When you wake up to the morning news that your business’s supply chain has been linked to collusion and child labor, that is just about the worst PR you can imagine. Conversely, when you are able to guarantee that you and your suppliers are working ethically, you can win contracts and earn good PR that lift you to the next level. Joanne Frearson writes for Business Reporter about all the ways that ethical practices are good for business.
Social media has made it so that the public finds out about major events before the news media, and so the skeletons in your supply closet (get it?!) are sure to come to light eventually. The Supplier Ethical Data Exchange, or Sedex, has tools to help supply chains clean up their act. They track labor standards, health and safety, environment, and business ethics, and they can use and split the data in myriad ways. This can help you improve visibility, which is especially important when you might be dealing with potentially thousands of suppliers. Visibility is a good thing unto itself, but it is especially good when you can point to it in business dealings as evidence of your good ethical standing. On the whole, however, workers are starting to be viewed as assets rather than commodities, which is a much improved attitude to have. To learn more about the benefits of ethical practices, you can read the original article here: http://business-reporter.co.uk/2014/07/supply-chains-why-ethical-practices-are-good-for-your-business/