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.

Are you struggling to find qualified diverse suppliers to meet internal goals? Are you looking to expand your pool of potential diverse suppliers as you build a sustainable, inclusive supply chain? Do you want to normalize the inclusion of diverse suppliers in the procurement process? Enter the well-crafted supplier questionnaire: a tool that can save you time and energy while you gather valuable information and promote supplier diversity.

It's becoming more commonly known that supplier diversity and women-owned business enterprises (WBEs) are essential for economic success. Let’s look at a few numbers to see why.

Millennials. A million think pieces have parsed their buying habits and economic outlook. They’ve been accused of ruining the economy and toppling traditional norms. But is their impact so bad?