26.6 C
Wednesday, January 19, 2022
HomeProcurementEssential Strategies for Alignment of Sustainable Procurement

Essential Strategies for Alignment of Sustainable Procurement

Today, companies are increasingly recognizing the importance of sustainable procurement. According to a global study, 2017 Sustainable Procurement Barometer, conducted by EcoVadis and HEC, 97% of the surveyed supply chain professionals from a total of 120 companies regard sustainable procurement as highly important. Global think tanks and analysts expect upcoming trends towards companies being pressured to take responsibility in addressing environmental and social issues.

Being aware of the importance and trends is one thing, however, actually taking actions towards sustainability is a step that companies should be undertaking if they have not already begun to do so after being aware. Procurement plays a key role in the business activities of the company. Aligning sustainability with the company’s business goals and purpose is important for sustainable procurement to be practical.

Engage and Communicate with Relevant Stakeholders

Alignment occurs when all relevant stakeholders are clear about the company’s purpose, and decisions are made in accordance with it. This involves first defining clearly the actual purpose of the company itself. For example, a specialty chemical company’s purpose would be to produce innovative advanced materials to meet the constantly changing needs of the market. This purpose would then involve sustainability that is being increasingly in demand globally.

The full content is only visible to SIPMM members

Already a member? Please Login to continue reading.

Jackson Tin, DPSM
Jackson Tin has several years of experiences in the field of procurement, specifically in the chemicals industry. He holds a life sciences degree from the National University of Singapore (NUS). He is a member of the Singapore Institute of Purchasing and Materials Management (SIPMM). He completed the Diploma in Procurement and Supply Management (DPSM) on June 2019 at SIPMM Institute.

Most Read