New ISO standard to help improve costs

A new ISO management standard has been introduced to help businesses with the use of materials and identify ways to improve sustainability.

ISO 14051:2011 provides a general framework for material flow cost accounting, where they can be traced and quantified in physical units (e.g. mass, volume) and the costs associated with those material flows evaluated.

The aim is to use this information to identify financial benefits and reduce adverse environmental impacts. The system can be applied in any organization that uses materials and energy, regardless of their products, services, size, structure, location, and existing management and accounting systems.

It can also be used with other organisations a business works with in its supply chain, helping to develop an integrated approach to improve material and energy efficiency across the whole supply chain.

The framework in ISO 14051:2011 includes common terminologies, objective and principles, fundamental elements and implementation steps. But it is not intended for the purpose of third-party certification.

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