|
The Forrester Wave™: Supplier Value Management Platforms, Q3 2024 See Report
Improve Sustainability
Sustainable Procurement & ESG Improvements
Realize the possibilities of an integrated Source-to-Pay suite
See How Ivalua Empowers ESG Objectives & Programs through Source-to-Pay Processes
What is Sustainable Procurement?
Sustainable Procurement is the incorporation of Environmental, Social and Governance (ESG) principles into procurement processes and policies, ensuring that business with suppliers is conducted in a manner that aligns with corporate social responsibility (CSR) strategies.
Sustainability, as well as overall Environmental, Social and Governance (ESG) pressure is intensifying on businesses around the world. Customers, investors, employees, citizens and governments have a vested interest in ensuring that businesses establish and execute ESG strategies. We believe Procurement is key to executing and accelerating ESG initiatives.
The benefits of such initiatives for humanity
and the planet are clear and necessary.
There are also significant business benefits for those that make progress towards ESG and sustainable procurement initiatives:
Lower Costs
Increased Sales
More Competitive & Innovative
Reduced Supply Chain Risk
Greater Customer Loyalty
Stronger Supplier Relationships
Ivalua empowers you with insights and collaboration tools to:
Select Diverse, Sustainable and Ethical Suppliers
- Integrated ESG information to make more informed supplier selection
- Sourcing decision center automates & optimizes award scenario analysis based on ESG and other criteria
- Discover new suppliers aligned with your ESG goals
Collaborate with Suppliers to Progress ESG Initiatives
- Communicate ESG guidelines and policies
- Securely share information to co-develop, innovative and find more sustainable solutions
- Define and collaborate on corrective action plans to drive continuous progress
Monitor
Performance and Compliance
- 360 degree visibility to audit & assess performance and compliance
- Access rich data and information from our 3rd party ecosystem
- Multi-tier & subcontractor visibility to assess the full supply chain
Procurement Impact on Environmental, Social and Corporate Governance
Procurement strategies orchestrate where and how a company spends. In doing so, Procurement can ensure that business with suppliers is conducted in a manner that aligns to certain environmental, social and ethical standards.
Sustainable Purchasing practices can help incorporate ESG into day to day operations e.g., what is purchased, from whom, how it is delivered, what is known about that supplier, finding a new supplier, etc.
What is Environmental, Social and Governance?
Environmental, social and governance (ESG) is not new, it is really a more measurable evolution of Corporate, Social, Responsibility (CSR).
- Environmental covers issues around climate change, pollution, carbon emissions and footprint, deforestation, and more
- Social covers issues around health and safety, human rights, diversity, equality and community impact.
- Governance deals with business ethics including board composition, executive compensation, accounting and auditing, bribery and corruption.
Related Resources
Datasheet
Ivalua’s ESG Commitment: Learn more about Ivalua’s priorities and commitment to ESG
Webinar Replay
Understanding Technology Needs to Support Your ESG Strategy Shift
Report
Forrester Study: How Procurement can Accelerate Corporate Social Responsibility Performance