ESG and procurement: why data is key

ESG and Procurement: why data is key

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Technology is enabling dramatic change for organizations to become more sustainable.

Featuring in the ProcureTech100 Digital Yearbook, sponsor IBM provides an insight into why data is key for a partnership between ESG and procurement.

Sheri Hinish, Executive Partner and Offering Leader for IBM’s Sustainable Supply Chain, Finance and Circularity, gives her verdict on how technology is facilitating change across procurement so organisations can become more sustainable, which has become a significant priority.

“Technology is a force for good”

Data can provide a plethora of benefits for organisations to not only become sustainable, but achieve:

  • increased supplier visibility and transparency
  • fair wage tracking and auditing
  • supplier code of conduct compliance
  • product safety
  • create equal access to opportunities

Yara – a Norwegian based fertiliser company – acts as a case study for ESG and procurement, which uses digital farming to feed our growing planet by using a convergence of tech, weather and climate data. Not only does this lead to more sustainable farming, it empowers farmers: they can use weather and climate data to guide their planting patterns, avoid deforestation, increase yields and get closer to 1st party signals for supply assurance that de-risk raw material fluctuations. Above all, it aims to cover 7% of all arable land worldwide!

IoT, blockchain, product traceability and risk resilience: these are just some of the technologies organisations can implement to become more sustainable.

Companies are constantly seeking ways of reducing their carbon footprint which tend to lurk in the supply chain, which has spawned a new generation of innovative green tech start-ups. There are also many Social Impact pioneers making their way through the digital space to provide solutions to companies struggling to amend their operations and supply chains for the benefit of sustainability.

Hinish finishes with some wise advice for companies who haven’t started using data for ESG and procurement:

“Build these requirements into your organization for a sustainable future,
or you’ll be left behind.”

 

 

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