Supplier Intelligence

Why Fortune 500 Companies Must Have a Supplier Diversity Program

Fortune 500 companies, which represent many of the world’s largest companies, know the value of establishing a supplier diversity program. Here is some of what they know about supplier diversity:

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The Olympics: A True Picture of Supplier Diversity

After two weeks of highly exciting competition, the games of the Rio Summer Olympics are now history. More than 10,500 world-class athletes basked in the Olympic glory of Brazil, and many of the 500,000 global visitors enjoyed a trip of a lifetime.

In the weeks ahead, many post mortem analyses will be written about Rio—just as they were for London in 2012, Sydney in 2000, or Atlanta in 1996.  Any analysis of the Olympics always will include a summation of economic benefits derived by the host city; digging deeper, the examination will gauge the impact on business, especially small and diverse business enterprises.

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Understanding Supplier Diversity Compliance

Studies and real-world results prove over and over that supplier diversity is good for business. Many companies are incorporating diverse suppliers into the supply chain in order to reap the bottom-line benefits of diversity of thought, innovation, and more agile organizations. But for those companies that contract with the federal government, supplier diversity is more than good business practice—it's mandated in the contract.

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Supplier Diversity a Competitive Advantage? You Bet.

According to the US Census, reported by Marketing Charts, the US minority population (all groups other than non-Hispanic, single-race whites) climbed to almost 123.5 million people in 2015, accounting for 38.4 percent of the total population. By contrast, the non-Hispanic white-alone population grew by just 0.1 percent, totaling 198 million.

Unsurprisingly, minorities are also launching businesses at a faster rate than any other segment of the population. What does this mean for your organization? The company that taps into this expanding pool of diverse suppliers stands to gain a competitive advantage with an also increasing population of diverse customers.

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Think Like Your Customers: Why Supplier Diversity Works

Consultant Terry Soto, who is CEO of About Marketing Solutions Inc.-- a Burbank, Calif. firm that optimizes corporate strategies to include today’s diverse U.S. market-- recently wrote recently on the Huffington Post that as the face of the country continues to be transformed, U.S. corporations are undergoing important organizational alignments to ensure their companies and brands become more diverse and relevant into the future.

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For over a decade CVM's mission has remained unchanged, to lead the transformation of Supplier Diversity program management and to support Supplier Diversity programs. CVM helps corporate supplier diversity programs in every stage of their evolution; from those that are just getting started, to the most advanced, world-class programs. Equipped with unparalleled data intelligence, superior technology and expertise guidance, businesses can effectively establish and advance their Supplier Diversity initiatives.