Law firm Squire Patton Boggs has partnered with Leeds University Business School to launch a report into navigating some of the manufacturing sector’s key supply chain challenges.
The report, entitled Rebalancing Manufacturing After Global Shocks and Stresses, explores environmental, social and governance (ESG) supply chain trends for the manufacturing sector and is aimed at those seeking to improve financial performance, strengthen their resilience and gain a competitive advantage.
Squire Patton Boggs partner Hannah Kendrick, who is based in Leeds, commented: “2021 provided unique challenges for businesses operating across the manufacturing industry and it is clear that as we emerge from the pandemic, life will not just be returning to a new normal, but also a more resilient and sustainable one.”
The report focuses on five pillars for businesses to consider:
- Resilience and innovation to gain a competitive advantage;
- Supply chains and customers, with the development of partnership models, fair competition and human rights;
- Organisational behaviour, demonstrating support to communities and people’s wellbeing;
- Workforce, diversity and inclusion, upskilling and retraining; and
- Sustainability, including strategies for decarbonisation using the UK government’s 10-point plan and energy whitepaper.
Kendrick said: “While ESG-centric policies will help recovery, global shocks have also acted as a catalyst for many new trends which businesses need to consider, not least the rise of human interaction with technology.”
“This is an opportune moment for businesses to harness automation and technology to increase productivity and improve customer service. The opportunities around a green recovery will allow manufacturers to take advantage of financial incentives to drive business growth and support job creation for the recovery.”
Professor Krsto Pandza from Leeds University Business School added: “Digital transformation and sustainability are the two most important trends affecting manufacturing companies. Both create innovation opportunities that require from managers to radically rethink business models, organisation of supply chains and internal operations as well as the way they harness creativity of the workforce.”
“The future for manufacturing is bright if opportunities are explored with strategic creativity and imagination.”
