Search Results for: csr

Over half of workers believe their company should invest in CSR

Over half of workers believe their company should invest in CSR

Over half (59 percent) of UK workers believe their business should invest in charitable initiatives. Those within the age bracket of 18-29 are most likely to have this viewpoint, with two-thirds (67 percent) admitting to feeling this way, compared to just under half (48 percent) of those aged 50 and above. That’s according to new research from Qualtrics, which conducted a study of 500 UK employees about their views on workplace initiatives and the importance of CSR. More →

Younger workers’ CSR ethics don’t necessarily extend to older generation

Younger workers' CSR ethics don't extend to the older generation

Is ageism one of the last bastions of accepted prejudice in the UK? Take the Daily Mail’s “night of the living dead” coverage of the Stones’ Glastonbury performance – deemed acceptable where jokes regarding gender, race or disability are not. A new survey illustrates this attitude. Nearly half of younger workers in a recent poll think older colleagues are in danger of stifling their career prospects by retiring later, that their prolonged presence could damage productivity and that they have very little to teach the younger generation. Yet over half (55 per cent) of Generation Y workers questioned in the poll say the ethical credentials of a company would influence their choice of employer. Since the scrapping of the Default Retirement Age (DRA) the number of over-65s in the labour force has exceeded one million, and the survey, carried out for KPMG by OnePoll warns that tensions could rise as the need for employees to stay in the labour force for longer growing due to social and financial pressures. More →

Workplace transformation strategies are an essential element of CSR

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Adopting 21st-century workplace practices that meet the needs of employers and employees is an important form of Corporate Social Responsibility (CSR), according to a new corporate real estate (CRE) industry advocacy statement by CoreNet Global. The report finds the nature of work is “changing dramatically, transcending the traditional definitions of productivity to include the concepts of enabling work, employee engagement, employee satisfaction and employee wellness, framed around an emerging ‘work-life support’ business model.” More →

The future of procurement: navigating a digital and strategic evolution

The future of procurement: navigating a digital and strategic evolution

In recent years, procurement has transformed from a back-office function to a strategic driver of business valueIn recent years, procurement has transformed from a back-office function to a strategic driver of business value. As global supply chains become more complex and businesses strive for greater efficiency, sustainability, and agility, the future of procurement is set to change even more dramatically. Technological innovations, data-driven insights, and a shift in priorities are reshaping the way organizations manage their sourcing, purchasing, and supplier relationships.

This article explores the future of procurement, focusing on the trends, technologies, and strategies that will define this critical business function in the coming years.

 

 

 

 

  1. The Rise of Digital Procurement

One of the most significant trends shaping the future of procurement is digital transformation. Traditional procurement processes, which were often manual and time-consuming, are being replaced by automated, digital solutions. Technologies such as artificial intelligence (AI), machine learning, robotic process automation (RPA) are streamlining procurement workflows, enhancing transparency, and improving decision-making.

Artificial Intelligence (AI) and process orchestration are transforming procurement by streamlining complex tasks and improving overall efficiency. As highlighted in Tonkean’s blog, AI can eliminate time-consuming manual work like managing approvals, chasing stakeholders, and navigating complex systems. The use of AI-powered orchestration allows procurement teams to unify systems, automate routine tasks, and facilitate collaboration. This leads to faster cycle times, better process adoption, and more time for high-value strategic work, ultimately positioning procurement as a key business partner.

 

Key Areas of Digital Transformation:

– Automation of Routine Tasks: Tasks like purchase order creation, invoice processing, and supplier matching can now be fully automated, allowing procurement professionals to focus on more strategic initiatives.

– AI-Driven Insights: AI can analyze vast amounts of data to identify trends, predict demand, and assess risks, enabling more informed decision-making.

Impact:

The adoption of digital technologies will lead to faster procurement cycles, reduced errors, and significant cost savings. Procurement professionals will need to adapt to new tools and skills, such as data analytics and AI-powered decision-making, to remain competitive.

