A few years ago, terms like “going green” and “eco-friendly” were all the rage for businesses. And while those words aren’t quite as buzzworthy today, they are still worth quite a lot to the people that really matter to manufacturers — B2B buyers.
The Growing Green Supply Chain
As organizations and customers grow increasingly more sensitive to environmental issues, procurement professionals face mounting pressure to make their supply chains as eco-friendly as possible.
While buyers are looking for sustainable products and services, they are also looking for partners that share their commitment to sustainability. Adopting green policies and initiatives can give you a substantial leg up during the supplier evaluation process.
This ability to attract more buyers and win more business is the most obvious benefit of sustainability. However, it's not the only one. Here are some additional advantages of becoming more sustainable in your operations:
Going green can help you keep more cash in your pockets, and it's really easy to make the switch. Installing energy-efficient lighting, for example, can substantially reduce your long-term electrical costs. Reducing water usage and cutting down on waste disposal needs can also add up to big savings over time. In fact, a 2014 study by Indiana University found that one form saved $7 billion through sustainable manufacturing, while another was able to save $80 million a year by reducing its energy use.
Making investments in technologies like solar, wind, and geothermal heating will pay off in terms of savings in the long-term. But, you can also receive a tax credit of up to 30 percent of the investment.
Better For Your Brand
People want to do business with companies that are not only good at what they do, but good for the things that they care about. Establishing your company as a champion of environmental responsibility can lift the perception of your manufacturing brand, which can play a vital role in the success of your business overall.
Attracting New Employees
As seasoned employees age out of the workforce, the manufacturing skills gap gets wider by the day. If you don't have the right talent ready to take in and take over these vital tasks, it can be crippling for your company. One of the best ways to appeal to the next generation of workers is to demonstrate your commitment to the environment. Millennials want to work for companies that are socially and environmentally responsible.
The manufacturing landscape is a crowded one, and you need to do everything you can to gain a competitive advantage. Embracing sustainability and green-friendly practices is one way you can do just that.
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