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CVM Supplier Diversity Blog

Jessica Hill

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Recent Posts

Maximizing Supplier Relationships with Accurate Supplier Data

Industry best practices dictate that, before they deploy supplier portals and other projects, companies must undergo the process of data cleansing and data enrichment because they cannot manage suppliers without clean, quality and up-to-date data.

Supplier company information becomes out of date over time, causing processing errors. Processing delays and rework can result, for example, when the purchasing system has one supplier location address and the accounts payable system has another.

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Global Supplier Diversity

As U.S.-based companies extend their reach beyond our country’s shores, Supplier Diversity Program Leaders are being challenged to think critically about how their programs impact underutilized businesses across the globe.

According to Goldman Sachs, U.S.-based S&P 500 companies earn 33 percent of their revenue and 40 percent of profits from outside of the U.S. Similarly, the U.S.-based companies have seen a shift of sources of supply overseas.

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Collaborating with Prospective Suppliers and Partnering with Procurement

Forging Tighter Communications Links

A Fortune 500 company’s supplier diversity team recently was challenged to expedite the process of locating and qualifying suppliers that could meet specific purchasing requirements. The critical need was to cut time and costs by forging a more effective communications link with its prospective suppliers to ensure they had the scope and scale to do business with a Fortune 500 company.

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Identifying Proven Diverse Businesses to Build a High-Impact Tier 1 Program

There are two broad ways to identify opportunities for proven diverse suppliers in your Tier 1 supplier base:

Option 1: Align to Upcoming Sourcing Initiatives

The first approach is fairly straightforward – work with your procurement team to get visibility into when sourcing opportunities are arising. Here it is helpful to be thoughtful about selecting categories that may benefit from the unique benefits that small and diverse companies can bring to the table. Your next step is to identify qualified suppliers to meet those category needs in advance of upcoming sourcing events.

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Strategic Benchmarking and Goal Setting

As the London Olympics season comes to a close we are all inspired by the accomplishments of the athletes who have sacrificed so much towards a single goal: reaching Gold. At the 1952 Helsinki Olympics one man failed to medal as did many others. But in the aftermath of this man’s failure he set an audacious new goal: to be the first to run a mile in under 4 minutes.

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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.