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Supplier Diversity Blog by supplier.io

How to Select Data Enrichment Services

As your supplier diversity program grows, you will see the need for tools that streamline tasks and increase accuracy. Data enrichment does both. 

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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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A Quick Guide To Building a Supplier Diversity Policy

An essential element for your supplier diversity program is a policy outlining what the program is, who it includes, what the program goals are, and how you will achieve those goals. This policy provides internal guidance for your supplier diversity team, encourages buy-in from stakeholders, builds public awareness of your program, and establishes expectations for suppliers.

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How Data Enrichment Can Help You Build Better Shareholder Value

We rely on data to make hundreds of business decisions every day, ranging from the seemingly inconsequential to the potentially monumental. The sum of these decisions can be the difference between success and failure. But too often we are working with incomplete, inconsistent, or even incorrect data from which few, if any, actionable insights can be discovered. Our shareholders rely on us to make the best possible decisions. We need accurate, up-to-date information to select the best choice and bring the most value.

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What is Data Enrichment?

Have you been hearing your fellow supplier management professionals tout the business-changing benefits of data enrichment? How it's improved their supplier management processes and freed up valuable administrative time? And yet, somehow, no one has actually explained to you what data enrichment actually is? 

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The team has a long history in driving innovative solutions in supplier diversity. We believe that companies deserve solutions that are effective and provide measurable value and results. Started more than a decade ago, supplier.io has rapidly become a prominent provider of supplier diversity solutions to leading corporations. We currently support customers in automotive, healthcare, insurance, retail, manufacturing, education, and banking. One in five Fortune 50 company relies on supplier.io.