Sustainability is one of the most important trends of our time that is set to dominate business discussions and decisions making for a long-term basis. From this point of view, a new competitive tool called sustainability emerged. It merges with important factors such as quality, cost, reliability, just in time, with flexibility and innovation for building competitive businesses. For all business organizations in the public and private sectors worldwide, the acceptance of sustainability takes time as it depends on their willingness.
Understanding the Principles of Sustainability
As we enter a new era, it is vitally important that procurement leaders understand what sustainable procurement means for both the public and private sectors. Companies can shift their methods of procurement to ensure that they are operating profitably. Sustainable procurement processes are to determine the outcome effects of procurement action in terms of good benefits for both environmentally and socially. It incorporates additional stages of monitoring and assessment. Hence, new sustainable methods are carefully inbuilt into various stages of the procurement process.