This tripartite approach to supply chain management is critical to ensure long term sustainability, although striking a balance between each of these core ‘pillars’ – economic viability, environmental accountability and social responsibility – is challenging. Destroying value in the supply chain by burdensome government regulation is not welcome nor is it the answer.
What is clear is that economic, environmental and societal issues are bound tightly together, interwoven in deeply dependent relationships. In order to ensure a long term, sustainable future for global supply chains, companies must build collaborative, multi-stakeholder approaches to creating value which don’t impact on the environment or have a negative impact on people’s wellbeing.