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18 Jan 2024 - Technology - Insite

Transform your procurement data into social compliance insights

The annual social compliance reporting period has begun. South African mining companies are now embarking on the complex and time-consuming process of collecting social performance data. The real challenge is rolling their findings into the auditable reports required for Mining Charter Score Card, Social and Labour Plans and Broad-Based Black Economic Empowerment (B-BBEE) reporting.

For procurement teams, this time of year can be a source of frustration as they dive into their spending patterns to decipher what impact their transactions have had on local communities throughout the year. Businesses often find themselves trapped in a perpetual cycle of reactive social performance reporting on an annual basis.

The need to reduce the complexity of social compliance reporting has increased the demand for innovative solutions. Businesses are now seeking solutions that transform procurement data into actionable insights that support their social performance targets.

The need for a fit-for-purpose social compliance solution

Procurement professionals often grapple with the complexity of interpreting transactional procurement data from a social compliance perspective. The pressure to understand and submit detailed reports on the impact of their transactional data is high — data is dispersed, the task is complex but repetitive, and the result must be auditable.

Procurement managers must answer a multitude of questions, each requiring nuanced insights, such as:

  • How much money is being spent on local suppliers, particularly those majority-owned by women or black entrepreneurs?
  • What impact have our supplier and enterprise development programs had on spending patterns?
  • Can we change our buying behaviour to include a broader range of suppliers in our value chain for these critical goods?
  • How are we tracking against our compliance targets?

Often this data resides in procurement or financial systems, and spreadsheets, however, the social performance metrics such as the breakdown of ownership percentages, and participation in development programs are difficult to track and report on. This fragmented landscape is not only prone to errors and inefficiencies but also leaves businesses without a clear view of their progress against benchmarks year-round.

Interpreting social compliance data emphasises the need for a comprehensive, fit-for-purpose social compliance solution with existing procurement systems. One that not only captures transactional data in an auditable framework but also interprets it through a social compliance lens to guide decision-making at an executive level.

Transform your procurement data into meaningful business decisions

In today’s data-driven landscape, transactional data collected in procurement systems plays a crucial role in enhancing social performance, empowering businesses to be more transparent and responsible, and take a sustainable approach to operations.

Analysing procurement data with a social performance lens gives businesses the opportunity to identify and mitigate risks to their social compliance throughout their supply chain and implement strategies that support local communities, diverse supply chains, and fair labour practices.

Integrating a social compliance solution with procurement systems enables businesses to proactively manage their social impact throughout the year, and decisions that affect their social compliance, with confidence.

Understand the value of your procurement data for social compliance reporting with Insite

Insite, developed specifically for the South African market, not only streamlines reporting but also serves as a management tool, enhancing social performance initiatives within businesses.

Equipping procurement teams with a real-time, comprehensive view of their social performance data, Insite facilitates the communication of compliance and governance obligations to stakeholders and enables strategic decision-making year-round.

Discover more about acQuire’s Insite software here.


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