>