How to Define Your Business Goals for Traceability

Written by Megan Doyle | Aug 17, 2023 1:38:11 PM

Defining the business goals for traceability, meaning desired outcomes and objectives, is the first step in any successful traceability initiative. Below, read an extract from the Traceability Roadmap that will you gain clarity around crucial elements of your strategy. This includes insights on how to gain support from the key decision-makers in your business and start your traceability journey on the right foot.

Defining the Business goals for Traceability

With no one size fits all traceability solution, it’s crucial that each company rigorously investigates and defines its business goals when developing a traceability program. At TrusTrace, we have seen many companies get stuck in analysis paralysis — unable to move forward with a clear strategy because they’re thinking too long-term.

What makes this challenging? In an ever-changing traceability landscape, it’s important not to get distracted by the uncertainty of what’s to come. Legislation, a tumultuous economy and unforeseen global events continue to shift the priorities and actions of the industry, and it is impossible to have perfect knowledge when you set out to implement traceability.

Strike the right balance between long-term vision and getting started

To gain the support of decision-makers in your company, it’s important to present the business case for a traceability platform. The selling points go far beyond achieving compliance or ESG commitments — the data acquired through a traceability system can help to make your company more efficient too.

So, how should you approach your traceability business goals? By investing in traceability solution providers that you trust to help you reach your short-, medium- and long-term goals (how Tapestry did this). To define goals, think beyond current legislative requirements and create a more holistic strategy that will make your businesses robust and future-proof.

How to define business goals for traceability

Without establishing your goals, objectives and desired outcomes, a traceability program is sure to derail and will fail to create a meaningful impact. Before starting, define the following:

What are your business goals?

The business goals pushing your organization towards a traceability solution. These could include:

To comply with regulations like the European Commission’s Green Claims Directive, the U.S. Forced Labor Prevention Act, and the German Supply Chain Act to secure a presence in key market
To sell your products through retailers with stringent sustainability policies
To attract conscious consumers with evidence-based claims about your products
To increase the stock price or attract sustainability investments like green bonds
To make a meaningful impact in your supply chains to reduce carbon emissions, improve biodiversity, and enable social changes

What are your objectives?

The specific objectives you want to achieve with traceability. These could include:

To ensure your products and supply chain comply with regulations in all the regions you sell in
To make accurate product claims through the correct sustainability labels
To confidently communicate sustainability credentials to consumers without greenwashing
To audit your supply chain for fair labor conditions or assess its environmental footprint in order to identify how to improve

What are your desired outcomes?

The measurable benefits that will signal the success of this traceability initiative. These could include:

To ensure all sustainability claims are backed up by robust data
To automate the labeling of products sold through online retailers
To ensure the availability of all information for regulatory compliance in one single location
To communicate with your suppliers on a common platform and manage data collection!
To improve the accuracy of your data and reduce the workload for you and your suppliers

To start your traceability transformation on the right foot, define business goals that will be enabled with traceability. Download your free copy of the Traceability Roadmap today.

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