Meeting supplier diversity objectives can help reach larger 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 a proactive business strategy that seeks to provide suppliers with 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, 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 is seen as a strategic advantage.
Aggregating all of your procurement data, such as sourcing, spend, contracts, supplier pro and performance, diversity, etc., into one dashboard enables meaningful associations and reports; empowering you to have better visibility into your procurement business and take strategic action.
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
Contact us today to learn more about how Corcentric can help you aggregate and enrich your procurement data on the Corcentric Platform.