Stockholm, Sweden — 5 July 2024 — Worldfavor, an ESG SaaS platform, connecting business with their value chain, announces the launch of its latest product feature: The ESG Baseline assessment. The release equips any business with a scalable and easy-to-start process to conduct an ESG baseline assessment across their entire supply chain with minimal effort required. Empowering organizations to proactively identify risks and opportunities, and thereby enabling to build a resilient supply chain securing further sustainable growth.
The challenge of sustainable supply chains
As businesses worldwide face increasing pressure to demonstrate responsible supply chain practices, many companies struggle to gain a complete understanding of their suppliers’ sustainability performance. This is especially challenging to achieve in a scalable way for global supply chains, leaving large parts of the supply chain unassessed and at-risk.
Introducing Worldfavor ESG Baseline assessment
The assessment provides a quick, actionable overview of the supply chain’s level of sustainability practices inline with global ESG best practices. The assessment includes 32 questions divided into five areas: general, environmental, social, governance, and supply chain practices. By evaluating each supplier's sustainability performance, the assessment automatically compiles and sorts the results, ranking suppliers on a 1-5 scale from low to high performers. This streamlined process not only highlights critical areas for improvement but also guides strategic actions to strengthen sustainability and mitigate risks effectively.
The ESG Baseline assessment is the perfect tool to evaluate your supply chains’ performance across ESG topics, empowering companies of all sizes to establish supply chain due diligence, build preparedness, and a solid foundation for compliance with global regulations.
- Scalable assessment: Quickly evaluate all suppliers to determine their sustainability status, helping to identify leaders and laggers.
- Supplier due diligence: Align with OECD guidelines by embedding responsible business conduct and assessing adverse impacts.
- Enhanced supply chain understanding: Gain insights into suppliers' sustainability practices and identify areas for improvement, particularly for those in high-risk regions or industries. Understand the baseline to set reasonable targets.
- Compliance support: Lay the groundwork for compliance with the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD), by performing an initial analysis of supply chain context, impacts, risks, and opportunities.
- Ongoing improvement: Conduct the assessment regularly to track progress over time and ensure continuous improvement within your supplier base.
“Worldfavor’s ESG Baseline assessment is a game-changer for businesses looking to enhance their sustainability efforts and easily get started with minimal effort. By leveraging in-app guidance and best practices based on thorough research and extensive experience we simplify complex processes and thereby enhance supplier engagement. It’s about making the process straightforward and impactful, providing the insights needed to take meaningful action,” said Andreas Liljendahl, CEO at Worldfavor and continuous: “We’re excited to help companies meet their sustainability goals and navigate the complex regulatory environment with confidence.”
Take the product tour and view the feature in action
Discover how Worldfavor’s ESG Baseline assessment can benefit your company with our product tour: Explore ESG Baseline Assessment in action
Take the first step towards a more transparent, compliant, and resilient supply chain.
About Worldfavor
Worldfavor is a leading SaaS platform, where businesses and their suppliers across the value chain collaborate to source ESG data, with the mission of making sustainable business mainstream. Connecting companies globally, to easily share, access, and exchange ESG data our platform enables businesses to scale their sustainability assessments, track efforts, and maintain compliance with international standards. With more than a decade of experience in the industry and a network with over 30,000 connected companies, Worldfavor supports businesses in achieving high sustainability ambitions and ensure compliance with global standards and regulations.
Behind Worldfavor is a group of highly passionate people who dream of shaping a world where people, the planet, and the economy thrive together.
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