procurement lifecycle . Short-term , technology can help identify and engage suitable ethical vendors , conducting due diligence and automating onboarding processes . It can also cleanse data and improve contract management processes , helping procurement professionals to monitor supplier performance .
Long-term , organisations that have reached the necessary organisational maturity required to deal with the information returned , will see technology as the backbone of the supply chain . Real-time data between the procurement function and the supplier ecosystem will lead to greater transparency , end-to-end visibility , and traceability of product from origin to consumer .
Types of technology being used in ethical sourcing strategies :
• Multi-tier supply chain mapping to record , store and gather supplier information
• AI-powered reporting enables teams to keep track of supplier and product information - using global data sources from different countries , regions and languages
74 March 2024