LONDON--(BUSINESS WIRE)--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.
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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!
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