Return on Sustainability: The Value and ROI of Sustainable Procurement
Source: Return on Sustainability: The Value and ROI of Sustainable Procurement by EcoVadis
For many years, companies have focused sustainability efforts around their own carbon footprint, but today they have shifted their attention to the entire life cycle of their product or service. A recent report, “Return on Sustainability: The Value and ROI of Sustainable Procurement,” from EcoVadis outlines how businesses can get a return on sustainability and notes that some of the greatest opportunities to influence sustainability efforts are in the supply chain. Learning to give more attention to each part of the procurement process can take some time and may be challenging for some businesses that have to redesign their business model, but the commitment pays off.
To effectively deploy and manage a sustainable procurement program, you’ll need strategic leadership, capacity building within procurement and with suppliers, the engagement of subject matter experts, and tools for streamlining data collection, measuring performance, and reporting results. With the right tools and strategies, these investments will produce a positive return.
Internally, by implementing better risk mitigation and proper procurement metrics, businesses can build long-term effects and cost savings. Externally, businesses will see innovation, credible brand differentiation, and talent attraction and retention as returns. Companies that are dedicated to sustainability are more likely to gain the dedication of consumers and employees who are also sustainably minded.
To view a full report on the return of sustainability, visit EcoVadis.
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