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.

Procurement teams love to benchmark. We start every sourcing project and budget review cycle with a benchmarking exercise. And when we’re done, we benchmark projects against each other over time as a way of measuring the various forms of value and impact procurement has brought.

Companies with supplier diversity programs expect to realize benefits such as increased brand value and customer loyalty. However, they may be surprised with some of the other advantages that come with a more inclusive supply chain.

“What is the ROI of this program?” 

This is the million-dollar question that supplier diversity managers and procurement leads hear constantly. 

It is no small task to quantify the financial results and economic impact of a corporate supplier diversity program. Companies track a few different metrics to measure their ROI, including:

Building and maintaining a successful supplier diversity program is not easy work. Supplier diversity managers and procurement teams work hard to make their supply chains more inclusive. While they may not have the formal authority required to force change, they have more than enough passion to lead the diverse supplier progress they want to see.