Why Should You Choose a Sustainable Procurement Strategy?
Source: “Why Should You Choose a Sustainable Procurement Strategy?” by Source Today
As the conversation around “going green” and sustainability continues to evolve, consumers and businesses alike are forced to look at the role we play in this. For consumers, that often means taking a deeper look into the business you’re buying from. Where are they getting their products from? How are they being developed? In a recent article, Source Today provided insights into how the idea of sustainable procurement can come into play for businesses and organizations.
According to the article, sustainable procurement refers to how businesses can build a more sustainable supply chain and reduce environmental impacts. A simple starting point is making sure that throughout the entire procurement process suppliers are acting responsibly and ethically. For many businesses, this means being transparent about where their products are coming from and using new tools such as AI and tracking devices to monitor the path it takes – from origin to final destination.
The article notes that typically, sustainable procurement affects a business’s ESG strategy – a measure of its environmental, social, and governance factors – and tends to improve a company’s performance, rather than cost resources. Lastly, implementing sustainable procurement can help businesses reassess their supply chain, build stronger partnerships, expose vulnerabilities, and get them ready for the future.
Moving forward, it is expected that customers will continue to desire a certain standard regarding environmentally friendly and sustainable practices from businesses. Implementing sustainable procurement now may be a great way to get a competitive edge, improve consumer and supplier relationships, and boost public reputation.
To learn more about sustainable procurement, visit Source Today.
Check out the most recent posts
Over the past decade, businesses have been feeling the pressure to move toward more sustainable practices. With the effects of the COVID-19 pandemic, many were forced to re-examine their supply chains.
As sustainability continues to become a driving force for companies, it’s important to understand the extent of the efforts being taken by companies across the United States. Many companies and organizations have sustainability goals set in order to meet stakeholder and customer expectations.
Since sustainability is still relatively new to procurement practices, the ability to express these benefits in financial terms is one of the key drivers needed to make a case for implementing sustainable practices into business models.
While implementing sustainable practices within a business can be challenging, leaders are starting to see that improving ESG (Environmental, Social, and Governance) strategies can increase the performance of their business!