The labor and human rights aspect of business sustainability was a primary focus in 2020. Businesses learned the importance of employee engagement and many companies took a personal interest in the well-being of their workforce. Strategic sourcing to promote the circular economy is another facet of sustainability to watch in 2021 beginning with these core concepts that are gaining traction.
Purchasing Strategies A sustainable supply chain has become a competitive advantage as organizations make corporate social responsibility a tenet of strategy and planning. It begins by vetting the business practices of vendors and suppliers. A key measure of a healthy supply chain is the reduction of waste beginning with designing products with end of life in mind in support of a circular economy.
Circular Business Model The pharmaceutical industry is moving towards the regenerative reuse of materials or products and packaging for a more sustainable resource recovery approach. According to the Ellen McArthur Foundation, the implementation of circular business practices could reduce up to 45% of carbon emissions and 90% of wasted materials. This move away from the industrial model towards innovation and efficiency promotes recycling, requires less inventory, and reduces waste and consumption.
Next Normal Supply chain optimization prepares businesses to navigate changeable economic conditions. Investments in a sustainable supply chain can increase brand reputation, staff retention, and customer engagement with socially conscious employees and consumers. Even businesses with virtual operations can participate in waste reduction by including sustainable practices as a requirement for engagement across its supply chain and using it as selection criteria for vendors.
At Xavier Creative House we embrace sustainability in our 2050 pledge, core values, and across business processes. We support our clients as the remedy for brands afflicted by the status quo. XCH embraces what agile creative can do for Healthcare, reaching beyond physical and industry borders to bring clients the fresh perspective they need to stand out.