Tuesday, March 28, 2023
Bizongo launches ESG scorecard; aims to help one lakh MSMEs turn ESG compliant in the next 24 months
  SocialTwist Tell-a-Friend  

~Bizongo becomes the first B2B marketplace to help the sector turn ESG compliant~

~Aims to leverage its vendor digitization platform to support MSMEs in transitioning to more Environment, Social and Governance (ESG)-compliant operations and meet the global demand~

MUMBAI, India, Feb. 8, 2023 /PRNewswire/ -- In a bid to enable 100,000 MSMEs turn ESG compliant in the next 24 months, Bizongo, a leading vendor digitization platform with embedded financing for brands and enterprises has launched Bizongo Environmental, Social, and Governance (ESG) Scorecard. This will help bolster ESG consciousness among Indian MSMEs and larger enterprises. With this, Bizongo has also become the first B2B marketplace to offer ESG-related intelligence.

Aniket Deb, Co-founder and COO, Bizongo, said, "In its essence, ESG is a framework that helps businesses build customer loyalty, attract investors, make operations sustainable, and improve financial performance. In line with this, Bizongo's ESG Scorecard will enable MSMEs on its platform assess their ESG performance and help them integrate it into their internal policies and practices."

The scorecard will allow MSMEs to monitor and track their compliance across various ESG components, including social parameters, such as minimum wage policy, Child labour and Forced labour, Harassment and Discrimination, and product quality and testing. It will also focus on environmental parameters, such as the Environment Management System (or ISO 14001, energy management process/policy, policies/processes for optimum water consumption/ water conservation, circular economy/ recycle/reuse program, management of solid/liquid waste, and GHG emission). On the Governance front, the tool will assess compliance on grievance redressal/whistleblowing, code of conduct, anti-bribery, frauds/malpractice incident, and sub-contractors' due diligence.

Leveraging Bizongo's digital vendor management platform, the scorecard will help MSMEs on the platform validate their credibility in following mandatory compliances, especially when applying for Zero Defect Zero Effect (ZED) certification. It will also simplify availing ZED benefits, such as subsidy on cost of tech adoption, reimbursement on acquisition and installation of Plant & Machinery/ Testing equipment, and concessions in Pricing/processing charges by banks, among others.

The MSME sector in India is characterized as resource intensive with 19.4 million MSMEs in the manufacturing industry consuming 25% of the total energy in the industrial sector and generating 110 million tonnes of CO2 equivalent. This consumption is expected to further increase as India continues to boost manufacturing activity.

"India being the incumbent host of the G20 Presidency for 2023, the country would like to pioneer the cause of sustainable development goals during the current term and support climate change protection policies. This makes it even more imperative for the sector to invest in ESG.The Government of India has also been advising MSMEs to observe aggressive green practices and manufacture goods with 'zero defects' so that they have a 'zero effect' on the environment. In line with this, Bizongo has taken a mandate to enable MSMEs to ensure that this transition happens, and this scorecard is a starting point that is available for every MSME to use and adopt, " Aniket added.

Most MSMEs either do not track their ESG compliance or still rely on manual processes to collect internal ESG data on water consumption, workforce demographics, and code of conduct, amongst others. This leads to unorganized storage of data resources across databases in different formats, which delays decision-making and ineffective tracking of ESG preparedness.

"The size of the enterprise, a profit-first mindset, informal nature of operations, and challenges in assessing and selecting sub-vendors/suppliers based on ESG performance are some of the overarching internal challenges preventing ESG adoption. Some of the external factors obstructing the adoption include lack of motivations through more regulatory compliances and absence of push from larger enterprises and customers," he said.

As ESG becomes the core conversation in corporate boardrooms and for the allocation of capital, it is compelling brands and enterprises to improve their sustainability performance. Also, the growing demand for a sustainable supply chain is putting pressure on SME vendors to increase resource productivity, reduce emissions, and improve their ESG score.

"Bizongo's scorecard will help MSMEs meet the demands of global-level customers by driving more environmentally friendly and inclusive business operations and manufacturing products with the ethos of ESG. Simultaneously, it will also help large enterprises to monitor their ESG profile and expedite decision-making by assessing the compliance levels of suppliers, vendors, and other supply chain partners,"  Aniket said. Further, the Securities and Exchange Board of India's (SEBI) mandate for the top 1,000 listed entities by market capitalization to file business responsibility and sustainability reporting (BRSR) and disclosures from FY 2023 has triggered large corporations to think about ESG as a value preservation measure. Following the implementation of Bizongo's scorecard, international and domestic enterprises with a large portfolio of third parties will be able to combat new risk levels and improve their sustainability performance as they onboard partners from Bizongo's large base of ESG-compliant manufacturers and vendors.

Bizongo's ESG scorecard comes on the heels of a preliminary study conducted by the vendor digitization platform to understand the current scale of adoption of ESG-compliant practices by MSMEs and their intent to implement them. Bizongo has been helping MSMEs scale their business by digitizing supply and procurement and offering tailored solutions that will enable the sector to achieve the Government of India's vision of an Aatmanirbhar Bharat.

