Failing to Reduce Global Supply Chain Footprint Could Cost Companies $120 Billion by 2026
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Trax eBook Reveals supply chain sustainability challenges, strategies, and outlook
Trax Technologies (Trax), the global leader in Transportation Spend Management (TSM) solutions, announced the release of its eBook, “Unlocking Environmental Sustainability in Supply Chains,” which details the state of sustainability within supply chains, from challenges to winning strategies, and a glimpse into the future. The eBook also shines a bright light on the fact that without sustainability changes, environmental supply chain risks are expected to cost companies $120 billion by 2026.
Environmental, social, and governance (ESG) programs are essential for all industries. As ESG evolves from a moral obligation to a business necessity in the global supply chain, businesses are prioritizing carbon emission tracking and reduction to address environmental concerns. They also embrace social responsibility by cultivating good reputations and forging strong partnerships. By implementing sustainable operating procedures, companies add value to their programs and uphold self-governance principles.
“As a unique freight audit and payment provider, Trax has a unique opportunity to provide supply chain sustainability counsel and data-backed tools for industry leaders who want to reduce their supply chain carbon footprint,” said Steve Beda, Executive Vice President of Customer Success, Trax. “Many executives we talk with don’t know the best and most cost effective and efficient ways to collect and analyze credible data from every leg and vendor across their supply chain and to implement the benchmarking, reporting and reduction processes, so that’s where Trax comes in to help – providing businesses with supply chain data for incorporating more sustainable practices that benefit operations, customers, and climate.”
To achieve a carbon emissions resolution between shippers, vendors, and carriers – and ultimately consumers, ongoing conversations are necessary. More importantly, visibility into accurate CO2 data must first be gained. According to the eBook, the roadmap toward more environmentally sustainable supply chains includes scalable solutions, company wide alignment, engaged suppliers, and established goals and benchmarks.
Since global warming and the transportation industry’s impact on the environment are now front and center, more than 65% of consumers report they now view conscious consumption of greener products as a requirement, not simply a preference. Therefore, it’s important for everyone to have a role in creating sustainable practices that will have a lasting impact on the environment, from farmers and manufacturers to shippers and consumers.
Click here to read “Unlocking Environmental Sustainability in Supply Chains,” which highlights sustainability trends and outlooks, while serving as a reminder that following initial investments, innovative sustainable ventures are multifaceted – positively impacting the environment and business revenue.
Trax’s Carbon Emissions Manager uses $24B in transportation spend invoices the company audits annually to provide industry leaders with data pertaining to emissions factors, travel distances, tank-to-wheel combustion of energy, wheel-to-wheel distribution of fuel, and insights into CO2 and other greenhouse gasses.