CPOstrategy, in association with ProcureTech, launches its inaugural Sustainable Procurement Champions Index 2022.
It celebrates those making the greatest strides in excelling in sustainability within procurement and the supply chain.
As procurement evolves into a truly strategic, business enabler the CPO is at the forefront of tackling rising inflation and costs, resiliency as well as leading efforts to make their enterprises more sustainable and diverse going forward, into a very uncertain tomorrow.
Sustainability is front and centre of the modern procurement leader’s mind, especially during the ongoing geo-political crises that have engulfed the globe. As companies look to become more ethical, resilient and future proof that requires fresh and innovative practices and tools.
Prioritised by The Embedding Project – hosted by the Beedie School of Business at Simon Fraser University in Canada and the Graduate School of Business at the University of Cape Town in South Africa – these are the categories that can form the ESG agenda within procurement…
- Rights & Wellbeing
- Rights & Resilience in Communities
- Governance & Ethics
- Materials & Waste
There are many models, fundamentally procurement leaders aim to align their objectives and actions to their corporate ambitions and the Sustainable Development Goals.
Many procurement leaders are shifting from ideas to action on sustainability, for example:
- Optimised cashflow through supply chain financing to incentivise the user of suppliers to bring about a positive value on the planet
- The mapping of supply chains to reduce social and environmental impact from carbon footprint to localisation investment in target economic areas
- Detailed component analysis to understand and reduce carbon usage, social impact and demand profiles
- The creation of stronger and more transparent relationships with vendors through sharing of data and networks that promote new commercial models and ecosystems
- Blockchain powered solutions to improve safety and regulatory compliance; also incorporating IoT to reduce waste and spoilage
- The leveraging of social initiatives and networks: GreenTech Alliance, Sustainable Procurement Pledge, Race to Zero, Zero100 and many more
From an ESG perspective, corporations today are largely focused on carbon tracking and offsetting in alignment with the 2050 Paris agreement with over a third of the world’s largest companies now committed to Net Zero. Global consumers (on average 68% of Gen X and Millennials) are demanding more transparency and information on sustainability; most of which can be challenged and solved in partnership with technologies focusing on sustainable procurement.
“Digitalisation plays a key role in the speed and scaling of sustainability with many challenges being solved by digital solutions and ecosystems that didn’t exist before”
Lance Younger, CEO and Founder, ProcureTech.
ProcureTech has mapped, reviewed and classified over 240 (now 350+) digital solutions focusing on the core ESG pillars with the Sustainable Procurement Pledge. These technologies have been recognised as the most effective ways to measure, cross-collaborate and action cascade ESG objectives.
Leading Procurement Sustainability Champions continue to engage and adopt these technologies at speed, knowing the cost of embracing and use will decrease over-time, to better align with growing consumer demand and developing ESG related legislation that has already appeared in Scandinavian and European countries.
Who are the procurement professionals leading their companies sustainable procurement initiatives, and how are they transforming the procurement landscape?
Earlier this year, CPOstrategy, together with assistance from ProcureTech, launched the Sustainable Procurement Champions Index to identify the procurement groundbreakers who are spearheading sustainability within their companies, across many diverse sectors and territories.
The index includes peer nominations and celebrates the procurement leaders championing sustainability and recognises the companies who are building a foundation for sustainability within procurement globally. We look to highlight innovative and enterprising individuals who are pushing the boundaries of corporate responsibility and sustainability.
The result? An inaugural index of 78 Sustainable Procurement Champions!
Well done to the Sustainable Procurement Champions and to all those who are delivering a sustainability impact that matters. You’ll be hearing a lot more from the Sustainable Procurement Champions, right here, in the very near future… and we would love to hear about others that should be included to the Sustainable Procurement Champions Index in the future.