Procurement teams do this by finding suppliers, issuing bids, awarding contracts, and then managing billings. Historically, procurement teams would look at a business need – in this case, serving customers coffee – and then set out to purchase the advertising, coffee, condiments, and cups in a way that would maximize profits. In this post, we’ll share what you need to know to take advantage of the growth in “social procurement.” What is Corporate Procurement “Engaging in social procurement can be a way for your social enterprise to scale your social impact and develop stable revenue streams,” says Social Enterprise World Forum Strategic Policy Advisor, Maeve Curtin. This represents a tremendous business opportunity and new source of revenue for socially impactful businesses. In total, procurement teams around the world spend over $13 Trillion dollars per year on products and services from other businesses, and increasingly, they want that money to be spent with entities that mitigate harm and create more good - in other words, social enterprises. As an example, Starbucks spends $2.5 billion via its procurement teams – and this doesn’t even include the $600 million it spends on coffee. In the private sector, some of the world’s best-known companies also spend massive amounts of money via “procurement”. This number is over 3 times more than what all governments combined spend on international aid.
Government spends over $500 billion via “procurement,” or the process of acquiring a product or service from another business.
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