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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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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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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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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.