Over the last few years, environmental, social, and governance (ESG) factors have emerged as the mainstay of discussions around sustainable growth. Today, the role of ESG in business does not simply represent or measure a company’s sustainability practices but is now the key driver of brand value growth and differentiation.
Given the increasing prevalence of ESG in today’s business philosophy, contract lifecycle management has emerged as an effective pathway to aligning processes with the sustainability framework. Such an approach would involve cross-departmental participation across legal, finance, procurement, and supplier management, among others. This is an especially effective approach, given the responsibility awarded to each of these departments to achieve certain ESG goals.
