Sedex explained that these tools will bolster businesses in navigating ESG challenges by enabling greater supply chain visibility, compliance with sustainability-related laws and ESG performance management.
The major 2024 product releases comprise the SMETA 7.0 (Sedex Members Ethical Trade Audit) update, the introduction of an environment-focused supplier Self-Assessment Questionnaire and a significantly enhanced Service Provider Self-Assessment Questionnaire.
The SMETA 7.0 is said to be an in-depth, site-level assessment of sustainable practices across global supply chains.
Sedex is updating the SMETA methodology through a multi-year project culminating in a 2024 release. This aims to deliver a more focused assessment, helping identify harder-to-detect issues at supply chain worksites, uncover root causes and drive collaborative resolution.
The second product, the Environment Self-Assessment Questionnaire (ESAQ), significantly expands Sedex's environmental data capabilities, enabling businesses to collect, share and analyse critical environmental data through the integrated Sedex Platform.
While, Service Provider Self-Assessment Questionnaire (SAQ), the third product has been tailored for service provider businesses in supply chains. SAQ is aimed at addressing unique risks and compliance needs specific to sectors such as logistics, security and waste management.
All three product releases will be launched to Sedex customers in the next three months.
Sedex CEO, Jon Hancock, believes these releases underscore our commitment to empowering sustainable supply chains.
Hancock said: "By expanding our solutions for comprehensive supply chain ESG risk management and globally scalable, site-level visibility, we enable companies to enhance their operational efficiency, compliance readiness and supply chain resilience. Our latest advancements provide more in-depth ESG data, streamlined analysis and actionable insights across social and environmental areas, supporting our customers to respond to multiple sustainability-related demands through data-led decision-making."
According to Sedex, as companies around the world strive to balance immediate operational pressures with increasing sustainability demands from lawmakers, investors and consumers, building detailed visibility of supply chain activities has never been more crucial.
Earlier in 2023, Sedex secured funding from a private equity investor and part of Lloyds Banking Group, LDC to support its mission of driving sustainability in supply chains.
