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Supplier diversity is a business strategy involving and engaging with proactively seeking diverse vendors regarding ownership, management, and workforce. It can include women-owned, minority-owned, veteran-owned, and LGBTQ-owned businesses. Optimizing supplier diversity aims to create a more inclusive and equitable supply...

Recently, many businesses have modified their supplier diversity goals to include diverse suppliers in their supply chains. Businesses get diversity status if they are at least 51% owned and operated by a person or people in an under-represented group. It...

In today’s global marketplace, organizations recognize the importance of diversity and inclusion in their procurement processes. To achieve this, organizations must ensure that their approach is equitable and provides fair opportunity. It can be challenging, but with the help of...

Businesses have traditionally prioritized the procurement of direct materials over indirect materials due to the challenges presented by the market share and diverse enterprises. However, improving the procurement workflow for indirect materials can give a competitive advantage over other suppliers....

The strategy of inclusion of diverse suppliers in the chain of procurement of goods by a company is termed supplier diversity. The business benefits of inclusive procurement of goods are hard to ignore as we see the topmost Fortune 500...