2024 ProcureTech100 - Sustainable Procurement

Category Highlights

The Sustainable Procurement category is being defined by advancements in AI and machine learning that are unlocking game-changing sustainable procurement analytics.

📊 The trends for 2024's Sustainable Procurement leaders

While technology and sustainability efforts have frequently had opposing viewpoints, sustainable procurement has begun to transition away from a historical dependence on human capital. Over the course of the past year, the Sustainable Procurement category has seen rapid and expansive advancements, largely defined by AI capabilities.

The core areas of focus for leading Sustainable Procurement solutions are:

  • AI and machine learning - These advancements are unlocking game-changing performance analytics, enabling procurement leaders to assess the sustainability practices of suppliers, offering automated insights through scorecards and benchmarking tools.
  • Digital carbon tracking - Allowing users to monitor suppliers' carbon emissions and environmental impact in real time.
  • Circular economy integration - As corporations work to reduce carbon emissions, and circular economic goals become increasingly ambitious, sustainable procurement technology ensures tracking and management of product lifecycles.
  • IoT - Facilitating the real-time tracking of resource usage (such as water and energy) in the supply chain. From there, data-driven decision can be made to reduce waste in key areas.
  • Blockchain - Enabling users to achieve end-to-end traceability and sustainable sourcing ensuring products fulfil sustainability criteria.

Accurate and actionable data is being leveraged and aggregated in ESG data platforms that not only ensure teams have access to deeper insights into supplier sustainability and risk factors, but also drive collaboration and foster partnerships between procurement teams and suppliers, facilitating, facilitating co-created sustainability initiatives.

🌟 The 2024 ProcureTech100 pioneering solutions for Sustainable Procurement

This year's leading digital procurement solutions were selected through a rigorous process, including the comparison of over 40 data fields, and extensive discussions between expert panellists that highlighted the significance of this capability across the procurement landscape.

This year's Sustainable Procurement leaders are:

  • CO2 AI - A leading Sustainability-as-a-Service enterprise platform. Together with the world's largest enterprises, CO2 AI is on a mission to revolutionise the response to one of the most critical problems of our time - climate change.
  • Daato - A holistic ESG management platform for enterprises of all sizes. It is committed to making enterprise ESG management operationally efficient, legislatively compliant and strategically insightful, without compromising the data sovereignty of any organisation involved in the information exchange.
  • EcoVadis - A purpose-driven company with a mission to provide the world's most trusted business sustainability ratings. Businesses of all sizes rely on EcoVadis to comply with ESG regulations, reduce Scope 3 emissions, and monitor and improve the sustainability performance of their own business and value chain.
  • Fair Supply - A cloud-based ESG risk management and compliance solution. It is a purpose-driven ESG technology and data tool, specialising in identifying supply chain ESG risk. It helps companies identify, manage and mitigate their risk and exposure to modern slavery, greenhouse gas emissions (across Scope 1,2 and 3) and biodiversity loss.
  • IntegrityNext - A leading solution for supply chain sustainability management and ESG compliance. The cloud-based platform helps companies adhere to regulatory due diligence requiremenets, meet decarbonisation targets, and report in line with internationally recognised disclosure standards, such as the GRI and ESRS.
  • Makersite - Conducting fully automated lifecycle analysis, to help manufacturers to make better use of their product, procurement and supply chain data, combining it with data from its own data foundation. Their foundation consists of 140 material, process and supplier databases, creating highly accurate digital twins of products and supply chains, down to a granular level.
  • Plan A - One of Europe's leading corporate carbon accounting, decarbonisation, an ESG reporting software providers. The end-to-end software solution enables businesses to self-manage their entire net-zero journey - from data collection over emissions calculation, target setting and decarbonisation planning to non-financial reporting- in one central hub.
  • RepRisk - A pioneer in ESG data science, which leverages the combination of AI and machine learning with human intelligence to systematically analyse public information and identify material ESG risks.
  • Responsibly - A supplier data platform for responsible procurement. It provides a one- stop-shop for responsible supplier data across a wide variety of data providers, making it easier for organisations to source responsibly.
  • Retraced - A traceability and sustainability compliance management platform that enables fashion companies to digitise and trace their supply chains, efficiently manage their compliance data, and gain full transparency down to the raw materials.
  • Scope3 - With digital advertising accounting for 7.2 million metric tonnes of Co2e every year, Scope3's cutting-edge research and solutions helps organisations to identify which parts of advertising spend, inventory, and placements are the most wasteful.
  • Watershed - Helping companies measure, report, and reduce their greenhouse gas emissions through a comprehensive and easy-to-use solution.

As leading procurement technologies continue to invest in the growth of ESG capabilities, sustainability is playing a more prominent role in the digital procurement ecosystem, a trend that is set to continue.

👉 To explore these solutions and the rest of this year's ProcureTech100 cohort, read the full Yearbook here.

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