Best Value vs Best Price
The definition of Sustainable Procurement is obtaining best value for money by purchasing the most sustainable goods and services from the most sustainable suppliers, in support of the buyer’s purpose, policies, and strategic sustainability goals. “Best value” has always considered product quality, supplier quality, and short- and long-term cash flow implications of purchasing decisions, as well as price. It is synonymous with “best deal” – highest quality for the money. In the 21st century, companies are mutually accountable for the impacts of suppliers and their products on people and planet. That’s why organizations now recognize that supplier and product sustainability-related attributes also contribute to their quality.