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The German SupplyChain Act, or Lieferkettengesetz, is a new piece of legislation that came into effect January 2023 with an extended remit from January 1, 2024. In Germany, this figure amounts to approximately 3,000 companies and requires them to conduct due diligence to identify and address potential risks in their supplychain.
As a procurement professional it is paramount that “we” are aware of the conduct of our suppliers within all tiers of our supplychain. It is not just the top tier or tier one suppliers that demand our focus but the whole chain. Do you have an ethical sourcing procurement policy? How much of your waste goes into landfill?
Originally published in the 2022 ProcureCon Report “Transforming Procurement: Embracing Digital Innovation and Driving Sustainability” Ethical business practices and sustainability initiatives are forcing organizations to not only stand up, but to also set themselves apart from the competition by implementing ESG and CSR commitments.
The world continues to change and evolve, and supplychains are not excluded from that process. In fact, currently 80% of the carbon footprint comes from the global supplychain. . Now is the time to act, and to engage your supplychain on this important global issue. .
A new element of the NPPS, as compared with previous versions, is the focus on ensuring suppliers uphold the highest standards of integrity, ethical conduct and environmental sustainability in business. This aligns with the stronger sanctions in the Act relating to performance, exclusions, and debarment.
Use procurement software or work with a GPO like OMNIA Partners that offers advanced analytics tools to track spend, identify trends, and optimize your supplychain. Sustainable procurement focuses on purchasing products and services that have minimal environmental impact, are ethically sourced, and support fair labor practices.
The past few years have highlighted serious deficiencies in prevalent supplychain strategies and the major risk that disruptions pose to corporate success. years and companies can expect to lose 42% of one year’s EBITDA every decade due to supplychain disruptions. Assessing Risk across the SupplyChain.
Ethical procurement is becoming increasingly important in our ever more complex, interconnected, and global economy. In the past, the main focus for most companies was profit, but more and more companies now understand and value ethical procurement. In this post, we explore what ethical procurement means and why it is so important.
We will continue to promote the use of sustainability tools and Climate Literacy training uptake across the sector. This commitment extends to their procurement and supplychain management, which is a vital part of sector activity. Together, we can achieve ambitious goals and usher in a sustainable tomorrow for all.
The examples that Musk mentions in the video show that modern supplychains are becoming more global and more complex. Many countries have also introduced new regulations on sustainability (modern slavery, conflict minerals), or diversity, which add new risk factors in terms of compliance. CSCMP’s SupplyChain Quarterly.
Responsible sourcing is the incorporation of ethical, sustainable and socially conscious principles into sourcing, procurement and overall supplychain management practices. There is a growing trend among consumers for responsible sourcing or ethical sourcing. provide source].
Global governments and businesses are now recognizing diversity programs as an effective “ethical” mechanism to increase community engagement and correct systemic issues or historic inequality. However, the ethical justification is no longer the totality of the value proposition. Building Business Cases and Momentum.
The opportunity is around being able to leverage these regional initiatives and organizations to improve the corporation’s overall image, community engagement, and ethical spending as well as strengthening their global supplychain. Ethical Spend Toolset.
In today’s rapidly changing world, sustainability has emerged as a critical factor for businesses seeking to thrive and make a positive impact. To demonstrate their commitment to sustainable practices, many organizations are turning to certifications and ecolabels.
Like our businesses, they have a supplychain to manage and as such need to be able to pay their suppliers. Finally, ensure you act ethically and sustainably at all times. A smooth transaction usually ends up in higher levels of trust and ultimately lower costs to the supplychain.
35% of respondents are lacking systems to enable effective, scalable collaboration to empower supply-chain partners in support of their CSR strategies and policies. Unsurprisingly, sustainability is the top priority, with 67% of respondents actively measuring CSR performance.
Predictive Analytics: Uses advanced data analytics, such as machine learning, to predict future demand, analyze potential supplychain risks, and facilitate informed procurement decisions. Also, proper data analysis can help find potential hazards in the supplychain, sustain continuity, and reduce disruptions.
ESG (Environmental, Social and Governance) is increasingly important and consumers are looking for their products or services to be green, clean and sustainable. Ensuring that the ingredients, components and labour are ethically sourced and recycled if possible is important. What is ESG?
Nearly a third (32%) of procurement teams concede to cutting corn ers with their sourcing criteria for suppliers to secure supply. 49% believe that global supplychains won’t fully recover to pre-Covid operational norms until 2024 or beyond. Redwood, CA, 25 October, 2022. About the study. About Ivalua. .
Sustainability Focus: Many social value frameworks incorporate environmental sustainability, such as reducing carbon footprints or promoting green practices through supplychains. It also aligns with global goals like reducing greenhouse gas emissions and promoting sustainable development.
Creating fuller visibility into supplier risks, Amrest has the power and intel to switch localizations or deliver from different warehouses, creating a stronger supplychain. . This process can also carry over into the supplychain where Amrest needs visibility and the full strategic payments process to identify key suppliers.
The pandemic has accelerated this trend, with the Procurement function front and center in the fight to ensure supplychain resilience and continuity, reduce costs and protect the bottom line. Forrester’s study of 500 Procurement Professionals looked into the opportunities for SVM software to help return business to sustained growth.
