Sustainability: It’s a word that certainly needs no introduction and one with global implications that reach far beyond that of the supply chain crisis we’re experiencing. Some devastating impacts of climate change are now unavoidable, and the topic of sustainability in procurement is heating up, too.
In the midst of global disruption, fluctuating demand and supply has driven industry leaders to hold sourcing events more frequently amid the chaos.
While supply chain challenges continue, it is crucial that businesses equip themselves with tech that allows for both standard and complex sourcing events. This is especially true as the need to drive non-cost objectives around sustainability initiatives, delivery speed and more rises.
Sourcing leaders today operate within an intricate web of interconnected buyers and suppliers from around the globe. When awarding parts of a business, companies must weigh more than the cost of what they buy. Prospective suppliers have to be viewed through multiple lenses. Prioritizing cost savings alone may seem like a clear win for your bottom line, but it can lead to missed opportunities to capitalize on other forms of value that suppliers can extend.
