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.