Abstract
In an era where sustainable development is a celebrated concept, the notion of ethical sourcing has been explored comprehensively as companies are making a conscious and sustainable effort to gauge their supply chains and examine the sources of procurement of their material and services. This chapter delves deeper into the importance of ethical sourcing, focusing on its benefits and fundamental needs. It also talks about why ethical sourcing is an essential concept in corporate realms, drawing a distinction between sustainable and ethical sourcing. Today, ethical sourcing can be an important tool in the hands of corporations to draw a competitive edge and there would be serious repercussions of indulging in unethical practices. Further, it discusses key principles that act as a beacon of light for sourcing the material ethically, the three levels of ethical sourcing, and how technology can be leveraged to ensure the same. It is crucial to have partnerships and collaborations for sustainable procurement along with robust mechanisms to measure the impact of ethical sourcing.
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