If you missed out on this week’s training, we are returning both courses to our regular rotation of annual events and we would love to see you next time. In the meantime, we look forward to seeing you at our upcoming 2024 Spring Training Conference – What is Fair and Reasonable, Part 2: Let’s Continue the Dialogue!
KPIs are popularly related to areas such as: On time delivery Amount of rejects Cost reduction Ethical conduct Sustainable approaches Lead times KPIs can be written to measure any aspect of supplier performance but must be relevant to the contract to add value. Wrap Up Do you want to know more about KPIs and supplychains?
An attractive account is one that pays on time, communicates well, promotes innovation, builds trust, is ethically aware, forward thinking, environmentally friendly and sustainability focused. Take the next step towards mastering procurement dynamics and elevating your organisation’s supplychain effectiveness.
Procurement and supplychain teams have been trying to hold the line against macroeconomic and global market forces that have been pushing hard against them for nearly three years. Procurement and supplychain teams are under constant pressure. So what’s pressuring procurement and supplychain leaders the most?
Our presenters for the day will be Jason Workmaster , Member, Miller & Chevalier Chartered; Liam O’Reilly , Counsel, Crowell & Moring LLP; and Alex Barbee-Garrett , Counsel, Crowell & Moring LLP. This course is designed for professionals who have significant Schedule contracting experience or are a contract attorney.
The pandemic wreaked havoc on businesses and their supplychains, but even in these trying times, there’s a silver lining. Access to this data is especially important when there are supplychain disruptions , such as those caused by the global pandemic. Start by Putting the Right Technology in Place.
Our presenters for the day will be Jason Workmaster , Member, Miller & Chevalier Chartered; Liam O’Reilly , Counsel, Crowell & Moring LLP; and Alex Barbee-Garrett , Counsel, Crowell & Moring LLP. This course is designed for professionals who have significant Schedule contracting experience or are a contract attorney.
These agreements take on even greater importance under the Procurement Act 2023, with greater emphasis on transparency, competition and sustainability. Aligning procurement objectives with sustainability targets, contracting authorities stimulate innovation and establish more resilient supplychains.
At the same time, organizations have never been more exposed to risk from their supplychains, from supply continuity, quality, or ESG violations. Most supply risks, whether from disruptions or ethical violations, lurk not among immediate suppliers, but in the sub-tier. Map your Sub – tier.
Ultimately, if done well, a LEAN approach can significantly contribute to a company’s bottom line helping to generate more profit as well as playing a key part in an ethical, sustainable and environmentally friendly approach to business.
As the lynchpin to suppliers, they play a pivotal role in combatting the effects of inflation, ensuring supply continuity, complying with regulatory requirements, improving sustainability and other top business priorities. Ensuring supply continuity requires timely and open sharing of information. The same applies internally.
Cybersecurity Update, October 12 In honor of Cybersecurity Awareness Month, we are happy to hold a joint virtual Business and Regulatory Issues (BRIC) and Cyber and SupplyChain Security Committee Meeting on October 12 at 11 AM ET. Keep reading for more details on the upcoming schedule for 2023 and beyond!
Or how arguments based on national security and supplychain resilience could be mobilised to disguise protectionist industrial policy instrumentalisations of procurement.
Sustainable Excellence Award – Presented to a government agency or contractor that has made outstanding contributions that meet the Federal Government’s sustainability goals. James Peake , M.D.,
During the training, Jason, Liam, and Alex will cover the following topics and more: Pricing – Transactional Data Reporting (TDR)/Commercial Sales Practices (CSP); Domestic Preferences; SupplyChain; Enforcement/Mandatory Disclosure/Ethics; Sustainability Requirements/Policy; and Bid Protests Update. James Peake , M.D.,
During the training, Jason, Lorraine, and Addie will cover the following topics and more: Pricing – Transactional Data Reporting (TDR)/Commercial Sales Practices (CSP); Domestic Preferences; SupplyChain; Enforcement/Mandatory Disclosure/Ethics; Sustainability Requirements/Policy; and Bid Protests Update.
Firms diversifying their supplychains to regions like Mexico and Southeast Asia were identified as potential sources of disputes. The discussion underscored the complexity of trade agreements and their impact on sectors like infrastructure and sustainability in both Asia and Latin America.
SupplyChain Due Diligence (“SCDD”) laws, such as the German Lieferkettensorgfaltsgesetz , the recently approved EU Corporate Sustainability Due Diligence Directive , or the U.S. As an advocate for such laws, I recognise the urgent need to make supplychains fairer and more ethical.
The agenda includes: OG FAC Member Introductions Ethics Briefing Federal Advisory Committee Act (FACA) Overview Review Charter and By-laws Vote: Adoption of By-laws October 23 The second meeting will be hybrid, taking place from 1:00 to 3:30 PM (ET) in the GSA Auditorium located at 1800 F Street NW, Washington, D.C. James Peake , M.D.,
P rocurement, a critical component of supplychain management, is transforming, driven by the expertise of certified procurement professionals. The impact of such training is significant, leading to more streamlined procurement processes and better decision-making in supplychain management.
While companies have capitalized on globalization over the last few decades, the COVID-19 pandemic exposed a number of weaknesses within supplychain and procurement industries. Avoid the Instability of International SupplyChains. This gives you greater control over the details involved in your supplychain.
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