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

A business is only as good as its supply chain, and a supplier diversity program is only as good as the diverse suppliers it identifies and brings into that supply chain.

This blog was originally published on 1/9/2017 and updated on 12/18/19.

Have you been hearing the term “supplier diversity” but aren’t sure what it means? As with many business terms, the definition and implementation of the words can vary by company. Let’s start with the general definition, then we’ll dig a little deeper.

In general, supplier diversity is a business strategy that ensures a diverse supplier base in the procurement of goods and services for any business or organization. It emphasizes the creation of a diverse supply chain that works to secure the inclusion of diverse groups in the procurement plans for government, not-for-profits, and private industry.

This blog was originally published on 3/13/2019 and updated on 12/10/2019. 

As more companies grow savvy to the benefits of cultivating a diverse supplier base, supplier diversity programs have grown in popularity and in number. For a supplier diversity program to succeed long term, however, it needs to have a sustainable growth strategy—and that’s where supplier development programs offer a strategic advantage.