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Supplier Diversity Blog by supplier.io

Multi-Tier Diverse Spend Tracking and Why It Is Important

As your supplier diversity program matures, you will likely begin looking at how to expand and be more aggressive toward meeting your organization’s goals around diverse spend. The most powerful way to do that is through multi-tier diverse spend reporting, or the practice of tracking and reporting money spent with diverse suppliers further down your supply chain.

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Supplier Diversity Tracking, Metrics and Reporting

This blog was originally published on 12/6/2018 and updated 1/7/2020

After 50 years of supplier diversity initiatives, we know that building inclusive supply chains enable underrepresented populations to compete and thrive in business. In addition to empowering diverse-owned businesses, supplier diversity initiatives also have significant payoffs for the companies that enact them. 

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What You Should Know: Tier 1 vs Tier 2 Supplier Diversity Spend

What is the difference between Tier 1 and Tier 2 Supplier Diversity Spend?

What about direct and indirect spend? Third parties and fourth parties?

These terms are used often in procurement and have inevitably found a place in the supplier diversity discussion. The distinction between each of them is something you should be paying attention to.

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Collaborating with Prospective Suppliers and Partnering with Procurement

Forging Tighter Communications Links

A Fortune 500 company’s supplier diversity team recently was challenged to expedite the process of locating and qualifying suppliers that could meet specific purchasing requirements. The critical need was to cut time and costs by forging a more effective communications link with its prospective suppliers to ensure they had the scope and scale to do business with a Fortune 500 company.

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Identifying Proven Diverse Businesses to Build a High-Impact Tier 1 Program

There are two broad ways to identify opportunities for proven diverse suppliers in your Tier 1 supplier base:

Option 1: Align to Upcoming Sourcing Initiatives

The first approach is fairly straightforward – work with your procurement team to get visibility into when sourcing opportunities are arising. Here it is helpful to be thoughtful about selecting categories that may benefit from the unique benefits that small and diverse companies can bring to the table. Your next step is to identify qualified suppliers to meet those category needs in advance of upcoming sourcing events.

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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.