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Sustainability within the procurement industry can
produce major benefits, a recent article on the
Procurement Leaders website details. According
to a report from The Conference Board,
procurement should begin to focus on maintaining
sustainability as it can result in significant monetary
bonuses. In fact, Action Sustainability reports that
60-80% of a company’s total expenditure is on its
supply chain, so sustainability can understandably
play a key role in finance.
Sustainability within the
procurement industry can
produce major benefits
Procurement Leaders
In the ‘Driving Revenue Growth through
Sustainable Products and Services: Implications
for Chief Marketing Officers’ report, it was
discovered that companies developing sustainable
products benefitted from revenue growth six-
times higher than overall revenues. One example
provided is that of personal care corporation
Kimberley-Clark; the business recorded top-
line revenue growth from sustainable products
between 2010 and 2013 of 296%, compared to
overall corporate revenue growth of 7.6%.
Companies developing
sustainable products benefitted
from revenue growth six-times
higher than overall revenues
The Conference Board
This could be because sustainability is a major
driving force behind corporate innovation, a
Harvard business Review claims.
Procurement feeds into this as it is a key player
in the management of supply chains. A report
from Procurement Leaders has already detailed
how corporate responsibility is being integrated
into the procurement practice, so sustainability
and its role in the process shouldn’t be too far
behind.Being sustainable can do more than simply
improve a business’ image; it can also be used to
address global environmental and societal issues,
The Conference Board notes in its report. This
can, in turn, drive revenue and growth, as well as
innovation.
Sustainability is a major driving
force behind corporate
innovation
Harvard Business Review
The latest businesses to include a focus on
sustainability within their procurement processes
include Nespresso and Starbucks. The Positive
Cup programme from Nespresso includes
investments by the company to help develop
the coffee industry in Sudan. The business has
also introduced a retirement savings plan for
Colombian coffee farmers.
Starbucks, on the other hand, has announced
SUSTAINABLE PROCUREMENT:
AREYOU READY?
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a $30 million investment in its Global Farmer
fund Programme. Along with other sustainability
efforts the coffee giant has thus far benefitted
over 40,000 farmers across eight countries.
In fact, the world’s most sustainable company
2015—Biogen—announced that procurement
was indeed one of their focuses when looking to
improve business sustainability.
Procurement was a key focus
for Biogen, the world’s most
sustainable company in 2015
These programmes and other similar ones can
help businesses maintain a positive business
strategy, as well as the image of good corporate
citizenship.
Sustainability in procurement is developing and
entails more than simply ensuring responsible
suppliers are chosen; aspects like production,
packaging, transport and labour must all be
considered sustainable, too. As sustainability
becomes more of a focus in this sector, roles and
skillsets are obviously developing alongside this
change.
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