Supplier Evaluation: Committing to Sustainable Sourcing
Is your team committed to sustainability? If you are not, then you may be missing out on some major benefits. It is where buyers can tangibly demonstrate introducing sustainability into their decision-making process.
Sustainable decision-making has become a prerequisite for the majority of industries, and rightly so. In 2005, the UK government realised this necessity and released a report in 2006 titled Procuring the Future, which outlined why sustainable measures had to be taken in the supply chain.
A crucial point at which supply chains can introduce these measures is at the Evaluation stage. Procurement Journey has identified Evaluation as a critical part of the procurement process because it is the point at which information is collated and decisions are made based on supplier responses. Further, it is where buyers can tangibly demonstrate introducing sustainability into their decision making process.
It is for this reason that DeepStream has included an Evaluation module along with all the other features we offer our partners. As always, we’ve ensured that our Evaluation module is as user-friendly as the rest of the platform, enabling our buyers to assign scores to suppliers based on a weighted criteria that they create. As suppliers submit their intention to bid, their names appear in a clear side-by-side layout, making it easy for buyers to compare and enter scoring against each supplier. The platform is updated in real-time meaning that this process is as efficient and transparent as possible.
DeepStream both supports and facilitates implementing transparent evaluation, enabling smarter decisions to be taken. Being as transparent as possible when evaluating suppliers not only protects buyers from regulatory scrutiny but also works to benefit internal and external communication. How? Harvard Business Review has detailed extensively the benefits of transparent supply chains, reputationally and also for the bottom line. Transparent supply chains gives buyers the opportunity to make a decision to evaluate and choose suppliers based on their sustainability, by entering it as a criteria and weighting it with according importance. This provides the opportunity for buyers to clearly demonstrate their commitment to making sustainable decisions. Our audit trail further facilitates this, by tracking all live events.
This means that our buyers’ can easily track and review how decisions are made, and if necessary, show it to a third party, ensuring transparent decisions that are compliance and regulatory friendly - making our users’ lives easier than ever.