iQuantum Diversity

Crafting Procurement Success with Supplier Diversity

Beyond the reputational and moral importance of inclusive procurement, incorporating supplier diversity in procurement has become a much-needed solution for every enterprise. An inclusive procurement strategy broadens the pool of potential suppliers and encourages competition in the supply base, which can enhance product quality and reduce unwanted costs. One barrier that businesses often identify as preventative to selecting more diverse suppliers is increased cost.  Research shows that the benefits outweigh the cost.  A 2015 study by The Hackett Group indicates Supplier diversity can add an average of $3.6 million to your bottom line for every $1 million in procurement costs. The need to Track Tier2 diversity spend is bringing procurement teams additional savings and achieving government goals and targets.

Request a demo to learn how iQ.Diversity helps procurement teams build a robust diversity program and achieve Tier1 and Tier2 diversity spend goals.

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Time to Setup iQ.Diversity

iQuantum is an AI/ML-enabled platform that seamlessly integrates with all ERP and information systems. It minimizes your organization’s procurement costs, optimizes procurement savings with a robust supplier diversity program, and helps procurement teams build a robust diversity program and achieve Tier1 and Tier2 diversity spend goals.

A robust corporate supplier development plan should include establishing a corporate policy that is supported by top corporate management. iQuantum has highly customized dashboards for leadership to see overall savings with diversity spend; ties supplier diversity program to the overall procurement process. iQuantum customers have seen over a 60% increase in diversity spend and a 26% increase in overall savings.

iQuantum’s Tier1 process allows you to set and track goals by various diversity classifications and accurately manage direct and indirect spend reporting with automated allocation factor calculation.

iQuantum’s robust Tier 2 process with concierge service manages all prime spend with automatic notifications to monitor primes through reporting periods. Set goals and monitor progress to target. Includes reporting to non-government and government agencies. iQuantum’s Tier2 program has helped customers increase their Tier2 spend reporting by over 87%.

Identify opportunities for minority and other diverse enterprises in strategic sourcing, supply chain management, and procurement processes
iQuantum database (QLeads) offers net new diverse suppliers to increase Tier1 and Tier2 diversity goals.

Establish a comprehensive minority supplier development process with integrated sustainability, compliance, and performance goals.

iQuantum provides a detailed Economic Impact Analysis (EIA) report showing Direct, Indirect, and Induced economic impact.

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