 

  1. Data-Driven Decision-Making

Data is becoming the new currency in procurement. With the vast amount of data now available through various channels—supplier data, market trends, and performance analytics—procurement teams have the opportunity to make more strategic decisions. Advanced analytics tools are enabling organizations to turn raw data into actionable insights, optimizing procurement strategies for cost reduction, risk management, and supplier performance.

How Data Impacts Procurement:

– Supplier Relationship Management: Data analytics can help procurement teams evaluate supplier performance, identify key areas of improvement, and foster stronger, more collaborative relationships.

– Risk Mitigation: Predictive analytics can forecast potential supply chain disruptions, allowing organizations to proactively manage risks such as supplier bankruptcies, geopolitical instability, or natural disasters.

– Cost Optimization: By analyzing purchasing patterns and market trends, procurement professionals can negotiate better contracts, reduce maverick spending, and ensure cost savings across the board.

Impact:

The ability to harness and analyze data will be critical for the future of procurement. Organizations that leverage data to drive decisions will be able to build more resilient and cost-efficient supply chains.

 

  1. Sustainability and Ethical Sourcing

As consumers, investors, and regulators increasingly prioritize sustainability, procurement teams must align with corporate social responsibility (CSR) and environmental, social, and governance (ESG) goals. This shift means that procurement will play a central role in ensuring that businesses source goods and services from environmentally and ethically responsible suppliers.

Key Areas of Focus:

– Sustainable Sourcing: Procurement teams will need to ensure that suppliers adhere to environmentally friendly practices, such as reducing carbon emissions and minimizing waste.

– Ethical Labor Practices: Ensuring that suppliers comply with labor laws, prevent human rights abuses, and foster fair working conditions will become a priority.

– Circular Economy: Procurement will increasingly focus on sourcing products that can be recycled, reused, or repurposed, contributing to a more circular economy.

Impact:

Sustainability will no longer be optional for procurement teams. To remain competitive and compliant, procurement professionals must prioritize ethical and sustainable practices in their sourcing strategies.

 

  1. Supplier Collaboration and Innovation

In the future, procurement will shift from a transactional function to one that focuses on collaboration and innovation. Instead of simply managing suppliers, procurement teams will work more closely with them to co-create value and drive innovation. This shift will require a new approach to supplier relationships, one that emphasizes trust, transparency, and mutual benefit.

Key Changes:

– Supplier Collaboration: Rather than viewing suppliers as vendors, procurement teams will treat them as partners in innovation. This collaboration can lead to the development of new products, improved processes, and shared efficiencies.

– Long-Term Relationships: Procurement will focus on building long-term, strategic partnerships with suppliers, ensuring that both parties can innovate and grow together.

– Innovation Hubs: Some organizations may establish innovation hubs or programs where procurement teams and suppliers collaborate on research and development, bringing cutting-edge products and services to market faster.

Impact:

Collaboration with suppliers will become a competitive advantage, enabling organizations to innovate, adapt to market changes, and deliver more value to customers.

 

  1. The Strategic Role of Procurement

As procurement evolves, its role within the organization will become more strategic. Instead of being seen as a cost-saving function, procurement will increasingly contribute to business growth, innovation, and resilience. This shift will require procurement professionals to develop new skills and capabilities, such as strategic thinking, cross-functional collaboration, and leadership.

Key Areas for Strategic Focus:

– Procurement as a Value Creator: Procurement will move beyond cost-cutting to create value through innovation, risk management, and sustainability.

– Cross-Functional Collaboration: Procurement teams will work more closely with other departments, such as R&D, marketing, and finance, to align procurement strategies with broader business objectives.

– Leadership and Influence: Procurement leaders will need to influence key stakeholders and contribute to strategic decision-making at the executive level.

Impact:

The strategic elevation of procurement will lead to greater influence within organizations, enabling procurement professionals to drive business success through innovation, resilience, and sustainability.

 

 Conclusion

The future of procurement is one of transformation and opportunity. As digital technologies, data-driven decision-making, sustainability, and supplier collaboration reshape the procurement landscape, professionals in this field will need to adapt and embrace new skills and strategies. By doing so, they will not only optimize procurement processes but also contribute to the long-term success of their organizations.

