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Sustainability in Procurement: Strategies and Challenges

ivalua

Originally published in the 2022 ProcureCon Report “Transforming Procurement: Embracing Digital Innovation and Driving Sustainability” Ethical business practices and sustainability initiatives are forcing organizations to not only stand up, but to also set themselves apart from the competition by implementing ESG and CSR commitments.

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4 smart technologies modernizing sourcing strategy

IBM Supply Chain Blog

Because organizations with strategic sourcing mindsets look beyond price and cost savings-centered supplier selection initiatives. They consider factors—like supplier performance or sustainability —that support long-term partnerships, advance business needs and increase purchasing power.

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Streamlining supply chain management: Strategies for the future

IBM Supply Chain Blog

Supply chain disruptions are caused by a variety of factors, from pandemics, natural disasters and political instability to supplier bankruptcy and IT failures. A supply chain control tower can connect many sources of data-driven information and improve end-to-end visibility.

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Procurement Tracking – Everything You Should Know

Procurement Tactics

It typically looks for details such as supplier information, item descriptions, quantities, prices, or arrival dates. Supplier Performance The quality, timeliness, and adherence to contractual commitments of suppliers shall be monitored. This approach promotes efficiency throughout the whole procurement process.

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4 strategic sourcing use cases to strengthen your supply chain

IBM Supply Chain Blog

For sourcing teams, that means pivoting their mindset around selecting suppliers from a tactical, lowest-cost-above-all approach to a strategic one. Sourcing and procurement professionals operating with a strategic sourcing mindset assess a supplier’s quality, reputation and service.

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How to build a successful procurement strategy

IBM Supply Chain Blog

It can nurture collaborative partnerships with suppliers and integrate ethical and environmental (green purchasing) considerations into the sourcing strategy. Building strong supplier relationships to encourage favorable contracts and service is also a common goal. Some may not agree with the proposed changes.

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JAGGAER Webinar with Accenture Strategy and Attijariwafa Bank Case Study: Accelerating Trust in Banking – Internal, Suppliers and Customers

Jaggaer

In our poll, webinar participants saw business partnering, supplier innovation and collaboration, and supply chain risk management as their key areas of focus for procurement. Moreover, the bank lacked any collaborative supplier relationship management or sourcing tool.