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Global firms face mounting pressure to improve their environmental sustainability from various stakeholders across the ecosystem, including customers, regulators, suppliers, employees, and shareholders. In this blog, learn more about the study, the research, and how companies are addressing these expectations, particularly concerning purchasing.

Lack of performance measures (40%), lack of business case (37%), and unsupported system integrations (37%) are the primary barriers to adopting sustainability criteria in supplier selection according to a recent study released by CAPS Research. These numbers will likely persist until universal sustainability standards and a clear business case motivate companies to integrate initiatives into their sourcing processes.

Read about: Supplier Risk Assessment Process, Estimating Risk, Third-Party Risk Management, ISM's Report On Business

Results from a recent report from CAPS Research show that 38% of companies are using Generative AI for cleaning spend data, 29% use it to analyze marketing and category intelligence, and 26% to help users through requisitions, guided buying, etc. This data suggests engaging Generative AI in procurement could bring a significant boost to productivity and profitability.