The Rise of ESG and Scope 3 Emissions | You Must Know this 💁🏻♀️ Sustainability and ESG (Environmental, Social, and Governance) considerations are taking center stage. These factors are no longer optional but essential components of procurement strategies. Here’s why every procurement professional should prioritize ESG and Scope 3 emissions: 1️⃣ Scope 3 Emissions: A New Standard Scope 3 emissions, which encompass all indirect emissions that occur in a company's value chain, are now a critical focus. New regulations in California and the EU require comprehensive reporting on these emissions, driving significant changes across industries. Companies are embedding CO2 reduction into their sourcing decisions to meet ambitious net-zero targets for 2025, 2030, and 2040. 2️⃣ Sustainability Integration Sustainable procurement practices are being integrated deeply into business strategies. This integration not only addresses environmental impacts but also aligns with financial stability, proving that sustainability and profitability can go hand-in-hand. Many companies are setting robust ESG goals, and procurement is crucial in achieving these targets through responsible sourcing and ethical supplier engagement. 3️⃣ Data and Transparency Effective management of ESG criteria requires transparency and robust data integration. Companies are leveraging advanced technologies like AI and digital twins to gain real-time insights into their supply chains. This enhances visibility, allows for proactive risk management, and ensures compliance with evolving ESG standards. 4️⃣ Global Impact and Biodiversity The emphasis on biodiversity and broader environmental impacts is growing. International frameworks and regulations are pushing companies to consider nature-related dependencies and risks in their supply chains. This holistic approach ensures that environmental considerations are embedded throughout the procurement process, fostering sustainable practices across the globe. 5️⃣ Combatting Greenwashing With the rising importance of genuine sustainability efforts, companies must avoid greenwashing. Clear, honest communication about ESG initiatives is essential to maintain credibility and comply with stricter regulations against misleading sustainability claims. This shift encourages businesses to adopt authentic, impactful ESG practices. By embedding ESG and Scope 3 emissions into procurement strategies, we can drive significant environmental and social impact while ensuring long-term business success. #Procurement #Sustainability #ESG #Scope3 #NetZero #SupplyChain #RiskManagement #EnvironmentalImpact #CorporateResponsibility #GreenBusiness
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A seasoned sales leader with a robust network who has helped hundreds of companies reduce risk and drive revenue growth.
How should ESG be incorporated into overall supplier management? In the latest ProcureCon Sustainability Report, our Chief Product Officer Danny Thompson answers this question: “Keep it simple. ESG is just another check at onboarding and throughout the supplier lifecycle to assess risk and opportunities for improvement. Centralizing supplier management into one channel is why apexanalytix Portal exists.” Download the report to hear more insights and data on how leading organizations are integrating sustainability practices into their procurement processes.
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Senior Business Development Representative @ apexanalytix | Networking, Strategic Business Development
How should ESG be incorporated into overall supplier management? In the latest ProcureCon Sustainability Report, our Chief Product Officer Danny Thompson answers this question: “Keep it simple. ESG is just another check at onboarding and throughout the supplier lifecycle to assess risk and opportunities for improvement. Centralizing supplier management into one channel is why apexanalytix Portal exists.” Download the report to hear more insights and data on how leading organizations are integrating sustainability practices into their procurement processes.
The 2023 Sustainability Report
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🌍🔗 Linking Supply Chain Management to ESG: Top 3 Priorities for Businesses 🔗🌍 As businesses increasingly recognise the importance of Environmental, Social, and Governance (ESG) principles, integrating these values into supply chain management is essential. Here are the top three priorities to focus on: Sustainable Sourcing: It's time to prioritise sourcing materials and products from suppliers that practice sustainability. This means opting for renewable resources, minimising waste, and ensuring ethical sourcing. A thorough assessment of suppliers to meet ESG criteria is crucial for long-term success. Supply Chain Transparency: Transparency is key! Implement systems for traceability to understand the environmental and social impacts of your supply chain. Utilising technology to track materials from origin to end-use ensures all stakeholders adhere to ESG standards. Risk Management and Compliance: Assess and manage risks linked to ESG factors diligently. This includes monitoring potential supply chain disruptions due to environmental changes and social issues. Additionally, staying compliant with local and international regulations regarding ESG will help mitigate legal and reputational risks. By focusing on these priorities, businesses can build a more resilient and responsible supply chain that aligns with their ESG goals. Let’s work together to create a sustainable future! 💚 #SupplyChain #ESG #Sustainability #CorporateResponsibility #BusinessStrategy
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Our own Daniel Dorr and Molly O’Brien are presenting a #webinar with Institute for Supply Management on May 16 at 1pm ET - Sustainability in #Procurement: The Roadmap to a Successful Program. Join us to get examples of practical, proven, and actionable steps that procurement leaders can take to quickly assess #ESG risks and value opportunities hidden in their #supplychain. Including: -The value of sustainable procurement in driving company value -Strategies to better track Scope 3 greenhouse gas emissions -Possible supply chain ESG risks and how to identify them -Evolving ESG regulations that might impact you Register here: https://hubs.la/Q02wmBsh0
