Every supplier diversity program starts as an idea, a spark of inspiration rooted in the desire to simultaneously nurture the best ideas on the market and create a level playing field of opportunity. Good intentions notwithstanding, no progress will be made, and no benefits will be realized until that idea is communicated to someone else – a lot of ‘someone elses’ in fact.
Although the initial launch of a supplier diversity program holds significant potential, it is also the moment that diversity efforts can break down. Companies often launch programs without having prior experience managing them, and not knowing the terminology specific to the supplier diversity can easily become an impediment to progress.
There are many glossaries devoted to the subject, but in this article, I will review a few of the most commonly used – and often misunderstood – supplier diversity terms, phrases, and acronyms.