Supplier Diversity Enhancement

An effective supplier diversity initiative can help companies and organizations better reflect the diversity of the communities in which they serve. A strong supplier diversity initiative will drive more interest in, and support of, their goods and services by the diverse business community. The goals of such an initiative should include: 

  • Attracting the best and brightest suppliers/service providers, etc.;
  • Increased diverse supplier participation and spend (diverse spend parallel to diversity present within the community); 
  • Increased potential for savings on goods/services through increased competition, and;
  • Best-in-class supplier diversity as a leading example to be proud of and for others to follow.

Keys to Implementing a successful Supplier Diversity Initiative

  • Desire and commitment from the top
  • Access to a pool of qualified diverse suppliers
  • Proven process that encourages diverse supplier participation and rewards buyers for using the process (increased savings)
  • Measuring, tracking and reporting results
Definitive, visible leadership and support from the top down;
Create an environment that invites qualified diverse suppliers to engage
Integration with existing Strategic Plan;
Separate 1st and 2nd tier opportunities
Review all areas of impactable spend and set a baseline;
Analyze current supply chain expenses, identify easily impactable areas for introduction
Treat Supplier Diversity Initiative the same as any other “crucial to success” initiative;
Measure results consistently and report on progress