The concept of sustainable sourcing, also known as green purchasing or social sourcing, is nothing new. Sustainable sourcing is impacting nearly every area of corporate business and the consumer’s mindset. Everything from sourcing materials, talent attraction and consumer purchasing habits are changing because of the growth of sustainable sourcing. However, the term gets thrown around in the procurement industry quite a lot and is often misunderstood or misused. So, here’s a guide with all the basics you need to know about sustainable sourcing.
WHAT IS SUSTAINABLE SOURCING
First and foremost, we have to define the term. Sustainable sourcing is the integration of social, ethical and environmental performance factors into the process of selecting suppliers. It includes purchasing sustainably preferable products and services (products made from recycled or remanufactured materials), as well as green purchasing guidelines that might pertain to certain products or commodities.
SIG’s Fall 2017 Global Executive Summit in Carlsbad, California is less than two weeks away! That means it’s time to kick things into high gear and prepare yourself and your team for the most innovative and thought-provoking sourcing event of the year.
With more than 350 delegates in attendance, numerous educational sessions and workshops, plus plenary sessions, speed networking, CPO and student programs, and a golf tournament, there is a lot to prepare for! Navigating such a vast event may seem overwhelming at first, but don’t fret. I’ve outlined four tips that will have you walking into the Summit like a seasoned vet.
1. Plan Your SIG Summit Agenda
One thing you’ll want to do before you depart for Carlsbad is to create your Summit agenda. This fall, with 100+ speakers, 50+ educational sessions, panel discussions, networking receptions, keynote presentations and fun entertainment, there is a lot to do in just four days! Even if you’re a longtime Summit attendee, planning your agenda goes a long way. To make this easy on delegates, we’ve created a schedule planner tool on our website, visit the Summit sessions page, and next to each session you’d like to attend, click the “add to my schedule” button in the orange title bar. Then, you can view your complete agenda by clicking the “View My Schedule” link at the top of the page. From there, you can print out or save a copy of your customized agenda.
What is the secret to a Fortune 500 brand’s success? Brands fail not because they lose market share, but because they lose competitive differentiation and profits. The conventional definition of a brand’s value in the provider-driven market used to be the price that the brand could command over a generic competitor. In today’s consumer-driven market, the power of the brand seems to have become separated from its origins: the ability to create and sustain a long-term flow of profit by making people want to buy the product or service, and be willing to pay a higher price for it.
This shift has caused sales and marketing teams to become fixated on driving sales without regard for profitability. We are no longer living in the provider-driven market of decades past, where the company held the power and the information, and could use that to sway the consumer toward purchasing. I can’t think of one industry today that is not impacted by the consumer-driven market that exists. Consumers now hold the power with more access to information, they are the ones driving the purchasing decision, and the providers are now at the mercy of the decisions they make.
I have always valued the power of communication. When I entered college, I didn’t know exactly what I wanted to study. I realized that although I was “good” at many things in school, there was one thing I excelled at – communication. I was a strong writer, and an even stronger speaker. I saw that when most of my classmates dreaded speaking in front of others, that I always enjoyed the experience, and was excited by it. This was the turning point when I decided to focus my career in communications and marketing.
The power of effective communication cannot be underestimated. It is a critical component of life. I’ve seen the impact of effective and ineffective communication in many types of businesses. Ineffective communication has the ability to break businesses. If you can’t communicate effectively with your customers, your intended messages won’t be received or understood – it’s like you’re speaking an entirely different language from them.
So how can you speak the same language as your sourcing clients?
I’ve worked with many companies that provide services and solutions to sourcing and procurement professionals. It’s very clear what separates the successful providers from the rest of the pack – effective communication with their clients. In order to serve and advise sourcing clients in the best way possible, your team must be able to communicate to them through a common language of sourcing. It’s not just about being highly knowledgeable and educated on all things sourcing, it’s about effectively communicating by speaking their language.
Here’s how you can grow your business and better serve your clients through effective communication:
As a marketer, I know the value of branding. The largest and most successful companies in the world have teams of people dedicated solely to branding. Branding is no longer about using the same logo, trademark, tagline and/or color scheme on all your marketing material. Branding is composed of different components including: brand identity, brand image, brand character, brand culture, brand personality and brand essence. Marketing agencies and consultants charge anywhere between $75,000-$250,000 to develop and manage a company’s brand.
Now here’s the kicker with branding that every marketing professional will tell you – they have no idea how it impacts their bottom line. Branding is the most difficult type of marketing to measure because you can’t easily quantify it. So, why are organizations across the globe spending so much money and time on branding? Quite simply – effective branding creates consumer confidence. Establishing a brand with a clear voice and values will enable your consumers to be loyal and confident when they buy from you. People have a natural desire to evolve with a brand whose products and services help give their life or business meaning and significance.
It’s not just businesses that need to focus on effective branding. If you care about your future as a professional in the world of work, you need to focus on your own personal brand. Personal branding is critical to establishing who you are and what you represent to those around you, the equivalent of a company’s consumers. They are your employer, your manager, your co-workers, your peers and anyone else that comes in contact with you in a professional setting. I’m not just talking about ensuring that embarrassing picture from your cousin’s wedding isn’t visible on Facebook... I’m talking about preparing for the future by branding yourself as a leader in your industry now.