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.

One of the things that has driven procurement teams’ success to this point is their ability to operationalize business objectives. They take a goal—such as lowering costs or increasing supplier service levels—and put processes, agreements, and reporting frameworks in place to drive the desired results.

Are you new to supplier diversity and wondering what it all means? Are you looking for validation that supplier diversity is important and adds value to your company? You can find the basics right here. Then, you can dig deeper on our blog or with our videos, white papers, and e-books.

Companies that have a formal supplier diversity program want others to know about it for multiple reasons. Consumers and shareholders want the companies they buy from and work for to share their social values. This is most demonstrably achieved by investing in a diverse workforce and a diverse supply base.