Companies that invest in supplier diversity ultimately do so for the positive economic impact it allows them to have beyond their own four walls. But how far beyond those walls can they reach – in which localities and in which segments of the business community? 

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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. 

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We are back with a new set of exciting updates for our products:  Explorer and  Unitier. With Explorer, you can easily find diverse suppliers and with Unitier - Tier 2 Reporting software, you can simplify the reporting process by enabling suppliers to report their diverse spend to multiple customers in a single place. Deep dive to know more about their latest updates: Read More

While supplier diversity programs have historically focused on the diversity of a company’s ownership, this is not the only way to influence diversity in the supply chain. Corporations with significant procurement budgets now realize that they can use their purchasing power to influence workforce diversity in much the same way that they have historically worked to increase expenditures with traditionally underrepresented suppliers. This realization has led to the new and growing trend of companies measuring, tracking, and reporting supplier workforce and Board-level diversity as an additional – and scalable - value creation exercise.  

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Launching a new supplier diversity program is a significant responsibility, one that can easily feel overwhelming if you are the person tapped to lead the effort. There are so many things to be done at once that setting priorities and ensuring no opportunities are overlooked is a serious challenge.  

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