Category: Supplier Diversity

In simple terms, Supplier diversity, also known as vendor diversity or inclusive procurement, is a business strategy that assures a diverse supplier base in acquiring goods and services for any organization or company. It refers to establishing diverse supply chains...

What is that one overlooked aspect of supplier diversity programs? It is engaging employees in sourcing new suppliers.Many employees have links with local company owners in their localities, and leveraging these connections can enormously enhance the potential supply base. It...

The tech dynamics are changing every day. It is impacting every aspect of the business. Regarding logistics, it has undoubtedly undergone major technological advancements such as artificial intelligence and big data over the decade.In today’s world, diversity is becoming increasingly...

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...

Supplier diversity in the corporate business world is a company’s commitment to responsible sourcing of underrepresented groups like minority or women-owned businesses. The procurement leaders and leading companies have focused on creating opportunities for minority-owned businesses as an act of...

Among the many aspects of corporate social responsibility that a business demonstrates, supplier diversity plays an important fiddle. When a business deals with diverse vendors, it creates a win-win situation by benefitting the new diverse suppliers and the business. Entrepreneurs...