Do you know what business trends will mark 2023 in terms of sustainability? The UN Global Compact states that the future is shaping up to be defined and its name is sustainability. Sustainable companies will mark the difference next year. It is time for both SMEs and large companies to progress in this challenge. During 2022, we were assailed by news such as the green taxonomy, the European regulations on corporate information on sustainability or the universal value of the environment. Projecting ourselves into this future will help us calculate risks and establish appropriate lines of action for a greener and more inclusive business management that allows business advantages.

Key concepts

Digital Transformation Acceleration 

Digital innovation is leading the business world towards new business models and the redefinition of some processes. For next year, intelligent companies will prevail: businesses where recurring work will be automated, remote management will be advanced and decision-making will be progressively digitized. Digitization is consolidated as a robust lever in favor of sustainable development.

Together, artificial intelligence, blockchain and the metaverse are increasingly being introduced into business management. Yes, it will no longer be strange to hear these terms. During the next year, the generation of new language models through chats with robots or the establishment of “the new digital silk route” is expected.

Ensuring sustainability in the supply chain 

The global standstill caused by COVID-19 and the supply crisis caused by the war in Ukraine have clearly signaled the need for secure and resilient supply chains. Increasingly, it is valued to incorporate resilience measures and manage exposure to risks with a triple economic, environmental and social approach. The need to improve sustainability will promote the search for alternative suppliers, train the existing ones, guarantee the rights of people along the chains, due diligence and adaptation.

The business fabric is aware of the importance of applying sustainability to the supply chain. Large companies collaborate with multiple SMEs and responsible management is considered as a cornerstone in these dynamics. To respond to these demands, the UN Global Compact, ICEX and the ICO Foundation have launched a pilot program that will respond to regulatory requirements and train 5,000 supplier companies, especially SMEs, in sustainability.

Sustainable Finance 

The green economy is already mainstream and will put its stamp on financial processes. Finance demands sustainable companies. The green taxonomy and the advances of the social taxonomy grant a new paradigm to large companies and SMEs and condition an increasing number of investments. Many financial directors or CFOs are betting on sustainability from their areas because they know that they are the keys to success; financial executives who have proposed creating a 10 trillion dollar market for financing the 2030 Agenda within the framework of the United Nations Global Compact platform.

Increase business transparency

Business transparency is getting stronger every time, also to attract investment and purchase processes, as well as to increase confidence in the business sector. A multitude of Spanish companies have made positive progress in this area by creating codes of conduct, anti-corruption policies or complaint or claim channels, however, these issues do not sufficiently reach their value chain. The creation of an ethical code that affects suppliers or their evaluation is one of the pending tasks. Do you think not? We invite you to read our report “Communicating progress”, where you can check this and more realities.

Transparency in terms of sustainability will be further strengthened with the new directive of the European Union. Business reporting will raise its status to the level of the financial one and The Global Compact has worked to be at the level of the demands of companies with an innovative methodology. It is the new Progress Report, adapted to international frameworks and with comparison capacity that will affect thousands of companies around the world.

Source: www.corresponsables.com