Social Responsibility in Procurement
Procurement leaders are well positioned to step up as social entrepreneurs, filling the gap between social needs and market solutions. A recent Deloitte report notes the significant trend towards corporate social responsibility and social enterprises that combine revenue growth with a drive to invest in social causes.
Market Demand for Social Causes
The report notes that this trend is not just good-hearted corporations, but is actually a market demand in today’s economy.
“This is not a matter of altruism: Doing so is critical to maintaining an organization’s reputation; to attracting, retaining, and engaging critical workers; and to cultivating loyalty among customers.”
How Businesses Succeed in Adopting Social Responsibility
The success of social enterprises is founded on balancing revenue growth and social investment. One without the other will result in failure. Social investment without revenue will shut the business down entirely. Revenue without social investment will harm the company’s image and reputation.
Procurement’s role as driving value is becoming more and more relevant in today’s business landscape. Procurement teams are also at the forefront for driving social responsibility. By partnering with suppliers that represent their social causes – whether that’s environment, gender equality, minority representation – procurement solutions teams can lead and fund their causes, while still driving revenue growth and value within their organization.
For example, Vroozi users can easily integrate their social causes through their use of procurement software. With a simple filter, users can see which suppliers represent said social values as they shop.
Learn more about how your business can improve their revenue growth while supporting social causes with a live demo.