Recorded through the blockchain’s immutable ledger, organizations can now tie traceability and sustainability metrics within the Bext360 SaaS platform for a 360-degree view of their supply chain management practice
DENVER, October 10, 2018 – Bext360, a company that develops technologies to streamline critical supply chains in emerging economies, today announced at the World Knowledge Forum that it will be releasing a new set of sustainability features to its traceability SaaS platform. The Bext360 system tracks and blockchains goods at every step in the supply chain, providing transparency on a shared ledger that is updated and validated in real time. Now, organizations will be able to tie traceability and sustainability metrics together within the Bext360 system and have it recorded through the blockchain’s immutable ledger to provide a complete 360-degree view of their supply chain management practices.
Companies today are not only expected to be able to track the carbon footprint of their own manufacturing activities but also monitor the related activity of their supply chains as well. Organizations — small and large — are being held accountable by their customers and partners for incomplete recording. For example, there is a strong link between business leadership on climate change and a company’s profitability. A study from non-profit CDP found that S&P 500 companies that build sustainability into their core strategies outperform those that fail to show leadership. Specifically, corporations that are actively managing and planning for climate change secure an 18% higher return on investment (ROI) than companies that aren’t – and 67% higher than companies who refuse to disclose their emissions. Additionally, studies have found that millennials are leading the charge in sustainable investing, which rose 33% between 2014-2016 to $8.72 trillion, according to Morgan Stanley.
The new features expand the Bext360 platform beyond traceability, enabling organizations to quantify sustainability metrics of every product from every supplier, as well as empowering organizations with actionable data to enable better management decisions across their supply chain. Used by organizations for an array of commodities from cotton, minerals, timber to coffee, the new feature set helps organizations analyze and track data about the environmental, social and economic impact of their suppliers through every step of their supply chain. Organizations can create their own sustainability criteria and track against their internal metrics, as well as compare their data against industry best practices, such as fair trade, rainforest certification, and sustainable development goals. Additionally, organizations will be able to share and exchange their blockchain-traced sustainability data with their partners to ensure that all global suppliers meet specific corporate social responsibility policies.
“There is concrete evidence that sustainability improves the financial results for companies of all sizes, from small coffee co-ops to popular brands like Patagonia,” said Bext360 CEO Daniel Jones. “We’re proud to be providing a technology platform for our partners to analyze, trace, and share data surrounding their sustainability efforts, which will help them make better management decisions and become even more environmentally friendly and socially conscious.”