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CVM Supplier Diversity Blog

What is the Federal Acquisition Regulation and Why Does it Matter?

This blog was originally posted on 11/16/2016 and updated 4/22/2020.

On March 30, 2020, a new amendment to the Federal Acquisition Regulation (FAR) that could significantly impact federal contractors and the small and diverse businesses within their supply chains went into effect. The new rule, FAC 2020-05, updates and clarifies regulations regarding set-aside orders under multiple-award contracts.

What does this mean for you? Let's start with a quick refresher on the FAR as a whole and then take a look at two other updates.

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Why Supplier Diversity Is More Important Than Ever

Every economic downturn raises corporate budgeting questions that may affect business programs such as Supplier Diversity. While some may wonder if companies will continue their Supplier Diversity efforts due to tightening budgets, others feel that these efforts become more necessary during an economic slowdown. We are squarely in the latter camp.

COVID-19 will bring fundamental changes in the purchasing needs and behaviors of US organizations. Supplier Diversity teams bring the skills, knowledge, and networks that can help organizations better navigate these changes.

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Getting The Most out of Economic Impact Modeling for Your Supplier Diversity Program

In CVM’s 2019 supplier diversity survey, 32 percent of respondents said they currently measure the economic impact of their supplier diversity program. This is an increase over the 19 percent who reported tracking that metric in 2017, indicating that more and more companies are recognizing the value of looking beyond spend, competitive advantage, and cost savings. 

Of course, all of those metrics are important, but they don’t tell the whole story.

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Customer Spotlight: Ford Motor Company Part 2

In the four decades since Ford Motor Company established a supplier diversity initiative, the automotive giant has made great progress in increasing the number of diverse-owned suppliers within its supply chain. 

In 1999, Ford launched a Tier 2 supplier diversity program with the intent to advance the company's economic impact and help Tier 1 suppliers develop their own supplier diversity initiatives. In 2019, Ford spent $11.1 billion with diverse and small businesses, the most of any automotive OEM. 

Ford is always looking to move the needle as it relates to supplier diversity & inclusion. A new procedure for following up with diverse suppliers launched last year, and in 2020, the company is piloting a new supplier development program called Widening the Inclusion Network (WIN). 

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Customer Spotlight: Ford Motor Company Part 1

Ford Motor Company has a long history of commitment to supplier diversity. The company launched its supplier diversity initiative 1968, and currently includes diverse businesses owned and operated by minorities, women, veterans, LGBTQ, disabled, and small business owners. 

Ford spent $11.1 billion with diverse suppliers and small businesses in 2019, the most of any automotive OEM, relying on these suppliers to bring creative solutions to the table. These diverse businesses are crucial to the company’s competitive advantage. 

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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.