We as a global civilization are emphasizing sustainability more and more. Environmental, social, and governance challenges are more important than ever in a commercial setting. These topics dominate most corporate social responsibility activities today and sustainable procurement is the latest to join the bandwagon.
While forward-thinking companies have long focused on these challenges from the standpoint of brand value, they are now as important in the eyes of customers.
More people are looking to purchase sustainable goods. They are curious about how using and purchasing products may affect the environment. Many customers even base their purchases on a company’s efforts to reduce greenhouse gas emissions and the effects of climate change, or they choose to make purchases that leave the smallest possible carbon footprint.
After the Pandemic, pressure on business is ramping up with the challenges in Regulations in supply chain Acts and insight into ESG impact. (Environment, Social, Governance) Companies are bound by government rules and regulations, social issues, and climate on the rise.
During the Pandemic below common issues were observed globally,
Apart from this many Procurement professionals have failed to maintain Supplier sustainability while doing the Vendor Performance measurement / Vendor rating.
A few reasons are,
After the Pandemic, many more Organizations are now regaining their original position where they are looking for Sustainable Procurement to increase productivity and market share.
Therefore, we should follow the below steps to strengthen our Supply Chain.
In addition to the above, some of the initiatives should be taken on the Organization level for Sustainable Procurement
By even taking small steps towards having a more sustainable approach to procurement, your business can make a significant difference.