EcoVadis operates the 1st collaborative platform, allowing companies to assess the environmental and social performance of their suppliers on a global basis. EcoVadis combines technology and Corporate Social Responsibility (CSR) expertise to deliver simple and reliable suppliers scorecards, covering 150 purchasing categories and 21 CSR criteria.
EcoVadis tasked Team Terra Nova with developing a strategic as well as a financial plan to expand its business into the US market. Since its inception in 2007, EcoVadis has found success in gaining significant portions of European market share for supplier sustainability assessments. However, EcoVadis’ goal is to become the global standard in sustainable supply chain assessments and, as such, it has set its sights on dominating the US market as a necessary first step. The following document details the process and methodology employed by Terra Nova in its efforts to present EcoVadis with a strategic plan and financial analysis that, when followed, allows EcoVadis to accomplish this goal.
In order to properly advise EcoVadis, Terra Nova knew that it had to gain an in-depth understanding of the market and industry landscape. Research methodology included stakeholder interviews, a needs assessment of both current and potential customers, an analysis of the market as a whole, as well as a survey of the competitive landscape that EcoVadis would encounter in the US. Having gained a more comprehensive understanding of the task at hand, Terra Nova processed the research findings through the lens of various strategic frameworks including a SWOT analysis, the Business Model Canvas, and a process of theoretical future scenario planning. Finally, Terra Nova developed a robust financial tool, known as the Variable EcoVadis Scenario Projection Analysis (VESPA) model, in order to ensure that all of its strategic recommendations were underpinned by thorough financial forecasting and robust data analysis. This rigorous and methodological approach resulted in a suite of three strategies, all supported by actionable tactics that, if employed, would allow EcoVadis the greatest chance at success in achieving its goal of dominating the US market.