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 whose mission is to provide the world's most trusted business sustainability ratings. Businesses of all sizes rely on EcoVadis’ expert intelligence and evidence-based ratings to manage risk and compliance, drive decarbonization, and improve the sustainability performance of their business and value chain. Its AI-powered risk mapping, actionable scorecards, benchmarks, carbon action tools, and insights guide a resilience and improvement journey for environmental, social and ethical practices across 200 industry categories and 175 countries.

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