IHS Markit is a world leader in business information, analytics and solutions with a proven commitment to corporate sustainability – in how the company operates, interacts with communities and engages with customers. As part of this broad commitment, IHS Markit uses the Ecodesk system to continuously gain insights into its suppliers’ sustainability performance by capturing key environmental metrics, such as energy usage, water consumption and waste production. Armed with reliable information, IHS Markit is able to understand trends, prioritize issues and cooperate with suppliers to reduce their impacts and ultimately build a more sustainable supply chain.
“Sustainability is essential to the way IHS Markit does business every day. We engage with our suppliers to advance sustainable business practices beyond our company through collaboration,” says Jane Okun Bomba, executive vice president and chief administrative officer at IHS Markit, who also serves as chief sustainability officer. “We recognize that only by working together and leveraging our collective knowledge, can we develop innovative solutions and achieve our shared goals of sustainable, profitable growth.”
IHS Markit is a strong proponent of the United Nations 2030 Agenda for Sustainable Development for Transforming our World. The company’s commitment to greening its supply chain supports UN Sustainable Development Goal (SDG) 12: Ensure sustainable consumption and production patterns. IHS Markit’s emphasis on partnership and raising awareness of these priorities also supports SDG 17: Strengthen the means of implementation and revitalize the global partnership for sustainable development.
Challenges and opportunities
When IHS Markit wanted to engage its global network of suppliers and capture relevant data on their sustainability practices, the company recognized the importance of ensuring that actionable information would be collected and that it could be regularly updated in order to enable effective decision-making. Manual methods would have placed significant administrative burdens on IHS Markit and its suppliers. The Ecodesk system offered IHS Markit an opportunity to cost-effectively interact with their supply chain, as well as encourage progressive innovations.
Scope and methodology
Since 2013, IHS Markit has relied on Ecodesk for initial outreach to suppliers, encouraging them to register on the system and post their sustainability performance metrics. Suppliers create their own profile and share data to increase the transparency of their sustainable business practices. The supplier data appears on a dashboard IHS Markit can view at any time – 24 hours a day, seven days a week. Suppliers may also choose to make their information available on the public Ecodesk platform. Data provided by its suppliers has been monitored by IHS Markit for three consecutive years. After each round, collected data is reviewed for relevancy, accuracy and impact criteria.
By 2015, IHS Markit had achieved its first goal of inviting the company’s 150 top suppliers to register on Ecodesk. In 2016, IHS Markit surpassed its second goal of 70% registration, when 95% (143) of those companies registered and one third of that group (33% of the 143) provided visibility into their sustainability data. As a result, IHS Markit has been able to identify the suppliers who share a commitment to improving their environmental and social footprints, in accordance with the IHS Markit Supplier Code of Conduct.
Partnering with Ecodesk has enabled IHS Markit to improve transparency of sustainability metrics and raise awareness of key issues throughout its global supply chain. The company’s primary focus has been to track and monitor supplier scope 1 and 2 greenhouse gas, waste and water outputs. In addition, the Ecodesk platform facilitates research on suppliers’ commitment to social and governance policies that further sustainability. Each step of the way, Ecodesk has reduced the time required for gathering and sharing information compared to traditional spreadsheet-based processes.
Now IHS Markit is working closely with Ecodesk to explore additional ways to foster innovation while greening the supply chain. For information about other IHS Markit programs, see Corporate Sustainability at IHS Markit.
“The work of IHS Markit to use data from the Ecodesk platform in a continuous evaluation and performance improvement programme is testament to their commitment to investing in sustainable supply chain management. We believe our role in facilitating the capture of source data from suppliers is adding further value to IHS Markit’s sector leading strategy” Damien Smith, CEO Ecodesk.
About IHS Markit
IHS Markit (NASDAQ: INFO) is a world leader in providing critical information, analytics and expertise solutions to the major industries and markets that drive economies worldwide. Headquartered in London, IHS Markit has more than 50,000 key business and government customers, including 85% of the Fortune Global 500 and the world’s leading financial institutions.
June 9th, 2017