Executive Briefings

Sustainable Procurement Driving Revenue, Report Says

Fortune 500 firms are not only investing heavily to ensure sustainability and CSR are ingrained across procurement and the supply chain but are also seeing major returns on this spend, according to a report.

Sustainable Procurement Driving Revenue, Report Says

The HEC/EcoVadis Sustainable Procurement Barometer found 50 percent of sustainable procurement (SP) leaders experienced increased revenue from sustainability initiatives. However, this figure drops to 17 percent among laggards.

"No longer seen as a nice-to-have discipline, SP has evolved into an integral business function responsible for reducing costs, mitigating business risk, protecting and improving brand reputation, driving revenue and supporting innovation and growth," said the report.

The drivers, identified by respondents to a survey, are improved brand reputation, named by 76 percent as a direct result of SP, and stronger supplier relationships, cited by 55 percent. Three quarters of organisations use CSR data when selecting new suppliers.

Another benefit was improved rankings in green financial rankings - identified by 48 percent of firms.

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The HEC/EcoVadis Sustainable Procurement Barometer found 50 percent of sustainable procurement (SP) leaders experienced increased revenue from sustainability initiatives. However, this figure drops to 17 percent among laggards.

"No longer seen as a nice-to-have discipline, SP has evolved into an integral business function responsible for reducing costs, mitigating business risk, protecting and improving brand reputation, driving revenue and supporting innovation and growth," said the report.

The drivers, identified by respondents to a survey, are improved brand reputation, named by 76 percent as a direct result of SP, and stronger supplier relationships, cited by 55 percent. Three quarters of organisations use CSR data when selecting new suppliers.

Another benefit was improved rankings in green financial rankings - identified by 48 percent of firms.

Read Full Article

Sustainable Procurement Driving Revenue, Report Says