Supplier Diversity Technology Leader Interviewed Industry Professionals, Diverse Businesses to Generate Pair of Revealing Reports
CVM Solutions, a Kroll company and leading provider of supplier diversity technology, data, and services, today announced the results of two supplier diversity surveys it conducted earlier this year, creating the first annual State of Supplier Diversity Reports. Reports examining the results of these surveys can be downloaded at http://info.cvmsolutions.com/download-the-2017-state-of-supplier-diversity-reports.
Supplier diversity is at a unique crossroads in 2017. The supplier diversity concept is firmly entrenched in the corporate landscape, but the potential for such programs continues to grow. CVM set out to discover what supplier diversity professionals are experiencing with their own programs, as well as how diverse businesses are navigating the current supplier diversity environment. The results, culled from responses from 145 supplier diversity professionals and 277 suppliers, provide an insightful glimpse of the state of supplier diversity. Among the findings:
- Corporate responsibility was identified as the top driver of supplier diversity programs; alignment with corporate culture and workforce inclusiveness came in second.
- A quarter of supplier diversity professionals rate their programs as very effective; another 44 percent say their programs are somewhat effective.
- Only 15 percent of supplier diversity professionals measure the economic impacts of their programs.
- More than a third (34 percent) of responding professionals have a formal supplier development program.
- Of the respondents, 90 percent of both minority-owned businesses and woman-owned businesses are certified.
- Eighty-two percent of diverse businesses employ fewer than 100 people.
- More than half of responding suppliers say at least a quarter of their business is with Fortune 1000 companies.
“We know supplier diversity is important for companies, but there is opportunity for improvement, both for supplier diversity programs and the suppliers they seek to employ,” says John Suarez, Marketing Manager for CVM Solutions. “We conducted these two surveys to benchmark the current state of supplier diversity, giving supplier diversity managers and diverse suppliers tangible, useable insight. The data we received was enlightening, and the opinions that respondents offered illustrate where supplier diversity is and where it is heading.”
For additional information about these reports, please visit www.cvmsolutions.com.
About CVM Solutions
CVM Solutions, a Kroll Company, is a leading provider of global supplier data and supplier diversity solutions. CVM delivers data, services, and technology critical to supplier data management, and to the advancement of supplier diversity initiatives and corporate sourcing objectives. As a data aggregator and originator for Tier 1 and Tier 2, CVM has partnered with more than half of the Fortune 100 and Billion Dollar Roundtable members to leverage and consolidate supplier information, thus enabling CVM’s clients to increase supplier diversity results and take their programs to the next level. For more information, visit www.cvmsolutions.com.