Meeting supplier diversity objectives can help reach a whole range of bigger corporate objectives, too!
Supplier diversity was initially promoted as corporate stewardship for the disenfranchised. Today, it’s considered a competitive advantage. Changing work demographics and emerging markets compel businesses to invest in supplier diversity programs. Yet, most organizations are unable to measure and report on their efforts.
Dysfunctional processes and the inability to enrich and normalize data make supplier diversity programs challenging. Thus, programs often miss the mark because the technology for data collection and analysis does not work well. The ability to track and report on diversity is critical for meeting diversity objectives.
Ensuring diverse representation in your supplier base is the proactive business strategy that seeks to provide suppliers equal access to sourcing and purchasing opportunities. These programs also encourage the use of suppliers from a diverse mix of ownership (i.e. women owned, veteran owned, disabled veteran owned, minority owned, etc.). While the concept of supplier diversity has historically been limited to the traditional mindset of addressing supplier diversity only as a social good, today it’s is seen as a strategic advantage.
Determine helps clients aggregate all of a customer’s procurement data (i.e., sourcing, spend, contracts, supplier pro and performance, diversity, etc.) into one dashboard for reporting and analysis. Aggregating and enriching data enables meaningful data associations and reports. This helps our customer gain better visibility into their procurement business and take strategic action.
To lean more, check out this white paper. It takes a brief look at supplier diversity by addressing its purpose, the challenges, and the technologies used for managing spend.
- Today’s business case for tracking how diverse a supplier base is
- Tips for tracking diversity through modern sourcing approaches
- How to incorporate diverse suppliers into your wider spend analytics strategy
- Approach and solutions to help clients achieve related goals and objectives
- Best practices for improving visibility into diversity and spend using the Determine Diversity Dashboard
Learn how leading organizations integrate supplier diversity in this white paper.