At Sphera, the new year began with an exciting development—our acquisition of SupplyShift, a leading supply chain software company. SupplyShift is a pioneer in supply chain sustainability and responsible sourcing solutions that enable companies to measure, monitor and improve their environmental, social and economic impact across the supply chain.
This development will result in new capabilities that will allow us to gather, track and measure supply chain information across a network of over 100,000 suppliers. The information and insights that are gained will help companies manage their supply chains with greater efficiency.
SupplyShift’s extensive network allows buyers and suppliers to connect and exchange information that helps them manage risk and promote regulatory compliance among suppliers. The company’s solution also facilitates greater supply chain transparency and supplier mapping at any tier. Data analytics, supplier scoring and traceability are additional features.
Our enhanced Supply Chain Risk Management solution will also support Scope 3 emissions monitoring and reporting—another capability that’s critical in today’s business landscape.
Calculating and disclosing your GHG emissions are important for compliance and transparency, but they also represent the first step in reducing your carbon footprint. Scope 3 tracking allows companies to establish a baseline for their value chain emissions and then identify and implement activities to reduce those emissions. Measuring Scope 3 emissions is more complicated than quantifying Scope 1 and Scope 2 emissions, but it is crucial for strong ESG performance. We are proud to be introducing an easier way to track and calculate value chain emissions.
These supply chain risk management and Scope 3 tracking features will bring relief for some urgent needs. The COVID-19 pandemic and Panama Canal and Red Sea crises are just a few of the recent events that have prompted new demand for supply chain risk management solutions. And the EU’s Corporate Sustainability Reporting Directive and California’s Climate Corporate Data Accountability Act, which are now in force, require Scope 3 disclosures. We’re certain to see more Scope 3 reporting requirements as we approach 2030—the deadline for the 45% reduction in global emissions that’s necessary to limit global warming to 1.5°C.
Our aim is always to equip organizations for ESG success, even in uncertain times. In fact, our expanded supply chain solution is emblematic of our overall approach to ESG performance and risk management: It’s all about empowerment. We provide the software, data and expertise that empower organizations to elevate their performance through greater safety, sustainability and productivity.
Empowerment begins with tools and information that enable action. Our proprietary data and the assessment and calculation tools embedded in our solutions equip businesses to effect change—whether it’s the achievement of improved safety metrics or a more sustainable supply chain, or the identification of hot spots for emission reduction efforts.
We can’t overemphasize the importance of quality data. Everything builds on it. At Sphera, we help companies collect data that is measurable, actionable and auditable. Without data that checks these three boxes, companies will find it hard to function in a regulatory environment that changes on a near-daily basis or drive operational enhancements that achieve stronger ESG results. If data represents one of your biggest challenges, get in touch. We’ll help you transform your data from a challenge into one of your greatest assets.
Software and data are essential enablers. But sometimes it helps to have sound advice. Sphera’s team of over 200 experts offers decades of acquired industry-specific knowledge and experience in sustainability matters. They show business leaders how to leverage data to improve operational and product performance. They help make sense of different regulatory requirements and reporting frameworks. And they support organizations in building robust strategies that account for the physical and transition risks they face. Those are just some of the ways we provide guidance and clarity to empower clients.
It’s exciting to be standing on the threshold of a new year, especially when it comes with developments that contribute to making the world safer, more sustainable and more productive. By minimizing risk and laying the groundwork for improved performance—as well as compliance success—you’ll free up time and energy to capitalize on new opportunities. Here’s to a productive and happy new year!