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Supplier Intelligence

Mike McCarthy

Recent Posts

5 Ways to Improve Your Diverse Supplier Data

Many terms are bandied about in supplier diversity, yet one that is as important as any other is “data enrichment.” 

Seems easy enough to understand – take the data you have available on your suppliers and deepen it for its true intelligence value. With supplier data constantly in flux, you can’t afford inaccurate and outdated information on your supply base. Procurement decisions are business decisions, and having insight into your data will empower your organization to be confident it is making the right choices with suppliers. Data enrichment lets you easily track the growth of your supplier diversity program.

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Supplier Diversity Best Practices for Certification

Working with diverse, minority and/or women-owned business enterprises is proven to be good for business. An increasing number of Fortune 1000 companies are developing Supplier Diversity programs and reaping the rewards of incorporating diverse suppliers into the supply chain.

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4 Signs That You Could Benefit from Supplier Management Solutions

“I want to expand my supplier base, but I don't know where to start.”
“I feel like we're missing out on cost savings within our supply chain.”
“Our procurement team is completely overwhelmed.”
“The spend reports we generate aren't giving us a clear picture of how – or if – we're meeting our goals.” Read More

5 ways to increase the number of your diverse suppliers

Companies that operate vibrant and successful supplier diversity programs have something in common: they constantly are beating the bushes to find qualified diverse suppliers.

As trends over recent years have shown, supplier diversity is a business imperative, not a social experiment. So they beat the bushes to find eager yet qualified diverse suppliers who can contribute to the corporate bottom line. They also look toward the future by working with diverse suppliers to develop their businesses to ensure a pipeline of diversity business partners is always stocked.

Here are five steps companies with successful supplier diversity programs utilize to increase their roster of diverse suppliers:

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Why Data Enrichment is Important to Your Supplier Diversity Program

Your supplier diversity systems and processes are only as good as the data on which they are built, so when that data is inaccurate or redundant, those same systems and processes suffer. Bad data leads to wasted time, unnecessary expenses, supply chain disruption and lack of awareness of risk factors. Industry best practices advise data cleansing and data enrichment once a quarter to ensure quality, up-to-date data.

Data Enrichment services improve data accuracy and quality by gathering missing or incomplete information, shedding visibility into your current utilization of diverse suppliers, and identifying your top suppliers to reduce dependencies.  

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For over a decade CVM's mission has remained unchanged: lead the transformation of Supplier Diversity program management and 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.