Oracle offers a comprehensive and fully integrated stack of cloud applications and cloud platform services; additionally, their new cloud-based service was designed to help retailers better manage their brand image and have the ability to easily identify greener and more ethical sourcing opportunities.
McKinsey and Company has estimated that over two-thirds of the average Company's environmental, social, and corporate governance footprint lies with their suppliers, and the companies with strong ESG credentials can drive down costs by at least 5%.
Senior Vice President Mike Webster of Oracle Retail says, "Consumers are increasingly prioritizing environmentally friendly and ethically sourced goods. In order for this to continue being a success, responsible and sustainable sourcing needs to be at the forefront of a brand's continued innovation efforts."
The new Oracle Retail Supplier Evaluation service will give greater intelligence to the Oracle Retail Merchandising procurement process by providing buyers with additional data to evaluate existing suppliers or identify new ones. With the cloud service, retailers can enable vendors to report their compliance through scored assessments, audits, certifications, and change management practices.
With better visibility and insights across the supply chain, Oracle says retailers will be in a position to assess how changes and alterations will impact their ESG score and implement sustainable change management processes.