Vizibl, the world’s foremost digital procurement platform for Supplier Collaboration and Innovation, is proud to unveil its latest innovation, the Science-Based Targets Initiative (SBTi) Framework. This revolutionary addition to Vizibl’s existing suite of supplier collaboration and innovation tools empowers large corporations to initiate and launch supplier engagement programs focused on sustainability in just four weeks.
Expanding upon Vizibl’s comprehensive supplier collaboration and innovation capabilities, this new framework offers organizations the ability to:
- Commence the process with their supplier raw spend data, which Vizibl collects at the outset.
- Observe as this data is cleansed, normalised, enriched, mapped, and integrated into Vizibl’s sustainability launchpad for emissions analysis.
- Utilise the launchpad to swiftly identify emissions hotspots, track supplier responses to CDP (Carbon Disclosure Project) over the past year, identify suppliers committed to science-based targets, segment and prioritise suppliers for effective reduction of the organisation’s Scope 3 GHG emissions.
- Quickly select groups of suppliers to include in supplier engagement programs and be prepared to take action within just four weeks.
- Establish a phased roadmap for program improvement, charting a course towards setting and achieving science-based targets, both for the customer company and its suppliers.
- Document all supplier engagement efforts aimed at decarbonising the supplier base in one centralised location using the Vizibl platform, thus mitigating the growing risks associated with upcoming and existing ESG regulations.
This streamlined process follows SBTi’s supplier engagement guidance steps and automates key elements of the framework that would typically involve administratively-intensive tasks such as spreadsheets, document management, email communication, and reporting analytics.
Furthermore, the program developed at the end of this process aligns with a UN-backed global sustainability standard for supplier engagement within the Science-Based Targets Initiative. This alignment supports Vizibl’s customers in demonstrating collaborative actions related to forthcoming mandatory ESG regulations pertaining to Scope 3 reduction. It is also reinforced by a library of supporting content specifically created by Vizibl to guide organisations further in the process of defining and ultimately achieving near-term science-based targets.
Once the program is ready to launch, the Vizibl team is readily available to guide the organisation through the launch process and ongoing program rollout and maintenance. This guidance includes a series of readily available communication templates, guides, and a comprehensive content library. The team continually monitors progress to ensure that the program remains on track and attains the agreed-upon objectives.
Background: Efficiently transitioning from emissions measurement to tangible Scope 3 reduction actions is paramount in achieving sustainability goals. The Science-Based Targets Initiative (SBTi) offers a supplier engagement guidance framework comprising five stages to ensure that robust action is taken, and progress is reported accurately and independently verified.
Vizibl’s integration of the SBTi framework into its supplier collaboration and innovation solution aligns the platform with SBTi’s supplier engagement guidance. With this framework in place, enterprise organisations can effectively work toward meeting science-based targets within their designated timeframes, all while executing a robust supplier engagement strategy.
The SBTi Framework functionality builds upon Vizibl’s existing Supplier Relationship Management, Supplier Collaboration Workspace, Supplier Sustainability Management, and Supplier Innovation Hub. Future releases will include support for nature and specifically biodiversity.
Richard Hogg, Vizibl CEO, expressed the significance of this development: “With mounting ESG regulatory pressure on businesses, ensuring our customers have the tools they need to quickly and accurately assess and improve sustainability performance across their supply base is key to Vizibl. Ensuring that our customers can build a body of evidence that shows the efforts they’re taking, both at speed and at scale, to engage their suppliers to decarbonise their supply chains, is critical to meeting net zero targets. By bringing the SBTi supplier engagement guidance framework and robust target-setting functionality into our platform to complement and underpin existing Supplier Collaboration and Innovation functionality, we are arming our customers with a powerful set of supplier engagement and sustainability tools to get started quickly on moving from measurement to action.”
For more information on Vizibl’s SBTi Supplier Engagement Framework, please visit Vizibl.co.