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Supplier Diversity Today – What is it?

The topic of diversity and inclusion is an important conversation taking place across the globe and in the workplace.  It will take all of us working together to create a more inclusive society.  One practical way a business can help move the needle is to use diverse suppliers whenever feasible.   A diverse supplier is a business that is owned at least 51% by Asian-Indian, Asian-Pacific, Black, Hispanic, or Native American individual(s).

A corporate supplier diversity initiative is not a quota or a percentage of spend goal.  It is a corporate strategy that ensures the corporation is positively contributing to the community.  Supplier diversity is a mindset that needs to be cultivated and developed within the key decision-makers in the business.  It requires that every individual that makes a purchasing decision have the training and support to make an informed supplier decision.   Diverse suppliers can at times be difficult to find and potentially be too small to use.  A great place to start learning more can be found at the National Minority Supplier Development Council.

These obstacles can be overcome through implementation of a robust supplier diversity program that creates a strong supplier ecosystem, benefitting your customers, your business and, perhaps most importantly, the community.

What is stopping you from embarking on this journey?

About the Author: Fausto Mercado is a senior executive in procurement, supply chain strategy, operations, and execution. Learn more about Fausto on our Expert page and contact us here to get results with your procurement $$ savings.


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