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Supplier Intelligence

4 Supplier Diversity Best Practices You’re Not Following

Let's talk about why your supplier diversity program is underperforming.

You want to diversify your supplier base. You create a position for a supplier diversity manager and hire someone with the appropriate qualifications. You step back and let your new supplier diversity professional get to work. The results are underwhelming. Why? Because just like you wouldn't expect to undertake a long road trip without directions to your destination, no matter how passionate you are about supplier diversity, if you're not following best practices, your efforts will be ineffective:

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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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11 Reasons to Invest in a Supplier Development Program

Tracking and increasing corporate-wide spend with diverse suppliers is imperative for building strong and successful supplier diversity programs. Including these imperatives in planning creates a tactical opportunity for driving success in supplier diversity initiatives and measuring progress. Supplier diversity programs with a cadre of top-notch diverse suppliers are recognized internally as a value to the organization’s business and externally as leaders in the field.

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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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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.