We’ve all been there. You see a request for proposal (RFP) coming up, but none of your current diverse suppliers provide the needed product or service, so you take to Google. “Product” + “minority-owned business” has to turn up something usable, right? You probably will get one or two or even a handful of matches, but now you have to find contact information so you can start the vetting process.

Procurement has always wanted a seat at the table. They want guaranteed acceptance by C-level executives, recognition that procurement makes valuable strategic contributions to the company, and the opportunity to provide input on decisions made beyond their own functional remit.

Once your supplier diversity program is established, goals are set, and you begin to see results—however small in the beginning—it’s time to celebrate!

An essential element of your supplier diversity program is a policy outlining what the program is, who it includes, what the program goals are, and how you will achieve those goals. This differs from a supporting statement, which is a public-facing statement from a CEO or president expressing the company’s intention to be inclusive. The supplier diversity policy is strategic. It provides internal guidance for your supplier diversity team, encourages buy-in from stakeholders, builds public awareness of your program, and establishes expectations for suppliers.

A supplier registration portal is a key component of a supplier diversity program. When implemented correctly and consistently, the portal onboards and prequalifies potential suppliers, collects useful data, and serves as a tool for sourcing qualified suppliers.