In an era where collaboration and innovation are paramount, TASConnect recently launched our inaugural TASCircle event on 14 March 2024, setting the stage for transformative dialogues among industry leaders.
The genesis of TASCircle stemmed from recognising the power of bringing together leaders from diverse industries. The goal was simple yet profound: to create a space where executives could freely exchange views on pressing issues affecting both corporate landscapes and society at large.
Our first topic of discussion aimed to foster a deeper understanding of the intricate balance between Profit, People, and Planet. The exchange yielded a plethora of insights that underscored the complexity of navigating today’s business environment.
The need for a more holistic ESG assessment
One critical obstacle faced by certain industries – particularly those in the commodity sector – is in securing financing due to perceived risks associated with environmental, social, and governance (ESG) factors. This highlights the imperative for financial
institutions to re-evaluate their criteria and adopt a more holistic approach to assessing risk and opportunity.
Lack of a market premium for eco-friendly products
Moreover, the event shed light on the inherent tension between sustainability objectives and financial viability, particularly for small and medium enterprises (SMEs). While there is a growing consensus on the importance of sustainable practices, the lack of a market premium for eco-friendly products poses a significant challenge. This underscores the need for collaborative efforts across organisational functions and stakeholders to drive meaningful change.
Consumer education is key to reducing emissions
Consumer education emerged as another pivotal theme, with participants recognising its pivotal role in driving behavioural shifts and reducing emissions. By empowering consumers with knowledge and promoting sustainable practices such as cold washing, companies can significantly mitigate their environmental footprint while enhancing brand reputation.
Our circle raised the importance of inclusive ESG considerations, emphasising that sustainable business practices extend beyond environmental concerns to encompass social and governance dimensions. From factory workers to truck drivers, the discussion underscored the imperative of prioritising the well-being of all stakeholders along the value chain.
With so many interlocking factors that needed to be balanced, we asked how effective is our participants’ organisations in adopting Artificial Intelligence (AI)-led analytics and tools to enhance their supply chain resilience. 67% responded that they could do more and 33% felt that strategies have to be different in various regions. Our participants were also hopeful in the use of platforms coupled with AI and Machine Learning (ML) to provide ESG data visibility and design rule-based actionable for multiple stakeholders such as suppliers, manufacturers, consumers, financiers and investors.
To scale and implement different strategies across regions, digitalisation is essential to see real change. With the help of digital platforms like TASConnect, decision makers will have a more simplified and connected value chain system. On the sustainability front, TASConnect for instance works with ESG providers and financiers to enable sustainability-linked supplier financing. This allows corporates to improve their visibility and act upon their Scope 3 emissions whilst incentivising their suppliers for positive ESG actions through lower financing rates.
Ultimately, TASCircle epitomises TASConnect’s commitment to fostering collaboration, innovation, and responsible leadership in today’s dynamic business landscape. As the world grapples with unprecedented challenges, platforms like these serve as beacons of hope, uniting industry leaders in their collective pursuit of a more sustainable and equitable future. Through ongoing dialogue and concerted action, TASConnect aims to drive meaningful change, one TASCircle at a time.