Procurement is no longer just about sourcing the best deal—it’s about building resilient, ethical, and innovative supply chains that drive business

People are more charitable if they think their employer is environmentally and socially conscious

People are more charitable if they think their employer is environmentally and socially conscious

Employees are more likely to make donations and willingly volunteer outside of work if their employers engage in environmentally-conscious activities, finds new research from Mannheim Business School (MBS). The findings have been published in the Journal of Business Ethics. More →

Humanscale charts a path to a sustainable future

Humanscale charts a path to a sustainable future

A Humanscale chair on a beachHumanscale is celebrating CSR success in the way it manufactures the elements used in its award-winning workplace solutions. In 2021, 26 products equating to 60 percent of the company’s sales were certified climate positive. This means they had a positive impact on climate, energy, and water, the first products in the world that are ‘beyond neutral’. More →

Established businesses must do more to support local entrepreneurs and startups

Established businesses must do more to support local entrepreneurs and startups

With SME’s accounting for the employment of more than half of the UK’s workforce, supporting these businesses is of benefit to everyone while geopolitical events and the impact of the pandemic continue to cause economic uncertainty.  Entrepreneurs and small businesses are vital for spurring on evolutions in our technology and creating new markets for services and products, therefore bringing about competition which in turn boosts productivity that benefits our own and other economies, helping them withstand and recover faster from financial downturns. More →

Loneliness might hold back hybrid working productivity gains

Loneliness might hold back hybrid working productivity gains

lonelinessLoneliness is defined as the difficult emotion we experience when our need for meaningful social contact and relationships is not met, and it’s something we’ve all had experience of. Nearly half of the UK population have reported feeling lonely at times, with other research showing that 39 percent say their wellbeing was negatively impacted because they were lonely too. Why people feel lonely can be attributed to many reasons. Humans have a deep need for attention, warmth, and attachment to others. When such relationships end, or if someone finds themselves in an abusive or emotionally non-existent relationship, this can lead to elevated levels of loneliness. More →

EU issues mandate on standard charging port. The UK and Apple moan about it

EU issues mandate on standard charging port. The UK and Apple moan about it

charging portsBy autumn 2024, USB Type-C will become the common charging port for all mobile phones, tablets and cameras in the EU, Parliament and Council negotiators have agreed. The provisional agreement on the amended Radio Equipment Directive, establishes a single charging solution for certain electronic devices. This law is a part of a broader EU effort to make products in the bloc more sustainable, to reduce electronic waste, and make consumers’ lives easier. More →

Volunteering boosts employees during lockdown, research claims

Volunteering boosts employees during lockdown, research claims

VolunteeringAs companies struggle to motivate teams working remotely, new research by the charity Education and Employers and the CIPD, claims that employers who support their staff with volunteering in schools and colleges has found employees to be more motivated, more productive and have a better sense of well-being. More →

Giving CEOs financial incentives seems to damage long-term profitability

Giving CEOs financial incentives seems to damage long-term profitability

IncentivesThe greater stress companies put on financial incentives and financial performance in bonus systems for CEOs, the more negative the impact is on the firm’s financial performance, claims new research from Vlerick Business School. These findings come from a research study into the top 600 European firms and their CEOs remuneration. More →

The weakness of purpose and the shift to problem-solving

The weakness of purpose and the shift to problem-solving

A man with purpose and a direct approach to problemsBlackRock is one of the largest asset management companies on the planet. Each year, at the start of January, the CEO Larry Fink writes a letter addressed to the other CEOs of the world. In his New Year’s letter for 2020, Fink appealed in particular to his fellow CEOs’ sense of social responsibility. In particular, he focused in on the risks faced by the climate. “Climate risk is an investment risk,” and he called on all companies, both public and private, to create greater societal added value. “Society is looking increasingly to companies to solve social and economic problems,” he concludes, so asset managers should be encouraged to invest in companies with a ‘purpose’. More →