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CVM Supplier Diversity Blog

Supplier Diversity Tracking, Metrics and Reporting

In recent decades, countries around the world have begun to embrace supplier diversity initiatives as a means of enabling underrepresented populations to compete and thrive in business. In addition to empowering women- and minority-owned businesses, supplier diversity initiatives also have significant payoffs for the companies that enact them. For starters, they encourage innovation and increase competition between suppliers, ensuring that contractors receive the best value at the best possible price. Supplier diversity programs have also been shown to give their creators a competitive advantage in minority-dominated markets and boost overall brand loyalty and perception—all things that impact a company’s bottom line. 

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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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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.