Sustainability has been described as a continuous improvement process that challenges businesses to balance business drivers with the changing expectations of the company’s external stakeholders. This is often demonstrated by rise in eco awareness, innovation, technology advancement, risk management, and proactive change. In each case, the common thread of collaboration can be seen through all of these actions.
Exploring further in a new information source for Taiga Company, our sustainability consulting finds a unique perspective in the Big Fat Finance Blog. The post, Making Procurement Strategic by Collaborating with the CFO, presents interesting commentary on the growing importance of sustainable supply chain management to today’s business financials. Leveraging the research from a recent study by CFO Research Services and Ariba, the author paints a picture of supply chain change.
“Compared to three years ago, the study reports, the procurement function has grown more strategic in the minds of respondents. Nearly 75% see it as becoming more strategic to one degree or another. Overall, the study results suggest an opportunity for both Finance and Procurement to expect more from each other.”
As the post suggests, there is an opportunity to increase collaboration between internal functions to drive value. In fact, experiences have shown and most business leaders tend to agree that achieving real bottom line improvements, whether through cost savings or improved revenues, is critical to business sustainability. These bottom line achievements are the result of close collaboration with key stakeholders committed to the business’s success.
- Employees actively engaged in the sustainability strategies of the business.
- The supply chain working together under aligned sustainability goals.
- Business responsiveness to the expectations of the consumer.
- Business practices designed for minimal environmental impact.
- Realized benefits of a supportive local community.
At Taiga Company, our sustainability consulting practice works with clients to build a long term business sustainability plan that adds value by identifying critical relationships and taking proactive steps to engage those stakeholders in the process. Through collaborative stakeholder engagement, a company can promote engagement, create alignment, and ensure the most effective results.