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1. TRANSPARENCY & VISIBILITY: Identify all suppliers, their locations, and the products and services they provide. Track the flow of goods, materials and information across your supply chain. This visibility is essential for assessing ESG performance. 2. RISK ASSESSMENT & MITIGATION: Gather data to evaluate the ESG risk of each supplier. Consider environmental impact, labour practises and ethical sourcing. Assign risk scores and prioritise high-risk suppliers. Build ESG into your decision-making. 3. COLLABORATE WITH SUPPLIERS: Engage with suppliers and share best practice on how they can adopt sustainable practices, reduce waste and improve working conditions. Establish ongoing monitoring and reporting. Segura can automate the discovery of your upstream supply chains, the collection of ESG data and evidence, and the reporting you need to underpin decision-making and drive improvements. www.info@segura.co.uk
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Transformative Procurement Professional | Expert in Indirect Spend Sourcing | Process Efficiency and Sustainable Procurement
Further awareness is required to convey the importance of ESG with the business context and the associated impact
🌍 ESG goals are transforming procurement into a strategic powerhouse! As companies strive for sustainability and transparency, procurement is taking center stage, driving initiatives that align with environmental, social, and governance (ESG) principles. Learn how procurement is navigating this pivotal shift, enhancing collaboration across functions, and addressing challenges like Scope 3 emissions to meet 2030 net-zero commitments. This article offers a comprehensive look at the future role of procurement in ESG. 🔗 Read more: https://bit.ly/3VUaRxm. #Procurement #ESG #Sustainability #BusinessStrategy #SupplyChain #EnvironmentalGoals #CorporateResponsibility #Innovation
ESG goals mean procurement will play “bigger strategic role” in the organisation
https://cpostrategy.media
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🌍 ESG goals are transforming procurement into a strategic powerhouse! As companies strive for sustainability and transparency, procurement is taking center stage, driving initiatives that align with environmental, social, and governance (ESG) principles. Learn how procurement is navigating this pivotal shift, enhancing collaboration across functions, and addressing challenges like Scope 3 emissions to meet 2030 net-zero commitments. This article offers a comprehensive look at the future role of procurement in ESG. 🔗 Read more: https://bit.ly/3VUaRxm. #Procurement #ESG #Sustainability #BusinessStrategy #SupplyChain #EnvironmentalGoals #CorporateResponsibility #Innovation
ESG goals mean procurement will play “bigger strategic role” in the organisation
https://cpostrategy.media
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🌍 ESG goals are transforming procurement into a strategic powerhouse! As companies strive for sustainability and transparency, procurement is taking center stage, driving initiatives that align with environmental, social, and governance (ESG) principles. Learn how procurement is navigating this pivotal shift, enhancing collaboration across functions, and addressing challenges like Scope 3 emissions to meet 2030 net-zero commitments. This article offers a comprehensive look at the future role of procurement in ESG. 🔗 Read more: https://bit.ly/3VUaRxm. #Procurement #ESG #Sustainability #BusinessStrategy #SupplyChain #EnvironmentalGoals #CorporateResponsibility #Innovation
ESG goals mean procurement will play “bigger strategic role” in the organisation
https://cpostrategy.media
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🌍 Achieving ESG Excellence: How SupplyOn Supports Supply Chain Sustainability 🌍 As ESG regulations become more stringent, businesses must adapt to meet these ecological responsibilities while staying competitive. Given multiple and dynamic regulations coming into force in a short period of time, most companies should consider digital solutions, preferably holistic solutions, so as not to overburden their internal business users and suppliers. SupplyOn’s ESG Suite offers a holistic solution for managing key ESG use cases such as LkSG, CBAM, carbon footprint and above all, support companies of all sizes in complying with ESG standards and targets. We appreciate supporting the sustainability journey of Bosch and many thanks to Dr. Thomas Schulte for the testimonial. Read more in our latest blog post to see how SupplyOn can support your ESG efforts: https://lnkd.in/gkyM4w2w #esg #cbam #lksg #supplyonesg
Achieving ESG Excellence: How SupplyOn Supports Supply Chain Sustainability - SupplyOn ESG
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🤔 Weekly wonder 🤔 How can automation help supply chain ESG? Supply chain Environmental, Social and Governance policies in place account for the entire footprint of your operations, end-to-end. Automation can help by: 👀 Providing increased visibility of end-to-end supply chain performance 🔄Update systems as ESG requirements evolve and change ✅Build consistent ESG checks within processes to ensure standards are always met 🚀Improve production and delivery speeds by executing processes faster 🔔Increase transparency by sharing important notifications 👍Enhance customer satisfaction thanks to timely updates about orders and deliveries 📊 Reporting & insight to accurately measure performance and guide continuous improvement Having supply chain ESG initiatives in place will help you win new business, attract greater investment and open the door to enter new and profitable markets. Find out more: https://okt.to/XPBY2v
Supply Chain ESG: What is it and Why Does it Matter?
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