Sustainable Procurement Benchmarks: Going Beyond Compliance to Drive Performance
Procurement organizations know that sustainability initiatives within their function have far-reaching impacton risk management, cost, innovation and more, but with all of the information, tools and technologies available for teams on their sustainable procurement journey, what does success look like?
Sustainable procurement is certainly not a new thing, it has evolved quickly over the past decade. While most companies have traditionally been driven by regulations and compliance considerations, more holistic sustainable procurement benchmarking is a crucial way to illustratehowcompanies are leveraging their programs beyond just meeting compliance standards, and truly seeing an ROI. This can be a vital motivator for procurement teamstocompare how the latest practices are using sustainability initiatives to increase supplier visibility, collaboration and innovation.Fortunately, sustainability awareness is expanding among both buying and supplying organizations, according the latest report from EcoVadis, which just released the findings from their 2019 Sustainable Procurement Barometer, conducted in partnership with the NYC Stern Center for Sustainable Business. This is the fifth barometer report, produced biennially by the company and we’re here to dig into key findings and insights to help procurement teams show their return on sustainability investment (ROSI) and benchmark their own programs.
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