Supplier Diversity

How Procurement Teams Can Diversify Suppliers And Manage Risk

Posted: 07/29/2022 - 09:00
Author: Lara Hodgson
Procurement officers have an important role in helping minority-owned suppliers overcome barriers to accessing contracts through smart risk management policies.

Over the past few years, large enterprises have made incremental progress toward a more diverse supplier ecosystem, but we’re still not there. A recent survey of 100 large global companies by The Hackett Group found these companies intend to increase spending on diverse suppliers by over 50% during the next three years. While these commitments are a start, DE&I initiatives are empty without a plan.

Procurement’s Increasing CSR Role

Posted: 12/14/2021 - 01:44
Author: Shannon Kreps
Procurement can impact corporate social responsibility efforts, support supplier stewardship and increase diversity initiatives all through day-to-day operations.

Traditionally thought of as just being responsible for dollars and cents, the function of today’s procurement team goes much further than purchasing supplies needed to run an organization’s day-to-day operations. Beyond managing the entire supply chain process, their responsibilities have expanded in the wake of the Corporate Social Responsibility (CSR) movement.

5 Benefits to Adding Sustainability Measures in Your Contracts (and How to Get Started)

Posted: 09/24/2021 - 09:00
Author: Jane Zhang
5 Benefits to Adding Sustainability Measures in Your Contracts

Jane Zhang and Naz Rahman, ETCH Sourcing

The value creation challenges we faced decades ago are the same that organizations still grapple with today. The main difference, however, is that the rate of innovation is accelerating daily. So, although studying the past should be a part of your strategy, we need to be careful it does not become a comfortable crutch. We cannot chart a path forward by looking backwards.

How to Recognize and Manage Supplier Red Flags

Posted: 09/13/2021 - 09:00
Author: Stephany Lapierre
How to Recognize and Manage Supplier Red Flags

Global trends, including the COVID-19 pandemic, have taught procurement professionals the value of identifying supplier red flags and mitigating the risks they may pose before it’s too late. To do this, some organizations are making local buying their top priority, while others are committing to consolidating their supplier lists or further diversifying as their needs demand.

How Diverse Suppliers Can Leverage their Status with Large Enterprises

Posted: 04/20/2021 - 09:00
Author: Purvee Kondal
How Diverse Suppliers Can Leverage their Status with Large Enterprises

To continue the previous conversation on diversity and inclusion (see my other articles on the enterprise approach to supplier diversity and how to shape the future of supplier diversity), I’d like to look at the other side of the coin: What can suppliers do to help enterprise clients improve their diverse supplier inclusion, selection an

7 Tips to Shape the Future of Supplier Diversity in the Enterprise

Posted: 04/06/2021 - 09:00
Author: Purvee Kondal
7 Tips to Shape the Future of Supplier Diversity in the Enterprise

My last article was an overview of how large enterprises have historically approached supplier diversity initiatives and why they have underperformed.

This article will focus on ways the enterprise can improve diverse supplier inclusion, selection and support practices. I recommend that teams consider leveraging some of these tips best fitting for their respective organizations.

A Brief History of the Enterprise Approach to Supplier Diversity

Posted: 02/10/2021 - 07:39
Author: Purvee Kondal
Supplier Diversity

2020 brought us a time of reflection on many fronts, from how we eat to how we prioritize, how we think, how we get from point A to point B, to focusing on what matters. Diversity is one of the elements that came to the forefront in 2020 for many people and organizations.

As an immigrant and a minority woman, I never thought that we would be at this place in my lifetime where an open discussion of diversity occurs because I have seen how much of it was shunned systematically in the past.

Having Diversity Suppliers Doesn’t Guarantee a Diverse Workforce – Here’s Why That Matters

Posted: 03/13/2020 - 03:41
Author: Amy Doyle
Diversity Suppliers Doesn’t Guarantee a Diverse Workforce

Having a diverse workforce results in increased ROI for companies; but this isn’t breaking news. Companies in the top quartile for gender, racial and ethnic diversity are “more likely to have financial returns above their national industry medians,” according to a McKinsey & Company report.

How Supplier Diversity is Working in the Real World

Posted: 07/10/2019 - 01:21
Author: Sarah Scudder
Supplier diversity has been an important topic on the corporate agenda for most of the past five decades. Formal supplier diversity programs began in the 1960s in response to government programs that were designed to expand economic opportunities for minority-owned businesses. Today, “diverse suppliers” encompass several additional types of business organizations, including:
 
  • Woman-owned business enterprises

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