The Effect of Strategic Sourcing on Business Sustainability in Guaranty Trust Bank, Yobe State
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Background of the Study
Strategic sourcing refers to the process of identifying, evaluating, and selecting suppliers who will provide goods and services that align with the long-term goals of an organization. Unlike traditional procurement, which focuses on cost minimization, strategic sourcing emphasizes the development of partnerships with suppliers, risk management, and sustainability considerations. Through strategic sourcing, organizations can achieve a competitive edge by sourcing materials and services that support their sustainability goals while improving supply chain efficiency (Abiola & Musa, 2024).
Guaranty Trust Bank (GTB), a leading commercial bank in Nigeria, operates in Yobe State, where the company faces challenges related to maintaining a sustainable supply chain and fostering strong supplier relationships. Strategic sourcing plays a pivotal role in ensuring that GTB not only minimizes procurement costs but also ensures that its supply chain aligns with sustainable business practices. This includes working with suppliers who adhere to environmental and ethical standards, reducing waste, and ensuring the long-term viability of the business.
The impact of strategic sourcing on business sustainability is particularly significant in sectors such as banking, where maintaining financial stability, promoting corporate social responsibility, and building strong supplier relationships are key factors for success. However, there is limited research on how strategic sourcing practices are applied in the banking sector, particularly in regions such as Yobe State. This study seeks to explore the role of strategic sourcing in enhancing business sustainability at Guaranty Trust Bank in Yobe State and to assess how strategic sourcing contributes to the bank’s long-term goals.
Statement of the Problem
Guaranty Trust Bank, like many organizations in Nigeria, faces increasing pressure to integrate sustainable practices into its business model. While strategic sourcing is widely recognized as a key enabler of sustainability, there is a lack of empirical evidence on how GTB applies strategic sourcing to achieve business sustainability, particularly in Yobe State. The challenge is to determine whether GTB's strategic sourcing practices effectively support its sustainability goals and enhance its overall business performance in the long term.
This study seeks to address the gap in literature by investigating the relationship between strategic sourcing and business sustainability at Guaranty Trust Bank, Yobe State, and determining whether strategic sourcing is a key driver of the bank's sustainable business practices.
Objectives of the Study
1. To examine the strategic sourcing practices employed by Guaranty Trust Bank in Yobe State.
2. To assess the impact of strategic sourcing on the business sustainability of Guaranty Trust Bank.
3. To identify challenges faced by Guaranty Trust Bank in implementing strategic sourcing for business sustainability.
Research Questions
1. What strategic sourcing practices are employed by Guaranty Trust Bank in Yobe State?
2. How does strategic sourcing contribute to the business sustainability of Guaranty Trust Bank?
3. What challenges does Guaranty Trust Bank face in implementing strategic sourcing for business sustainability?
Research Hypotheses
1. Strategic sourcing practices have no significant effect on the business sustainability of Guaranty Trust Bank in Yobe State.
2. Strategic sourcing practices significantly contribute to the business sustainability of Guaranty Trust Bank.
3. Challenges in implementing strategic sourcing hinder business sustainability at Guaranty Trust Bank.
Scope and Limitations of the Study
The study will focus on the strategic sourcing practices at Guaranty Trust Bank in Yobe State, with particular emphasis on their impact on business sustainability. Data will be gathered through interviews with procurement managers, sustainability officers, and relevant staff members, as well as secondary data from procurement reports and sustainability initiatives. Limitations include the availability of data on internal supplier relationships and the subjective nature of responses from interviewees.
Definitions of Terms
• Strategic Sourcing: The process of identifying and selecting suppliers who align with an organization's long-term objectives, focusing on cost, quality, sustainability, and supplier relationships.
• Business Sustainability: The ability of a business to maintain its operations over the long term, balancing financial performance with social and environmental responsibility.
• Supply Chain: The network of suppliers, manufacturers, and distributors involved in the production and delivery of goods and services to customers.
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