Supplier Diversity Promising Practices
Supplier Diversity, for the purposes of this playbook, includes promoting supplier diversity initiatives that support diverse businesses and leverage the organization’s purchasing power.
1. Improve your supply chain transparency and expand your supplier base
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Review your suppliers and conduct an audit on the products and services your organization needs.
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Identify diverse suppliers that already exist in your supply chain and your current spend with those suppliers.
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Identify diverse suppliers you can engage with.
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Ensure the screening process is fair and consistent.
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Create a corporate policy defining targets and goals.
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Secure a commitment throughout the organization led by the CEO who personally signs off on goals and metrics.
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Appoint a senior manager to lead the program and lead corporate purchasing.
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Educate your employees and colleagues on the benefits and business imperative of increasing supplier diversity.
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Integrate supplier diversity into the procurement function company-wide.
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Create comprehensive metrics and make sure your procurement function has supplier diversity integrated when it comes to placing orders and tracking data.
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Digitize and automate the procurement function to help track and analyze spend per supplier and supplier category.
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Provide actionable steps or offer training to help suppliers successfully win your business.
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Conduct annual audits to help verify that activities and results align with policies and plans.
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Solicit feedback from both internal stakeholders and outside suppliers to ensure everyone up and down the supply chain meets expectations.
Discovering:
Discovering: Starting journey and creating equity pathways
Exploring:
Exploring: Perfecting the elements and moving the equity needle
Leading: