A supplier diversity program is one of the best ways to grow your business. It can also be a great way to build relationships with new customers and suppliers, however it is not always easy to start one. If you’re wondering how to get started with a Supplier Diversity program, here are some tips that will help:
Executive Sponsorship
The role of executive sponsorship is critical to the success of your supplier diversity program. Without it, you will find it challenging to get the resources and support that you need from your organization’s leadership team.
Executive sponsorship means that upper management—usually at least one member of your company’s executive team (e.g., CEO)—is actively involved in driving changes or improvements related to suppliers’ diversity within their respective departments/units/business units/divisions. This type of leadership commitment is a key factor in whether your supplier diversity program will succeed or fail.
Executives can help:
- Provide access to people who are committed to supporting your program and implementing new initiatives aimed at;
- Assign funding for training activities related to supplier diversity;
- Grant access to other internal resources needed for effective implementation such as legal counsel and human resources personnel
- Create robust policies around hiring practices and internal communication channels so that everyone understands what they have done towards supporting these policies
- Make sure there is alignment and mutual support with existing programs like those focused on women’s empowerment within companies (e.g., Women’s Empowerment Programs, Veteran Outreach, Workforce Diversity)
Focus on Metrics and KPIs
It is important to start by defining the problem. In this case, it is supplier diversity. What does that mean? Is it getting companies that are owned by minorities and women into your supply chain? Or is it ensuring more business with these groups? To become more diverse, you will need to be clear on what you want to accomplish—and then figure out how much time and effort are needed to get there.
If your company has never done anything like this before, now is not the time for lofty goals or an extensive plan. Start small: set goals based on what’s realistic today, not what could be three years down the line (unless you have a crystal ball). If you are working in an industry that sees big changes quickly—like tech or media—it might make sense to shoot high but keep them temporary until things settle down again.
For example: if your goal is five new minority suppliers by the end of 2023, but only one new minority supplier has been added over the last three years because sales were slow during economic downturns (or other reasons), then maybe the goal should focus on retaining existing and assisting classified suppliers to get fully certified rather than expanding into new ones right away
Strategic Partnerships
Strategic partnerships are a great way for your business to benefit from supplier diversity. There are two different types of strategic partnerships: Joint Venture Partnerships and Strategic Alliances. Both of these kinds of ecosystem expansions will help to strengthen supplier diversity opportunities by expanding the corporate network.
Supplier Diversity Summit
A supplier diversity summit is a meeting that your business hosts, inviting suppliers to participate and share their experiences. The goal of the summit is to start building relationships with potential new suppliers, while also continuing existing ones.
You should have one if:
- You have a small team and want everyone on board
- You want to boost the number of suppliers you work with and find more diverse options for your company’s needs
- You want your existing supply chain partners to know how much you value them
Representation in Communications Summit
What is a multicultural advertising and communications summit?
A multicultural advertising and communications summit is an event where participants can learn about diversity in the workplace, explore careers that are not typically considered for people of color, and meet others who are passionate about these topics. The goal of these summits is to create more opportunities for people of color in the field of advertising and marketing.
Why should I attend this summit?
Attending this summit will help you get started on your path to becoming a supplier diversity professional by giving you information on what it takes to start a program at your company or institution. You will also have the opportunity to learn from industry leaders who share their experiences with successful initiatives they have developed within their organizations as well as tips on how they have overcome challenges along their journey.
Supplier Diversity Workshop
A supplier diversity workshop is a great way to bring together your company’s staff and potential suppliers. It provides an opportunity for both parties to meet before the official vetting process begins, get clarity on what each party is looking for in a partnership, and discover opportunities that did not previously exist.
Supplier diversity workshops are typically held at the beginning of each new fiscal year (or even before) so that companies can begin their recruitment efforts in advance of rolling out new products or services. They’re also useful if you want to expand your supplier base by working with new partners in addition to those already on board.
If you decide that this is the right route for your company, here is what you will need:
Supplier Diversity Programs are One of the Best Ways to Help Your Company Grow.
Supplier diversity programs are one of the best ways to help your company grow. A supplier diversity program can help you reach new markets and customers, as well as find new suppliers that can help you become more competitive.
Supplier Diversity programs are one of the best ways to help your company grow. These programs allow companies to source from other businesses with diverse backgrounds and cultures, which helps them become stronger in their business practices because it allows them to expand their customer base by reaching out to different types of people who may not have been able to spend money at your shop before.
Conclusion
We hope these tips will make your supplier diversity program a success. For more information, you can visit our website at www.gainfront.com or email us directly at sales@nullgainfront.com
Rahul Asthana has a PhD in Operations Management from the Anderson School at UCLA. He has 25 years of experience in supply chain management, starting his career in IBM working in supply chain operations. He then moved into product management and product marketing of supply chain software while at SAP and Oracle. He manages product strategy and product management at Gainfront. In terms of hobbies outside of work, he really enjoys tennis. Follow Rahul Asthana on Linkedin!
