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Supplier Intelligence

How to Increase Supplier Diversity Spend

Recently we've been talking about looking beyond spend to measure the success of our supplier diversity programs. Economic impact, number of diverse suppliers in the supply chain, and other metrics provide a holistic view of success. But dollars spent with minority-owned businesses remains the foundation of any successful supplier diversity program. We set spend goals each year, hopefully higher than the previous year, as a way to forge ahead toward economic equality and business success. How can we increase spend to meet these goals?

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Demystifying Corporate Risk Evaluations for Diverse Suppliers

 

In order to secure a large contract, you most likely require suppliers to go through a financial risk assessment. This is standard practice, and yet it is a stumbling block for many diverse companies that worry about providing access to financial information.

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How Can Supplier Diversity Reduce the Risk to an Organization?

“Consolidation is the key to success!” “Streamline your supply chain for maximum efficiency and cost savings!” Sound familiar? We've been told for decades that using a single supplier for as many products and services as possible is a smart business decision.

But what if it's not? What if consolidation is the key to catastrophe?

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4 Ways to Achieve Supplier Diversity Program Excellence

Recent research from The Hackett Group confirmed what supplier diversity experts have been saying all along: A strong supplier diversity program offers innumerable benefits without overburdening the organization. From Hackett’s news release, this quote from Laura Gibbons, Hackett’s Research Director, particularly caught our eye:

“Overall, the risks to focusing on supplier diversity are quite low, and the potential upside is significant. In fact, up to 10 percent of sales come with supplier diversity requirements, suggesting that the lack of such a program can even result in lost revenue.”

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Suppliers: The Value of a Supplier Diversity Portal

Online portals have proven to be a net benefit of the high-tech information age. Hosted on websites, portals essentially provide users 24-7 access to virtually endless amounts of information on related topics. In supplier diversity, the online portal increasingly has become an effective tool to match up diverse suppliers and corporations doing business within supply chains.

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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.