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Supplier Intelligence

What Is Supplier Diversity and Why Is It Important?

Supplier diversity is a business strategy that ensures a diverse supplier base in the procurement of goods and services for any business or organization. It emphasizes the creation of a diverse supply chain that works to secure the inclusion of diverse groups in the procurement plans for government, not-for-profits, and private industry. Research shows that companies that embrace diversity are more profitable than companies that don’t:

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The Biggest Challenges When Managing Supplier Diversity

Managing supplier diversity initiatives is hardly like putting out a shingle on a storefront or placing an advertisement in a publication and having the masses come to you. In this instance, the masses you are trying to attract are diverse suppliers that can offer value to your supply chain.

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Top Resources for Hispanic-American-Owned Small Business Enterprises

With a quickly growing U.S. population, along with increasing influence, the importance of Hispanic-owned business cannot be understated. For this business segment, help abounds to get Hispanic-owned firms off the ground and thriving—by way of government resources, advocacy, and private industry. Here are some examples:

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Trying to Do Supplier Management Using Excel?

Many businesses begin their supplier management program using Microsoft Excel, that old stalwart of the business world, to track suppliers and spend. In the beginning, using Excel is generally adequate, but as your supplier base grows and you begin to develop goals and strategies related to your suppliers, you need more than what Excel can offer.

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Your Supplier Development Program Doesn't Have to Be Formal

 

Putting together a supplier development program may seem daunting. You hear about other companies providing access to capital or guaranteeing contracts, but big-ticket development items like those are beyond your capabilities.

Don't worry—you probably have the framework already established within existing initiatives and practices; they just haven't been labeled as such. With a little planning, organization, and goal-setting, you can establish an informal supplier development program that works to strengthen and support your small and diverse suppliers.

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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.