Sustainable procurement is the meeting of business needs for materials, goods, utilities and services in an environmentally-friendly, responsible and ethical way.
Companies dedicated to sustainable procurement try to make economical and effective long-term decisions that benefit the company, customers, society and the environment.
For example, beyond initial costs of a product, the cost of the product lifecycle are assessed.
This assessment includes the product’s cost of acquisition and maintenance as well as costs associated with the end of service time, such as disposal.
Once these product considerations are met, a buyer would also avoid products produced by exploitative labour or environmentally-irresponsible producers and would favour fair trade companies.
Supply chain sustainability is integral to sustainable procurement.
Economic irresponsibility has always had the capacity to destroy a company.
Increasingly, customers also strongly disapprove of irresponsibility to the environment and society -- customers who, in the age of social media, are likely to find about transgressions.
Easier access to information and communication also helps consumers respond to corporate malfeasance, sharing information, for example, and organizing boycotts.
This consumer pressure and the desire for good public relations helps drive corporate initiatives like sustainable procurement and promotes corporate accountability and transparency.
The IFPSM World Summit is a global, annual procurement event organized annually by the International Federation of Purchasing and Supply Management which serves as a platform for the exchange of knowledge and experiences among procurement and supply chain management professionals. IFPSM comprises 48 professional bodies from across the world. This year, the spotlight is on Kenya.
The World Summit is an exclusive opportunity to experience an innovative purchasing event that includes a business leader’s conference, in-the-know international speakers in the industry and a first-class Summit experience for both attendees and partners.
To be held in the coastal city of Mombasa from September 10-13, 2019, attendees will have the opportunity to meet fellow professionals from around the world and network and engage through various sessions.
Looking at new global trends in this field, world – renowned speakers will give insights that will propel sustainable business after the Summit and spark and spur grown in organisations according to the changing environment.