Munich Personal RePEc Archive

Procurement technology and its impact on the economy: harnessing the power of sustainable procurement

Zhang, Shoucheng (2022): Procurement technology and its impact on the economy: harnessing the power of sustainable procurement. Published in: Jurnal Ilmu Komputer dan Teknologi Informasi , Vol. 4, No. 3 (24 December 2022): pp. 24-30.

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Generally speaking, sustainable procurement means buying supplies that the company needs to manufacture and/or sell products in a sustainable manner, while maintaining a balance between management efficiency and the adoption of sustainable practices to reduce the company's environmental footprint. When it comes to complying with the environmental and social legislations and regulations relevant to their industry, an organization can leverage technology to enable compliance management to help them address a number of issues. In case of socially responsible, environmentally friendly suppliers that are certified by sustainable rating organizations and have green compliance certifications, the system will be able to assist suppliers in quickly identifying them. A close eye should be kept on the reputation of our suppliers, especially if it comes to any unethical practices that they may engage in, such as child labor, raising our carbon footprint, producing hazardous wastes, etc., that they might be engaging in. A key point that should be taken into account is that it is more likely that for many corporations, the footprint and the value associated with it related to sustainability will be found in the supply chain rather than in any operations that are controlled directly by the corporation itself. Increasingly, the public is demanding that the promises made by the government should be kept. In order to ensure that the company is able to deliver on its commitments to sustainable performance, leaders must be able to extract and manage the increased innovation coming from suppliers as well as employees. In this paper, we explore how regulations, rising energy costs, and consumer concerns about ethical business practices are driving corporations in many sectors to look at sustainable procurement as a way to reduce costs and increase the value they are putting into their business practices as a whole. According to this research, leading countries and businesses are benefiting from sustainable procurement practices as a result of a more sustainable approach to procurement. The reason for this is that a sustainable approach to procurement can lead to lower costs, reduced risk levels, and increased stakeholder value, as well as a wider range of innovative products and pricing options.

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