“We will be supporting our subscribers to follow and embed the Five Principles across the whole of their purchasing practices and business operations.” They are aspirational, and aimed at encouraging brands and retailers who want to show leadership on purchasing practices to strive for best practice, and excellence, in each of the key areas.” Marsha Dickson, President and Co-Founder of Better Buying TM, comments: “The Five Principles provide a simple, high-level framework for brands to adopt, and publicly commit to. The Five Principles both complement, and align with the seven categories of purchasing practices on which Better Buying TM already collects supplier data: Planning and Forecasting Design and Development Cost and Cost Negotiation Sourcing and Order Placement Payment and Terms Managing the Purchasing Process and Win-Win Sustainable Partnerships.ĭr. Shared Responsibility: Do your part to improve working conditions and environmental performance in its supply chain.Įach can be measured in detail by Better Buying’s Purchasing Practices Index TM or at a high level with Better Buying’s Partnership Index TM.Financials: Use fair financial practices with suppliers.Time: Provide enough time for suppliers to complete all processes in compliance to laws and relevant codes of conduct.Stability: Give your suppliers steady and predictable business across the year.Visibility: Provide enough information about your planned business for suppliers to act.The Five Principles focus on five fundamental behaviors that underpin all responsible purchasing: Visibility Stability Time Financials and Shared Responsibility.
The Five Principles of Responsible Purchasing TM have been developed on the basis of data provided by suppliers engaged with Better Buying’s ratings platform, surveys, and Supplier Roundtables over the last six years, and are rooted in resolving the day-to-day challenges they face dealing with poor buyer practices.
The Better Buying Institute is launching a set of five high-level principles for responsible purchasing for brands and retailers to adopt and follow.
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