As corporates make sustainability a core part of their procurement process with suppliers, they are starting to look at implementing data driven automation platforms, that make it easy to get transparency on data, metrics and improvements across suppliers, and replace the older survey type benchmarking systems with actual data.
Up to now, most supplier benchmarking has been done with older survey/document type systems, where companies participate in surveys and then upload documents which are cross checked by the platform or the customer.
The advantage of these platforms is that it's very easy to benchmark suppliers on a survey result basis, but it's very time consuming to verify the survey answers, and it is very far from the real time data world that most companies now operate on. It's also hard to customise, which is becoming a core requirement for industry leading companies like Ikea who have goals for their supply chain to be climate positive, water positive, forest positive and more - requiring very different metrics and targets to standard surveys.
The problem though is getting suppliers to put in the actual asset data to calculate emissions, water, diversity and more. Very few suppliers want to share all their asset data with a customer, but most sustainability management platforms require that, which is why corporates struggle to get suppliers connected onto such systems.
At Equilibrium, we thought that there had to be a better way for suppliers and customers to connect through actual data for sustainability analysis, benchmarking and improvements.
So we built Equilibrium to enable suppliers to have their own individual accounts, connect their data for assets, employees, travel, products and more - and use Equilibrium to calculate their Greenhouse Gas Emissions, Water impact, Social metrics such as diversity and training programs, economic metrics around investments into sustainable programs and more, without disclosing their underlying asset data used to calculate the metrics.
Suppliers can then grant permissions to a customer to see their metrics, such as Emissions, targets, improvement programs etc - which gives them a considerable competitive advantage in today's world, where sustainability transparency is a very key part of a corporate's procurement process.
Corporates using Equilibrium can see metrics based on actual asset data from suppliers, collated and benchmarked, and can customise the reporting framework that they are asking suppliers to use, radically reducing the time and cost of cross checking documents uploaded by suppliers on older systems. Instead actual data is now connecting customers and suppliers in a secure manner that protects the asset information of the supplier.
Plus, a corporate's Equilibrium dashboards, reporting and analytics tools are always updated with the latest metrics from a supplier. Which means that when a supplier makes an improvement you can see it on your dashboard straight away, rather than the weeks or months it takes for that improvement to be recognised using the older platforms.
Supply chain optimisation for sustainability should be based on actual data these days, not surveys. Equilibrium's automated sustainability data analytics, reporting and goal management platform for sustainability, supply chain and procurement teams makes that possible.