SCLCI Early Editions: "The Procurement Process."
Use Strategic Sourcing as your 'Supply Chain Advantage'. An overview of the procurement process for supply chain business operations.
Sustainable Procurement.
Sustainable procurement is an essential practice for organizations committed to minimizing their environmental impact and promoting social responsibility throughout their supply chains (Villena, 2018).
By incorporating sustainable procurement principles, organizations can prioritize the purchase of goods and services that meet high environmental and social standards. This not only helps mitigate the negative effects of production and consumption, it also ensures that suppliers align with the organization's values and goals. Furthermore, sustainable procurement goes beyond just considering the environmental and social aspects of a businesses total impact.
ECONOMICAL: Measures an economy’s ability to ensure and promote economic growth through international trade.
SOCIETAL: Captures social factors that contribute to an economy’s capacity to trade internationally over the long term.
ENVIRONMENTAL: Measures the extent to which an economy engages in international trade in a way that is environmentally sustainable.
THE HINRICH-IMD SUSTAINABLE TRADE INDEX 2022
These Three Pillars of Sustainability the The IMD World Competitiveness Center and Hinrich Foundation are used to measure capacity & readiness to participate in global trade in a manner that supports goals of economic growth, societal development, and environmental protection
In addition to environmental and social business impacts, sustainable procurement also takes into account economic factors. For example this could include promoting fair trade and supporting local businesses to create a more resilient and inclusive economy.
Organizations that prioritize sustainable procurement can contribute to creating a more sustainable future by reducing their carbon footprint, supporting ethical practices, and fostering positive social and economic impacts.
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