About Bizongo

Bizongo was founded in 2015 by three IIT graduates Aniket Deb, Sachin Agrawal, and Ankit Tomar, to digitally transform the fragmented and unorganized yet unique and ubiquitous B2B segment of customized goods. Today, the company focuses on packaging, textiles, apparel & other contract manufacturing goods as its product portfolio and has a network of over 6,300 partner factories. Through its proprietary digital platforms, such as Procure Live, Partner Hub, and Artwork Flow, Bizongo offers Digital Vendor Management, Supply Chain Automation & Supply Chain Financing as key services to its enterprise customers. The B2B e-commerce platform services 450+ enterprise customers in fashion & lifestyle, pharmaceuticals, consumer discretionary, consumer staples, home & personal care, and e-commerce.

For more information on Bizongo, please visit https://www.bizongo.com/

Logo:  https://mma.prnewswire.com/media/1998358/Bizongo_Logo.jpg


Cision View original content to download multimedia:https://www.prnewswire.com/in/news-releases/bizongo-launches-esg-scorecard-aims-to-help-one-lakh-msmes-turn-esg-compliant-in-the-next-24-months-301741731.html

More News by PR Newswire India

Otr Elkalam: In the world's largest religious competition - A Saudi Opera Singer Eliminates a Voice Coach

The Organizing Committee of Memorial Ceremony to Ancestor Huang Di in his Native Place Held its Press Conference in Beijing

Aramco to expand presence in China by acquiring 10% stake in Rongsheng Petrochemical


Syndigo Announces Additional Generative AI Capabilities to its Client Platform

2026 All-Time High in Store for Global 300mm Semiconductor Fab Capacity After 2023 Slowdown, SEMI Reports

Tata Communications brings JAMVEEâ„¢ - an integrated, simplified cloud-based calling solution for global enterprises

38th Annual World Petrochemical Conference: Wanhua Chemical Shares Inspiring and Insightful Practice on Sustainability in Petrochemical Industry


Shipping industry can save $50 bn through four enablers of operational efficiency

LyondellBasell and EEW sign LOI for potential advanced waste sorting

Armis Achieves U.S. Department of Defense Impact Level 4 Authorization

The Second International Forum on "Democracy: The Shared Human Values" kicked off in Beijing

Bitget Becomes the First Centralized Exchange to Offer Financial Transparency Through Space and Time

Forever New Launches Exquisite SS23 Collection Featuring Pooja Hegde

Transparent & good governance, inclusive Growth and opportunities for all mark the emergence of New India under the leadership of PM Narendra Modi says Union MoS Rajeev Chandrasekhar

Inkspell set to organize the Video Media (vIdea) Awards & Summit 2023 on 27th April

Indian Low-voltage Switchgear Market Witnesses Surge Due to Pent-up Demand and an Increase in the Average Price

Aramco JV HAPCO to commence construction of major refinery and petrochemical complex in China

GCL System Integration Brings N-Type Innovation TOPCon and Latest BIPV Products to PV EXPO 2023

Aditi Mittal, Director at IndiaBonds and A. K. Group wins Times 40 Under 40 Award

Beamery Announces TalentGPT, the World's First Generative AI for HR

Appian appoints Douglas Coleman as Head of Mexico

Measure the Impact of Mantras on the Brain with the Sadhana app

International Aluminium Institute launches Aluminium Forward 2030 Coalition

Bharat KYC secures 'Fastest eKYC' and QuantPower bags 'Best Algo Trading Platform' Award from NITI Ayog Advisor & Bollywood Diva Bhagyashree

Transcoding and Content Security Workflow Simplified: INKA Entworks's PallyCon and Dolby Hybrik Join Hands for an Integrated Solution

ESG practices towards transformative change for a more sustainable world

Making Open Source Truly Open

The 3rd Conference of Great Business Partners to be held in Shandong

New Cryptocurrency BASALTCOIN set to Launch with a Mission to Revolutionize the Greentech Industry

CGTN: How China keeps its promise to build a community of common health for mankind

CGTN: Analysis: China's economic resilience boosts global recovery prospects

YourStory's TechSparks makes thundering debut in Mumbai: A two-day gala featuring India's top entrepreneurs, investors, innovators, and more

Holding your grandchild for the first ti...
Opposition parties to continue 'black' p...
Why 10-year-old Avika Rao thought 'Ajoba...
Neither Sikhs in India nor Indian diaspo...
Centre reviews public health preparednes...
BSF finds 6 kg of drugs dropped by drone...
 Top Stories
Odisha CM Naveen Patnaik asks Centr... 
US: Biden calls Nashville shooting ... 
Israel PM Netanyahu delays judicial... 
Indore: Police register complaint a... 
Israeli missions on worldwide strik... 
Delhi: Building collapses in Badarp... 
Earthquake of magnitude 6.0 hits So... 
Controversial Israeli judicial refo...