Procurement sustainability strategy for Britannnia

Abstract

Sustainability is an occupational method to work for making future profit by thinking about how a given profit-making entity (firm) works in the biological, social, and financial environment. It is built on the understanding that increasing such method of working will increase the organization’s lifespan and improve the shareholder value. Day by Day the pressure on corporate responsibility is increasing, requiring more transparency in the system, firms are moving towards sustainability. Just doing so called executive reporting is not enough in today’s world. Shareholders are asking for more and more ground level work and not mere pleasing statements in the annual reports. The other issue is the expansion of supply chain across the world. Globalization has opened the doors to the untapped parts of the world where in the costs are lower and they have much more production capacity than the parent country. But this comes with many risks. Most of the responsibility of acts of the supplier is fell on the shoulders of the parent company hampering the reputation of company. The scope is not limited to the sourcing practices but also extends to internal structure of organization. Stakeholders keep close eye on the diversity factor, benefits for the employees, the development practices firms follow. This was experienced by Apple as it was accused of exploitation of workers in Foxconn factory in China. It is more important for companies in 21° century to be proactive and act sustainably to ensure future good