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CVM Supplier Diversity Blog

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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Supplier Risk Assessment vs. Vendor Risk Assessment

A business that an organization hires, purchases goods and services from, or otherwise contracts to provide something can be referenced by many names: supplier, vendor, third party, contractor, reseller, provider, merchant, partner. The last example—partner—is especially apt, because a key supplier can become a valuable asset for the company it’s working with. A strong partnership forms, and both the contracting organization and the supplier greatly benefit from the arrangement. 

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How Supplier Risk Assessment Relates to Supplier Diversity

Perhaps the most famous incident of a supplier being inadvertently responsible for a catastrophic business and reputational loss is the 2013 Target data breach. Cyberattackers obtained system credentials given to an HVAC vendor to access Target’s systems. The result: The payment information of 41 million customers was exposed, as well as contact information of more than 60 million customers. 

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What Is a Supplier Risk Assessment?

Companies need suppliers to provide key functions, goods, and services to thrive. When the supply chain is diverse, organizations benefit even more.

Yet, every vendor you contract, every component you buy for your production line, and every operational necessity you outsource carries added risk. Unless you plan on not using a single supplier at all—which is, of course, virtually impossible—that risk is unavoidable.

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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.