Many experts use the principles of the Triple Bottom Line (TBL) to create a sustainability business model. TBL drives corporations to focus on environmental and social values, not just on economic values.
The concepts of TBL are also sometimes referred to as the three Ps (people, planet, and profit) or three Es (economics, equity, and environment).
Procurement and the Triple Bottom Line
Applying the principles of Triple Bottom Line to procurement would drive actions such as the following:
People/Equity/Social | Profit/Economic | Planet/Environment |
Supplier diversity | Reduction in total supply chain cost | Responsible use of resources |
Safe working conditions | Effective use of capital assets | Responsible waste management |
Supplier relationships | Meeting budget | Reduced emissions |
Corporate citizenship | Best value for money | Conservation of energy |
Employee diversity | Optimization of transportation | Life cycle environmental impact |
Labor conditions | Sustainable packaging | |
Human rights | Environmentally friendly materials | |
Reduce/recycle/reuse mindset | ||
Supplier evaluation and development | ||
Adherence to standards and legislation | ||