Sustainable procurement practices: Balancing compliance, ethics, and cost-effectiveness
1 Henry Jackson Foundation Medical Research International Ltd/Gte, Nigeria.
2 Independent Researcher, Abuja, Nigeria.
3 Ulster University, United Kingdom.
Review
International Journal of Scientific Research Updates, 2024, 08(01), 027–036.
Article DOI: 10.53430/ijsru.2024.8.1.0044
Publication history:
Received on 22 May 2024; revised on 28 June 2024; accepted on 01 July 2024
Abstract:
Sustainable procurement, the acquisition of goods and services that ensures positive environmental, social, and economic impacts, is essential for contemporary business practices. This paper explores the integration of compliance, ethics, and cost-effectiveness within sustainable procurement. Compliance is governed by regulatory frameworks like ISO 20400 and government regulations, ensuring adherence to sustainability standards. Ethical procurement upholds fairness, transparency, integrity, and human rights principles, positively impacting stakeholders such as suppliers, employees, and communities. Cost-effectiveness in sustainable procurement brings significant economic benefits, including cost savings, efficiency gains, and long-term financial advantages. A holistic approach integrating these elements is crucial for developing a sustainable procurement strategy. Organizations are encouraged to prioritize sustainable procurement by developing clear policies, engaging stakeholders, providing training, managing suppliers effectively, and leveraging technology. The paper concludes that balancing these three aspects fosters trust among stakeholders, enhances brand reputation, and ensures long-term operational efficiency, contributing to broader sustainability goals and driving overall organizational success.
Keywords:
Sustainable procurement; Compliance; Ethics; Cost-effectiveness; Supply chain management
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0