It’s a proud moment for Industrial Metal Powders (I) Pvt Ltd based in Pune feels. We are happy to announce that we have been certified for Business sustainability with Bronze Recognition Level by the prestigious Eco Vadis. IMP the world’s largest manufacturer of high purity iron started its humble journey of the quest for excellence in 1974 and now has attained the status of leader. At our state-of-the-art infrastructure, we strive to produce the best powders that are supplied worldwide. For our services and products, we have earned several certificates, however, the recent recognition by Eco Vadis has given a new dimension to our business. Many of you may be wondering what Eco Vadis is and what is so special about the certificate for business sustainability. Read the whole blog to know about these.
What is Eco Vadis?
Founded in 2007, Eco Vadis has emerged as the most trusted provider of business sustainability ratings, intelligence, and collaborative performance improvement tools that help you gain better access to global supply chains. Eco Vadis’ user-friendly sustainability scorecards created by the latest technology and a team of experts from across the world provide a detailed insight into environmental, social, and ethical risks for over 200 categories of purchase and over 160 countries.
More than 75,000 companies such as Johnson & Johnson, Nokia, Coca Cola, others are associated with the Eco Vadis. All these companies work with a single methodology for evaluating, collaborating, and improving sustainability performance to protect their brands, foster transparency, and innovation to accelerate growth.
The sustainability ratings and scorecards of Eco Vadis help the procurement teams monitor supply chain Corporate Social Responsibility (CSR) practices across 200 industries and over 150 countries. The rating is often demanded by stakeholders for reporting and regulatory requirements and also to build a business relationship.
IMP recognized by Eco Vadis would benefit in the long term. Here, are the benefits of Eco Vadis’ rating.
- Decreases the risk of supply chain disruption
- Protects company reputation and brands
- Lowers costs through collaborative actions
- Facilitates access to capital and increase the valuation
- Provide market advantage for the consumers when they require a green and responsible supply chain.
Methodology of Eco Vadis
The methodology used by Eco Vadis in the CSR rating for the companies is based upon seven principles. These are:
- Based on evidence: Eco Vadis rating depends on the evidence and supporting documents provided by the company.
- Industry Sector, Country and Size is important: Evaluation is done depending upon the material sector issues, presence in risk countries, and the size and geographical span of the company.
- Based on diversified sources: Rating is also done on the standpoints published by NGOs, trade unions, international organizations, local authorities, or third party organizations.
- Technology matters: Technology supports a rating system to become reliable and robust.
- Assessment is done by experts: A team of CSR experts from across the globe analyzes the supporting documents.
- Traceable and transparent: Eco Vadis stores the supporting documents in the rating process securely. These documents can also be traced
- Excellence achieved through continuous improvement: Rating methodology depends a lot on quality control, continuous improvement, and stakeholders’ feedback. Eco Vadis has attained excellence by implementing a company-wide quality management system which is supported by the advisory board of clients and a scientific committee.
The four themes of sustainability performance ratings
During the evaluation of a company’s CSR management system, defining CSR issues covered by the management system becomes important. 21 issues grouped into four themes are focused. The 21 issues that are taken into account are international CSR standards such as the Ten Principles of the UN Global Compact, the International Labour Organisation convention, the Global Reporting Initiative, etc. The 21 sustainability criteria are distinguished into 4 themes. These are
- Environment
- Labour & Human Rights
- Ethics
- Sustainability Procurement
Conclusion
IMP of Pune has gone through the various steps during the assessment by Eco Vadis. Our company was able to go through the tough assessment and is now certified. With this achievement, we’ll be able to reach the untouched markets. We are the reliable and trusted manufacturer of metal powders and are conscious of the quality of our products. Thus, if you’re looking for a reliable source of metal powders, contact us.
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