Efficient Capital Procurement: The Key to Achieving Net-Zero

Is Net-Zero Sustainability Projects Achievable? 

Net-zero capital projects often have much stricter deadlines, in line with regulatory standards, but tend to run over timelines and cost significantly more to complete.  

In a Requis-hosted webinar, NetworkED, with guest Tradewater, Jenny Morgan, Market Development Manager, discussed how small companies comprise nearly 90% of the business population and contribute 55% of the global GDP. Collectively, 332 million small enterprises operate worldwide and are a potential force in attacking Greenhouse Gas (GHG) emissions.  

For small and medium companies, over 80% of Scope 3 emissions are related to supply chains. Scope 3 emissions are all the indirect emissions in the value chain, accounting for 75% of total emissions.  

“Small and medium businesses can significantly reduce GHG emission,” says Morgan. But how? When taking on these projects, procurement teams need to be more strategic about the processes they put in place and the technology they leverage to avoid pitfalls. 

The Benefits of Net-Zero Emission Projects

Besides the obvious advantage of working toward net-zero—a positive impact on the environment—this goal can also lead to worthwhile gains from a business perspective. 

• Support from Investors and Customers: People are willing to spend more money with businesses whose sustainable values align with their own.  
• Access to Better Talent: Forward-thinking employees want to work for environmentally-conscious companies. 
• Opportunities for Strategic Partnerships: Collaborate with like-minded organizations to drive additional value from digital and renewable solutions. 

These results don’t just happen on their own. Capital procurement teams need systems that drive net-zero efforts and enable them to reap these benefits over time. 

How Does Requis Enable Greater Speed for Capital Procurement Projects? 

Traditionally, procurement professionals prioritize cost savings over essentially everything else when they begin a project. However, according to McKinsey, when it comes to sustainable projects, teams can justify focusing on speed by implementing new processes that, although cost more initially, result in faster delivery and potentially better outcomes for project managers and investors.  

When considering where to establish new processes, teams must focus on accessing better data, streamlining workflows, and obtaining more substantial, more accurate analytics that allow procurement professionals to move faster.  

Requis delivers these capabilities through its value network platform, the world’s first enterprise-focused digital ecosystem to connect all supply chain functions seamlessly. 

Eliminate Data Siloes with Requis

For too many sourcing teams, critical data points are locked away in financial systems, projects, contracts, vendor management systems, and compliance tools. This leaves teams lacking a holistic view of the information they need to make strategic decisions and move projects forward.  

Requis delivers visibility into materials, suppliers, and end-to-end procurement functions so you can use your data how you want to. By integrating your external solutions with Requis, procurement and sourcing teams can: 

• Automate workflows 
• Eliminate the double handling of data 
• Reduce operational and project system resources, and more. 

When you have better data, you can make better decisions that contribute to meeting net-zero deadlines on time. 

Track and Manage Inventory with Requis Visibility 

To complete net-zero projects on time and within scope, procurement teams need accurate insight into the current inventory and what they may need.  

Requis Visibility delivers a seamless way for energy and resource companies to track and manage their materials and inventory by providing real-time insight into your assets.  Forget guessing—you can now see exactly what you have, where it is, and who uses it. 

When you have an accurate view of your inventory, you can more effectively speed net-zero capital projects by: 

• Lessening Waste: Avoid overstocking and increasing consumption and carbon emissions. 
• Improving Efficiency: Know exactly where materials are to speed turnaround times. 
• Reducing Stockout Risks: Circumvent production delays with real-time insight into inventory. 
• Enhancing Compliance: Ensure products meet regulatory standards by leveraging the platform’s audit trail.

Transparent, accurate views of your inventory reduce bottlenecks that slow down net-zero projects and empower you to speed processes along. 

Improve Data Integrity with Requis Analytics 

No procurement project can be efficiently run without solid data analytics. The problem arises when data lives in disconnected platforms and solutions, unable to tell a cohesive story.  

Requis Analytics delivers powerful data insights that empower your organization to improve operations quality, increase material availability, and achieve sustainability goals. Access the platform to improve: 

• Data Management: Streamline controls of insight surrounding net-zero procurement, spend, expedition, logistics, scheduling, and external points. 
• Supplier Compliance Management: Accurately track supplier sustainability qualifications to reduce risk and ensure compliance across tiers. 

 The platform collects and consolidates data from various sources within seconds and empowers capital procurement teams to build custom reports and dashboards needed to make data-driven decisions and meet net-zero goals.  

Achieving Scope 3 Emissions with Requis 

Requis delivers the data, visibility, and analytics capital procurement teams must leverage to complete net-zero projects on time and efficiently, all in a single platform. Let us help you contribute to a more sustainable world with our enhanced technology and capabilities. 

Request a demo with our team to see how you leverage Requis to meet net-zero goals.