Report: Majority of Companies Plan Procurement Budget Increases in 2024

November 16, 2023 EcoVadis EN


Key findings
The report also found that:

95% of decision-makers acknowledge that there’s room for procurement optimization.


85% of respondents say the difficulty of sourcing suppliers that follow sustainable practices prevents their company from setting or achieving strategic sustainability goals for procurement.


81% of respondents had mandates to buy from certified sellers, which might include sustainable, local, or disadvantaged group-owned businesses. Among those without mandates, 40% still consider supplier environmental, social, and governance (ESG) factors. Despite the desire for responsible purchasing (85%), difficulty finding sustainable suppliers hinders sustainability goals.

 

44% of respondents listed efficiency and complexity as the number-one challenge they face today

 

95% of respondents say their organization has to outsource procurement activities to third parties



Read the full article at: www.supplychain247.com

About the Author

EcoVadis EN

EcoVadis is a purpose-driven company dedicated to embedding sustainability intelligence into every business decision worldwide. We offer a full range of solutions including IQ-Plus Risk & Compliance Management, EcoVadis Ratings, and Carbon Action Module for Scope 3 Decarbonization. Key features like 360/Live News Monitoring, Academy E-learning and Corrective action plans help companies comply with ESG regulations, reduce GHG emissions, and improve the sustainability performance of their business and value chain across 250 industries in 185 countries.

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