As businesses face an increasing demand to accelerate progress on their Environment, Social and Governance (ESG) initiatives, the procurement function is set to become a strategic and transformational partner in meeting ESG goals and commitments.
This calls for a robust supplier management framework, which fosters close collaboration between buyers and suppliers. Such a framework can provide the right platform for organizations to coach, engage and co-create solutions with suppliers to accomplish sustainability goals. Further, a multi-faceted approach with strong supplier intelligence can enable powerful engagement and improved visibility to reduce supplier risks.
A comprehensive and digitally driven supplier management model can unify disparate thinking, provide critical visibility for consistent governance and infuse procurement with purpose. Advanced analytics, automation, blockchain and other emerging technologies can enhance data management and collaboration to create robust supplier management frameworks that can accelerate the journey to enterprise sustainability.
The procurement function has a unique and dual advantage — with internal access to almost all business functions and an external reach to a vast community of suppliers. By re-imagining existing processes, investing in the right technology and adopting a collaborative mindset, decision-makers can unlock new levels of sustainable innovation through supplier management and drive positive impact across the value chain.
Read the full blog on Enhancing Enterprise Sustainability through Supplier Management
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08 January 2024
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