Leinfelden - Echterdingen, 3.6.2015 - BASF and thinkstep today announced their intention to collaborate in the marketing of the Sustainable Solution Steering method developed by BASF for sustainable portfolio management.
In pursuit of this aim, the two organizations have signed a licensing agreement that extends their existing alliance. thinkstep is specialized in the development and marketing of sustainability software and has many years of experience as a sustainability assessment consultant. The aim of the licensing is to support BASF customers and other organizations in assessing and steering their product portfolio in line with sustainability criteria. The Sustainable Solution Steering method will be integrated in the thinkstep.one sustainability platform for that purpose.
Using the externally validated method, BASF analyzed approximately 60,000 product applications over a period of three years, classified them into various categories according to their relevance to sustainability and assessed them on that basis. In this way the company aims to increase the percentage of solutions in its portfolio with significant contribution to sustainability in the value chains.
Through the alliance with thinkstep, the method is made available to other organizations for portfolio assessment and management. More sustainable solutions can then be established across companies and throughout entire supply chains.
To develop sustainable products and solutions, businesses need to know the specific contribution of individual applications to sustainable development. Only then can effective measures be taken to continuously improve that contribution according to economic, environmental and social criteria. For many years now, businesses have been using internationally recognized standards such as life cycle assessment and carbon foot printing to assess single products and processes. However, no generally recognized industrial standard exists for the measurement and systematic management of the sustainability contribution of an entire product portfolio. International chemical companies – including BASF – have therefore started to develop their own methods to assess their portfolios according to sustainability criteria.
thinkstep enables organizations worldwide to succeed sustainably. Our industry-leading software, data and services help businesses drive operational excellence, product innovation, brand value and regulatory compliance. With a global presence in 19 countries we serve more than 2,000 companies, including 40 percent of the Fortune 500, such as BASF, Hewlett-Packard, Interface, Siemens, Unilever and Volkswagen. thinkstep.one is our highly scalable enterprise software platform and application center for sustainable performance management that empowers decision-makers to transform their business and achieve breakthrough results. Built on a singular data and analytics foundations that easily connects to other IT-systems, thinkstep.one offers an increasing portfolio of currently 70 applications with its large eco-system of partners. For more information visit www.thinkstep.com
At BASF, we create chemistry – and have been doing so for 150 years. Our portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. As the world’s leading chemical company, we combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of about €74 billion in 2013 and over 112,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com.
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