Supplier diversity is a business practice that involves sourcing products and services from a variety of suppliers that represent diverse backgrounds. Supplier diversity is not just a social responsibility initiative, but a way for companies to enhance their competitiveness and improve their bottom line. Studies have shown that supplier diversity programs can increase innovation, provide cost savings, and help to build strong relationships with customers and communities.
If you are just getting started with a Supplier Diversity program we are here to help. From defining the program's goals and objectives, developing a plan of action, change management, creating a timeline, establishing metrics, identifying potential risks or to identifying challenges that may arise during the program's implementation. Allow us the opportunity to assist you with some or all of these.
If you diversity program is stagnant or not reaching the expected goals, we can take a strategic, data-driven approach to increasing supplier diversity by helping your company set clear goals, develop targeted programs, and monitor progress to ensure success.
A best in class supplier diversity program sets clear and measurable goals that are aligned with the company's overall strategic objectives and are regularly monitored and reported on. A best in class supplier diversity program provides support to diverse suppliers in a variety of ways, such as offering mentorship and coaching programs, providing access to capital or other resources, and ensuring fair and timely payment terms.