An ethical sourcing strategy is a plan that companies and businesses implement to ensure that their products are sourced responsibly and ethically. By creating an ethical sourcing strategy, businesses can ensure that their supply chain is managed responsibly and that social and environmental sustainability is being promoted. This strategy should provide a clear set of objectives, actions, and measurable targets that can be used to assess the progress in ethical sourcing.
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
This strategy template is designed for companies and businesses that want to develop responsible sourcing practices, promote ethical labor practices, reduce their environmental impact, and strengthen their community engagement. It provides a structure for creating a comprehensive plan to ensure ethical sourcing practices, and provides a framework for tracking progress towards the goals and objectives of the plan.
A focus area is the broad category in which you will be making changes to ensure ethical sourcing. Examples of focus areas could include establishing responsible sourcing practices, promoting ethical labor practices, reducing environmental impact, and strengthening community engagement. These focus areas should be tailored to the company’s specific goals and objectives.
Objectives are the specific goals that you want to achieve in each focus area. For example, in the focus area of “establish responsible sourcing practices”, objectives could include developing a sustainable supply chain, auditing supplier practices, and monitoring working conditions. Objectives should be specific, measurable and achievable.
KPIs, or Key Performance Indicators, are the measurable targets that you set to track the progress of each objective. KPIs should be realistic, achievable, and measurable. An example of a KPI for the focus area of Establish Responsible Sourcing Practices could be: Increase Transparency in Supply Chain.
Projects are the steps that you take to achieve each KPI. For example, in the KPI of reducing unsafe working conditions, actions could include conducting regular safety audits, implementing safety training programs, and providing safety equipment. Actions should be specific and achievable.
Shift the gears of your strategy into high speed with Cascade Strategy Execution Software. If you're ready to take your strategic implementation to the next level and see faster, more impactful results, Cascade offers a solution superior to everyday spreadsheets. With features like real-time updates, centralized collaboration, and automated reporting, Cascade allows you to not only plan but also monitor and adapt your strategies efficiently and effectively. Sign-up for free or book a demo with one of our strategy experts to witness how Cascade can transform your strategic outlook.
