The Versed AI team visited Farnborough Airshow yesterday. Despite the hot temperatures, we gained some valuable insights, with key takeaways being the importance of sustainability and social value within the defence and aerospace sector.
Sustainability
Sustainability is becoming increasingly important for companies, especially in the defence sector. Defence Procurement Minister Jeremy Quin commented on this at the Airshow, highlighting the need for sustainability to be embedded in decision making at every stage, “from the factory to the front line.”
Key to this is gaining clearer sub-tier visibility, to ensure more sustainable approaches are adopted at all levels of a companies’ supply chain. Versed AI’s technology aligns closely with this focus: by mapping out suppliers across multiple tiers, companies can identify where sustainability can be improved, and take proactive steps to tackle this.
Social Value
At the Airshow our team also engaged in discussions on the importance of social value, given new government requirements. The application of a social value model became mandatory from 1st January 2021 for all procurements under the Public Contracts Regulations 2015. The model outlines the governments’ 5 ‘social value’ priorities for procurement, which include ensuring equal opportunity, tackling economic inequality and climate change.
These criteria form 10% of the points scoring system used by central government departments to evaluate businesses during tender, making it vital for corporations to align themselves with these values. Sub-tier visibility provides companies with the insight necessary to ensure these principles are reflected throughout their entire supply chain.
To understand your supply chain better with our sub-tier mapping intelligence, contact us!