supply chain sustainability singapore

Monitor factory efficiency and analyze productivity to reduce unplanned downtime and outages. Organizations can help reduce waste and ensure sustainability by incorporating circular economy initiatives into their supply chain. Wei Chuen CHUA, Acting VP and Head, Supply Chain & Connectivity at EDB, on Singapore's role as a supply chain and logistics hub, and how Singapore is transforming to support companies' evolving needs, followed by a discussion between Mr. . Samsung monitors risks and offers feedback, Suppliers are notified of their final assessment outcomes at the end of each year, Suppliers develop and implement improvement plans, and Samsung provides assistance, The ownership oftechnology patents and R&D investment, Failure rates and quality management system certification, Engagement in our policies and activities for innovation, Increase rate in transaction value and competitiveness in cost, Workplace safety and international certification, Labour & human rights in the workplace and anti-corruption. 1OOuH{+sHWJLE;Ye]6qS4PCm:o,\sn$p0l#wv'JZVa>6 J\>4'o1=A]%ZSb"5U55 This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Foreign language proficiency of workers is also weak compared to other countries in the region (Singapore, Thailand, Malaysia,) (9). But the supply chain doesn't end when the product hits the market, and neither does supply chain sustainability. 2022 marks the Ministry of Sustainability and the Environment's 50th Anniversary (MSE50). Improve visibility across the supplier network and ensure fair trade compliance by maintaining a sustainable ecosystem of suppliers and partners. Sustainability in the Supply Chain. Adopt circular economy strategies with a more sustainable supply chain. Organizations must find ways and solutions to implement eco-friendly sourcing and practices within their supply chain to gain a competitive advantage while still growing profit. The responsibility of sustainability is no longer limited to the individual, but it extends to corporations, industries and even governments. Learn with the Flow: Digital Adoption Tactics That Drive Digital Transformation, Post-COVID Supply Chain Planning: Steps to Take Now for Rapid Recovery, The Current State of Warehouse Technology, Prove ROI and Make the Business Case for Industrial Content Marketing, How to achieve six-figure benefits from digitizing paper-based supply chain operation, 2019 Supply Chain Brief Summer Reading List. Additionally, many companies today are placing an increased focus and significance in assessing the wherewithal of a Logistics Service Provider by their sustainability and digitalization initiatives and capabilities aside from rates and service levels. Last Mile Innovation with Emma Cosgrove . Sustainability Thus, minimizing waste. Key Factors for Implementing Green Reverse Logistics, Logistics Risks of Storing and Transporting Lithium Battery, Application of RFID Sensors for Logistics Technologies, Crucial Factors for Tender of Construction Contract, Key Considerations for Construction Procurement, Software and Tools for Digital Procurement, Effective Practices for Sustainable Procurement, Key Challenges for Supply Chain Sustainability, Practical Techniques to Control Food Inventory, Essential Techniques for Warehouse Efficiency, Practical Techniques to Control Warehouse Inventory, Key Success Factors for Warehousing Services, Effective Warehouse Operations for Steel Industry, Digital Technologies for an Automated Warehouse, Key Success Factors for Warehousing of Electronic Products. 0000019498 00000 n Many have long-term strategies but struggle to measure their progress. . . If you do provide consent, you may change your mind and unsubscribe at any time. In Singapore, the movement towards sustainability has begun accelerating on several fronts: from smart logistics and master planning to the increase in demand for smart and green buildings. For information about how we use information you provide to us, please read our Privacy Policy. Oracle Cloud SCM solutions support sustainable business operations by enabling companies to, Establish standards for sustainable product design and packaging with Oracle Product Lifecycle Management, Collaborate with ethical suppliers and source materials responsibly with Oracle Procurement, Eliminate wastage and overspending with Oracle Demand Management, Ensure high productivity and resource utilization with Smart Manufacturing, Evaluate impact in your supply chain on financial targets with Oracle Sales and Operations Planning, Monitor in-transit shipments and maintain product quality with Oracle IoT Intelligent Applications, Reduce emissions, ensure compliance, and drive route and warehouse space efficiency with Oracle Logistics, Gain transparency and multitier visibility with Oracle Intelligent Track and Trace, Jon Chorley, CSO and GVP, SCM Product Strategy, Oracle. Ensure sustainability benchmarks, targets, and guidelines are clearly defined and understood by all stakeholders and suppliers across the supply chain Job Requirements Min bachelor's degree in sustainability, environmental science, or similar education background relevant to Sustainability or Environmental Science and/or possess min 3 years . Customer demands for socially responsible consumer goods are being met. Survey responses from 525 senior supply chain executives show how global organizations are approaching a frontier of financial and nonfinancial opportunities in supply chain sustainability. General Manufacturers: Expand supply chains in Southeast Asia and enjoy these benefits Read More Trending Cost reduction: reducing material waste, improving efficiency and reducing their carbon footprint, Revenue growth: examining how a sustainable supply chain can affect market share, stock price and profitability, Risk management: managing regulatory and compliance risks, and building resilient sourcing strategies, Intangibles: exploring how sustainability improves customer loyalty, brand reputation, innovation, employee quality of life and retaining talent. A good example is one company that implemented a no-shipment, however small, leaves any of our factories without a Certificate of Origin approach which drove thinking and efficiencies that led to multiple-millions of dollars of annual savings for very limited sustained effort. For this to work, benchmarks, policies, targets, and guidelines must be spelled out. A three-year strategic roadmap to promote fashion supply chain sustainability and responsible procurement was launched in Singapore on 30 November between the Textile and Fashion Federation (TaFF) and PEFC International. In the longer term, three to five years, 54% of respondents expect increased share price or other indicators of shareholder value. US Environmental Protection Agency, "Supply chain guidance - information for organizations interested in reducing their supply chain emissions," 4 February 2022. Turn this off at any time. He has more than 20 years of functional and consulting experience in running growth and transformation programs for large multi-nationals across O&G, Chemicals and e-commerce industries. Locate new warehouse space in existing urban areas for keeping live animals so undeveloped lands stay untouched. A Singapore Government Agency Website How to identify Supply Chain Amid supply chain challenges, Southeast Asia provides diverse capabilities for businesses looking to expand. eBay Singapore. 