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CVM Supplier Diversity Blog

Becoming Fluent in Supplier Diversity Terms and Phrases

Every supplier diversity program starts as an idea, a spark of inspiration rooted in the desire to simultaneously nurture the best ideas on the market and create a level playing field of opportunity. Good intentions notwithstanding, no progress will be made, and no benefits will be realized until that idea is communicated to someone else – a lot of someone elses in fact.   

Although the initial launch of a supplier diversity program holds significant potential, it is also the moment that diversity efforts can break down. Companies often launch programs without having prior experience managing them, and not knowing the terminology specific to the supplier diversity can easily become an impediment to progress.  

There are many glossaries devoted to the subjectbut in this article, I will review a few of the most commonly used – and often misunderstood – supplier diversity terms, phrases, and acronyms. 

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Beyond Tier 2 Spend: Advocate for Workforce Diversity in Your Supply Chain

While supplier diversity programs have historically focused on the diversity of a company’s ownership, this is not the only way to influence diversity in the supply chain. Corporations with significant procurement budgets now realize that they can use their purchasing power to influence workforce diversity in much the same way that they have historically worked to increase expenditures with traditionally underrepresented suppliers. This realization has led to the new and growing trend of companies measuring, tracking, and reporting supplier workforce and Board-level diversity as an additional – and scalable - value creation exercise.  

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Product Updates - March 2021

What's new at supplier.io this year?

A whole bunch of new product updates to make your supplier diversity journey smoother. Our tech-team has been working on these awesome updates with inputs taken from our customers, prospects, industry trends to come up with cutting-edge updates for the following products - Tier-2 Reporting Unitier, Supplier Explorer, Supplier Registration.

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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% of their revenue and 40% 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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How Supplier Diversity is Going Global

Let’s cut right to the chase: The United States is the global leader in supplier diversity. 

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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 expert guidance, businesses can effectively establish and advance their Supplier Diversity initiatives.