5 strategies to improve supplier diversity
SUSTAINABILITY
5 strategies to improve supplier diversity
EXECUTIVE SUPPORT
Every successful supplier diversity program is born out of a comprehensive strategic plan supported by executive leadership . Creating this framework will help you align your organisation behind common objectives and empower the growth of your supplier diversity program .
BE SPECIFIC
Diversity means a lot of things to a lot of people . Failing to define your program ’ s scope and policies can result in unnecessary headaches down the road . Defining the scope of your program means identifying what diversity categories your program will focus on . Small businesses ? Women-owned businesses ? Minority-owned businesses ?
HAVE A CHAMPION
Supplier diversity programs won ’ t survive without a face that owns and guides the initiative . This person must also be enabled with the right data and technology , to help drive measurable processes across an organisation . Consider bringing in a consultant .
ALIGN SUPPLIER & ESG GOALS
Before building a strategic plan , identify the business objectives that are most important to your organisation and how your supplier diversity program might influence those objectives . This way you ’ ll win the confidence of the executive team and get stakeholder buy-in .
LEVERAGE DATA
Take a deep dive into your supply base to see where your suppliers stand when it comes to diversity . Third party solutions such as Supplier Intelligence and Scoutbee can help you use intel to build a more diverse , agile , and sustainable supplier portfolio that can withstand current and future demands .
110 February 2024