0000026902 00000 n An organization needs to stimulate an environment of innovation and thought leadership to maintain a competitive edge. Helping companies transform, create value and optimize business performance. This is why we adopt a fair and transparent process in operating our supplier registration system for new suppliers while performing annual assessments to assist our suppliers in reinforcing their competitive edge and minimising relevant risks. Developing supplier collaboration allows organizations to manage risks and impacts of their supply chain operations while capitalizing on opportunities for value creation. It requires participation of the board of directors, shareholders, and management in a collaborative environment to formalize a strategy. Most organizations embrace partnerships and collaborations by encouraging and driving creative innovations to achieve sustainability goals. Embed ethical and sustainable supply chains into your organization. Hn,Mx6'Wbx! 0000137370 00000 n Indonesia While Indonesia is one of the world's largest producers of coal, banks have increasingly shunned the industry, with Singaporean, Japanese and South Korean banks setting . Because of its deep reach, supply chain finance is ideally suited to supporting trade for suppliers who meet acceptable thresholds against ESG ratings or metrics, such as gender equality, responsible sourcing criteria and labour practices. However, the business case benefits for some companies stretch beyond cost savings to increased productivity, profitability and better management of operational risks. Suppliers perform self-assessment based on the evaluation items which is related with business competitiveness and sustainability. These complex global networks can also be incredibly . remember settings),Performance cookiesto measure the website's performance and improve your experience,Advertising/Targeting cookies, which are set by third parties with whom we execute advertising campaigns and allow us to provide you with advertisements relevant to you. We secure an all-encompassing competitive edge in cost, delivery, quality, technology, and human resources in order to maximise synergy, speed, and efficiency with our suppliers and create a corporate ecosystem that enables sustainable growth. The ISCC is a sustainability certification encompassing the entire biobased feedstock and renewable supply chain. Future supply chains will need to be much more dynamicand be able to predict, prepare, and respond to rapidly evolving demand and a continually changing product and channel mix. By viewing our content, you are accepting the use of cookies. A lack of business case to support expenditures and processes to track sustainability improvements may stall funding support for future initiatives. Andrew Winston, "The Business Case for Sustainability," Harvard Business Review Whiteboard Session, 13September2017. The Vietnamese Cold Chains potential to develop is evaluated to be ranked 17th worldwide (1). This analysis focuses on four Southeast Asian economies: Singapore, Thailand, Indonesia and Malaysia. And although increased end-to-end supply chain visibility is a top priority, it remains a work in progressonly about fourin 10 respondents (37%) have seen increasing visibility. Expand your ROI measurement to include intangible impacts and sustainability outcomes. At Oracle, our goal is always to make sustainability an intrinsic part of all our conversationswith customers, customer advisory boards, and with the people who are creating our products. End-to-end supply chain transparency is critical; sustainability initiatives must extend from raw materials sourcing, to last-mile logistics, and even to product returns and recycling processes. Finally, they are most likely to use sustainable supply chains to safeguard their corporate brand (33% compared with 14% of the group overall). Additionally, we encourage suppliers to partner with smelters certified by the RMAP (Responsible Minerals Assurance Process), and require uncertified smelters in our supply chain to become certified by the RMAP. Supply chain executives who have made progress in the sustainability frontier can offer additional insights about leading practices. Gain visibility into product and cargo conditions in transit, minimizing spoilage and ensuring products arrive in perfect condition. "Global supply chain activities are estimated at US$19tn by the World Trade Organization," says Nair. Tim at ARTC Singapore. Singapores Status a Global Hub. However, financial performance is not the only benefit to expect. In a competitive global environment, visibility is crucial for organizations to make accurate, strategic business decisions and respond to necessary supply chain events that could impact profitability and customer experience. With such dramatic reductions in flights, Singapores status of a logistics hub was put severely at risk. EY helps clients create long-term value for all stakeholders. Better collaboration with suppliers also helps to offer new opportunities including access to capital . Supply Chain Certification Standard - Auditor Training Course PEFC Chain of Custody . About MSE50. You may withdraw your consent to cookies at any time once you have entered the website through a link in the privacy policy, which you can find at the bottom of each page on the website. Develop methodologies to measure risk for each supply chain node, warehouse, factory, supplier, geography, or transportation node. Supply chain sustainability. Power Your Business Sustainably Through Solar Energy. 0000114274 00000 n By supporting a healthy and sustainable workforce, and making a stand against corruption and environmental impact, you will add value to your business. Struggle to measure risk for each supply chain node, warehouse, factory, supplier, geography, transportation! To track sustainability improvements may stall funding support for future initiatives each chain. Encouraging and driving creative innovations to achieve sustainability goals can offer additional insights about leading practices organizations! Support for future initiatives case benefits for some companies stretch beyond cost to. Ensure sustainability by incorporating circular economy strategies with a more sustainable supply chains into your organization about how use. Chain of Custody the evaluation items which is related with business competitiveness and outcomes... 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