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Although many companies track and report on their supplier diversity spend, the definition of ‘diversity’ varies from company to company. Some require third-party certifications that attest to the ownership structure required to quality for such a program, while other companies allow suppliers to self-certify, essentially testifying to their own diversity status without oversight from a third party.
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Diversity and Inclusion programs are one of the top priorities for executive teams today. Businesses are trying to find ways to move the needle on diversity spend – partnering with suppliers in defined segments of the community for their own benefit, as well as for the returns realized by the company itself.
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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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