Why Procurement with Purpose is Vital for Business Success

Author: Sarah Shannon
Date:  June 20, 2023

Are you ready to take your procurement strategy to the next level and drive positive change? Embracing procurement with purpose is a game-changer that goes beyond the traditional focus on profit. Let's explore three compelling reasons why integrating purpose into your procurement practices is crucial

1 Leads the way towards sustainable and fair economies

With sustainability becoming a top worldwide priority, businesses have a unique opportunity to influence a decarbonized, ecologically aware future. Incorporating purpose into procurement choices aligns your supply chain with sustainable practices, supports ethical and eco-friendly supplier initiatives, and decreases your environmental footprint. Embracing Procurement with Purpose is key to creating an equitable and sustainable economy that serves both businesses and the planet.

2 Nurture, foster, and retain your highly skilled procurement team

Your procurement team is invaluable, boosting your organization's progress. By prioritizing purpose-driven procurement, you empower your team to make a difference beyond typical contract negotiations. This method enhances job satisfaction, invigorates innovation, and produces quality collaborative opportunities. Procurement with Purpose is how you retain and grow a high-performing team.

3 Secures the best deals for your organization by prioritising long-term value

Procurement specialists play a critical role in obtaining the best deals. Focusing only on profits might limit your ability to create long-lasting value. By defining purpose as an essential tenet, your team becomes a well-informed representative of your organization's values. Engaging suppliers who share your purpose and values allows them to make deals that prioritize quality, ethics, and sustainability. This approach protects your organization's reputation, decreases risk, and produces the ideal outcome for all stakeholders.

There is no better time to start leveraging Procurement with Purpose. Every organisation has an opportunity to unlock massive value by making ESG and sustainability a priority. By sourcing responsibly, we are able to build ethically sound organisations more efficiently while promoting fairness in the economy. Moreover, effective and purposeful negotiation also serves as an avenue for businesses to become more successful and promote a brighter future. With ongoing conversations about those topics, now is the moment to explore how our commitment as purchasers can be a driving force in positive change.

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