SpendEdge Decodes Supplier Diversity Best Practices for Companies to Add Value to the Supply Chain | Request a FREE Demo for In-depth Insights

Download

Loading media player...

Supplier Diversity Best Practices.

LONDON--()--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the supplier diversity best practices for businesses to achieve success.

Businesses today are embracing supplier diversity to build a mutually beneficial, multi-cultural world. They are sourcing supplies from minority-owned, women-owned, veteran-owned or SBA-defined small business vendors. This provides them the opportunity to source from multiple channels and create a distinct competitive advantage. However, managing supplier diversity could be an arduous task. Companies must attract diverse suppliers that could add value to the supply chain.

At SpendEdge, we understand that managing supplier diversity program is a daunting task. Therefore, we have compiled a list of supplier diversity best practices that could help companies to manage their diverse supplier base.

Supplier Diversity Best Practices

Secure buy-in from the C-suite

Mostly C-suite fail to articulate the value of diversity. CPOs, therefore, must ensure that the leaders are being regularly updated on the success of supplier diversity initiatives. Regular updates about the policies will help them to authoritatively discuss it through the organization and reap the benefits of supplier diversity.

Want to know how supplier diversity can impact your organization? Request free platform access to access our smart procurement solutions now and 1000+ procurement reports!

Set quantifiable goals

Measuring the effectiveness of supplier diversity is crucial but difficult. Companies must keep the profiles of diverse supply base updated and set targets for performance. They must then analyze the company's performance against the set objectives on a regular interval of time. To know how other companies in the market are measuring the effectiveness of supplier diversity, get in touch with our experts now!

Collaborate with proven diverse suppliers

After setting the objectives, companies must focus on adding diverse suppliers to the supply chain. They must improve visibility into contracts and identify new sourcing opportunities. This will help them identify potential suppliers. Companies should have a registration portal for diverse suppliers linking to procurement section of the website.

To know in detail about supplier diversity best practices, read the complete article here!

You may also like:

About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.

Want to gain detailed insights? https://www.spendedge.com/get-more-info

Contacts

SpendEdge
Anirban Choudhury
Marketing Manager
US: +1 630 984 7340
UK: +44 148 459 9299
https://www.spendedge.com/contact-us

Release Summary

In this blog, we discuss supplier diversity best practices to help companies address barriers that challenge their business and sustainability efforts

Contacts

SpendEdge
Anirban Choudhury
Marketing Manager
US: +1 630 984 7340
UK: +44 148 459 9299
https://www.spendedge.com/contact-us