‘Tis the season for goal setting! You’re probably hard at work on your personal resolutions, but have you remembered to set some for your supplier diversity program?
A healthy program needs to be consistently nurtured, and it’s especially important as we go into 2023 that your program remains in impeccable shape.
Here are 3 resolutions to set for your program in 2023:
Prepare for economic headwinds
2023 is set to be another year of economic uncertainty. As inflation and interest rates continue to be a challenge, companies will be finding ways to tighten their budgets, and your program needs to continue to grow and demonstrate its value.
The best way to protect your program is with clear, strong metrics. When your executives ask about your progress, they’ll expect more than just talk. They’ll need to see hard data to determine if you’re achieving your goals, and if those goals are aligned with the company’s overall plans.
If you’re not sure what specific goals your program should be striving for, benchmarking against your peers is a great place to start. Our Benchmarking tool analyzed $1.4T in real spend across 466 companies, so you can get an idea of where you should focus your efforts this year.
Automated reporting methods like supplier.io’s Tier 1 Spend Reporting is the best way to make sure the data you bring to the boardroom is the most up-to-date and accurate, so your leadership team can see that your program is worth investing in even in tight economic times.
But before presenting your numbers, consider what is going to be important to your organization this year. Supply chain risk and costs will likely be bigger themes than ever.
Reduce supply chain risks
Supply chain disruptions look like they will still loom large in 2023. As the war in Ukraine continues into the New Year, we’re reminded that a diverse supply chain is a resilient supply chain. One scalable way to add more diverse suppliers is leveraging a database like supplier.io’s Supplier Explorer.
Determine what the most vital areas of your company are and set up time to talk with those buyers about adding diverse suppliers to any upcoming RFPs. Our Supplier Explorer tool allows anyone in your organization to access our comprehensive database, so your entire team can be empowered to secure your supply chain.
If you haven’t benchmarked against your peers, now is the time to do it. Supplier Diversity Benchmarking is a fantastic tool for keeping a pulse on where your industry is spending with diverse businesses. Comparing your spend to your peers can help you as you strategize where to focus your efforts in 2023 and find what opportunities for spend will lead to the most growth within your program.
Work smarter, not harder
Manual processes that are prone to error continue to hold many programs back from reaching their full potential. With 2023 set to continue the trend of economic headwinds, having the right processes could be the difference between your program thriving or your budget being slashed.
You may have diverse suppliers in your current supply chain that can give an instant boost to your spend. Enriching your data with a trusted external database can help you discover your current spend with ease without having each of your suppliers individually submit their diversity data.
Determine what the most vital areas of your business are and set up time to talk with those buyers about adding diverse suppliers to any upcoming RFPs. supplier.io’s Supplier Explorer tool allows anyone in your organization to access our comprehensive database, so your buyers can have direct access to a list of credible suppliers that can meet their needs, instead of having to wait for you to find suppliers for them.
Every minute will count in 2023, and the processes you automate will lead to more time working with your business partners on strategy.
2023 looks to be another exciting year in the supplier diversity world. We hope these steps help you as you create a 2023 strategy to keep your program resilient, whatever challenges are thrown its way.
Ready to get your resolutions started? Contact our sales representatives to learn more about how supplier.io can help make 2023 your best year yet.