Future of Sourcing Awards: Supply Wisdom ESG Intelligence among Finalists for Innovations in TPM
Written by Supply Wisdom Team
The 2022 Future of Sourcing Awards recognizes organizations and individuals that show innovation, leadership and transformation in categories that are critical to the sourcing industry.
ESG is fast becoming a critical criterion for evaluating suppliers. As the first line of defense, Procurement can play a critical role in ensuring adherence to good ESG practices and mitigation of ESG-related reputation risks in a company’s supply chain. The right ESG solution can enable companies to understand the current ESG health and risk status of any supplier or location at any point in the sourcing lifecycle from sourcing strategy and due diligence to ongoing vendor management and governance. Evaluation criteria for an ESG intelligence and monitoring solution should include:
- Timeliness – real-time intelligence vs. point-in-time, questionnaire-based solution
- Efficiency – instantly accessible always-current, accurate, and consolidated view of ESG status vs. a burden on internal teams to validate and consolidate
- Comprehensiveness – full-spectrum, leading standards-based ESG supplier and location coverage vs. limited supplier scope.
Companies need a proactive ESG solution to effectively gain the benefits of leading ESG practices, mitigate business disruptions & avoid reputation risks.
Interested to learn more about Supply Wisdom’s ESG and how it is different from other solutions in the market?