If you are a procurement professional, you can take an active part in your organisation’s Corporate Social Responsibility (CSR) initiatives and ensure impactful results. Today, procurement is seen as a strategic value centre that you can leverage to transform your department and also help your organisation. Any CSR adopted by procurement can have a significant impact on the organisation’s bottom-line and also has the ability to create new business value.
Leading the way
It has been observed that organisations with high-performing procurement departments have high profit margins compared to companies with low-performing procurement. CSR provides organisations with a platform for growth and also opens more business opportunities.
- As a procurement professional, here are a few CSR initiatives you can try:
- Help in identifying opportunities for saving
- Support your suppliers’ risk mitigation programmes
- Foster more collaboration and innovation with suppliers
- Assist in suppliers’ development and diversity programmes
You can also take a closer look at the supply chain and ensure that some of your organisation’s CSR initiatives filter down. Major problems procurement faces today are modern slavery and child labour. You can make sure that your suppliers strictly enforce freely-chosen employment, where forced, indentured and bonded labour is not used. Instead, the workers are voluntary and receive payment as per the applicable laws and regulations. Procurement can also check that no underage individual is working or performing hazardous work.
While any procurement professional realises that they must comply with laws and regulations while mitigating risks, they are also in a position to build relationships with their suppliers. So, procurement professionals find it easier to integrate with their suppliers and, therefore, are better positioned to ensure vendors and suppliers conform to the organisation’s CSR initiatives.
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