While many companies are eager to share their efforts to create an ethical supply chain, most of these efforts are not geared toward social responsibility issues, according to a report from The Economist Intelligence Unit.
The report, sponsored by Standard Chartered Bank, surveyed 100 global business leaders, 40 of which held C-suite or board positions. The EIU also spoke with more than 50 external experts and practitioners via interviews or roundtable discussions.
Here are four survey findings.
- Four-fifths of respondents say they have a responsible supply chain, but only 25 percent reported addressing issues like child labor, gender inequality or climate change.
- Thirty percent of companies have decreased their focus on supply chain responsibility over the past five years.
- Twenty-seven percent of respondents are willing to work with noncompetitors to improve supplier standards, and 23 percent are willing to collaborate with competitors.
- The report says companies can boost their social responsibility by using digital technologies to better monitor their supply chain and partner with other companies to set industry standards.
More articles on supply chain:
Herbal coffee recalled for containing erectile dysfunction drug ingredien
Puma Biotech earns FDA approval for breast cancer drug
A supply chain expert on what your performance dashboard is missing