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Industry Trends: Transparency in Business

How transparency is changing the business and tech industries

As the era of digitization expands,  information is becoming  more prevalent and available. With this, comes a demand for  transparency. Now more than ever, organizations of all fields are being held accountable to high standards of practice by both the public eye  and the government hand. And, as data becomes more accessible over the coming years, this trend will continue to increase.

Greater Accountability

One area where transparency is highly prevalent is within the supply chain industry, with the emerging concept of supply chain transparency.  Supply chain transparency  is  the  degree to which  an  organization knows and shares  detailed information about its supply chain  within the organization as well as  with  the  public. Over the past 15 years,  supply chain  transparency has  become  increasingly  necessary for organizations to  establish or maintain  their  reputations. In the next 10 years, it will become imperative.

Facing pressure from governments, NGOs, consumers, and stakeholders, organizations must continually meet public expectations and  government regulations regarding their supply chain,  or risk business failure. Food companies, for example,  must show that they meet certain standards regarding  ingredients, animal welfare, and child labor. Failure to share this information can cost the  company its consumer base or disrupt  its  supply chain altogether.  

Daphne de Poot,  senior data scientist at ORTEC,  fully  expects  supply chain  transparency to become the new normal. “There has been an upward trend on supply chain traceability and visibility,” she  says. “This trend will grow stronger as  more data becomes available, climate change becomes an even larger driving force, and organizations become more purpose-driven.” 

Standard Safety Policies

Paul Schlumper, director of Safety, Health, and Environmental Services, expects that the coming years will bring greater push for transparency and standardization across safety and health regulations, including increased inspections and enforcement across the nation. Under pressure from COVID-19, the Occupational Health and Safety Administration (OSHA) has worked collaboratively with the Centers for Disease Control and Prevention (CDC) to present guidance on how to protect workers during this difficult and dynamic period. However, we may expect OSHA to continue to refine its regulations, requiring standard practices across all agencies, and more of them.

Despite the increase in inspections, the ability to do them virtually allows OSHA to be even more capable of protecting worker safety and health than ever before.  This flexibility, unhindered by location or distance, provides more opportunities to safeguard the safety and health of working professionals. 

Peace of Mind

With more transparency across all levels of the workplace, from supply chains to worker’s safety, comes a stronger sense of security in our economy. As consumers, we may rest assured that the products we purchase are up to our standards. As workers, we may look forward to better, clearer, more standard safety and health protection. For more insights into the future of work, take a look at our predictions for tech and business trends in 2030.

 

Credits
Writer: Rachel Meyer
Editor: Shannon Helton-Amos
Digital Producer: Kelsey Harris