"Technology can help us democratize access to sustainable procurement."
I sat down with Børsen, the leading Danish business journal, to share my perspective on why sustainable procurement is important, and why technology enable companies of any size to take action on the sustainability of their supply chain.
The premise of the article is mainly rooted in two things:
1️⃣ Getting sustainability data from your suppliers has traditionally been difficult for anyone but the largest companies - e.g. if Coca-Cola says jump, you jump.
2️⃣ Suppliers have traditionally only been able to accommodate sustainability requirements by leading firms if they got accredited or verified by a standard/certificate, which costs a lot of resources. That has left large parts of the supply chain behind and only allowed larger suppliers to compete on sustainability.
Both of these are problematic if we want to truly unlock the potential of impact capitalism where every company competes on how sustainable they are and sustainability is an important part of the buying criteria of every company.
The role of technology is of course making the amount of resources and bargaining power needed for both buyers and suppliers negligible. Automating the work on both the buyer and the supplier side, and using AI to essentially give buyers access to an army of digital detectives, and connect every supplier with a digital esg consultant to help them improve.
If we make it easy and cheap for every company to understand how sustainable their supply chain is, and for every supplier to verify their sustainability initiatives, then we create a thriving market that can drive a sustainability transformation.
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