How to establish Supplier Diversity?

And the Benefits to Enterprise Value Supply Chains

Original Post

Supplier Diversity is one of the hot topics in Supply Chain Management. In doing business, you must make money. Making money, however, is not just the only consideration. Conducting excellent and fair business practices, awareness of social responsibility, and contributing to the greater good are now all hallmarks of good business. Most, if not all, subscribe to the basic tenets of business ethics. 

It is imperative, then, that we teach our fellows proper business conduct while maximizing all the opportunities present. One of the things that we must maximize is using supplier diversity. Supplies are no longer just run by the “big guns.” Independent contractors and suppliers abound to give us that critical advantage we need while also promoting social responsibility. 

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What is supplier diversity? 

Supplier diversity is the idea that we can get what we need, not only from one or other established sources but from those who belong to the underprivileged and marginalized and minorities. We must establish contacts with them, and we must empower them to facilitate business opportunities, both for them and us. 

It could go a long way in establishing employer trust, harmony, and social capital, all while conducting and doing business. We empower them and, at the same time, do business with them. 

Essential steps to take to establish supplier diversity

Here are some of the ways we can take to establish supplier diversity in companies. 

Get the leadership to go along.

Establishing supplier diversity must have the go-signal from the top echelons of the company. They are the ones who steer the company in whatever direction it would take. Having their support for this endeavor, then, is fundamental to its overall success. 

It is even better if they will lead the initiative to establish supplier diversity. To make them take this step, explain to them all the benefits of having supplier diversity, both from a business standpoint and social and corporate responsibility. With the top honchos taking the lead, the company is sure to follow.

Have an excellent working plan

To convince the leadership and management to establish supplier diversity, you must submit an excellent, workable plan to be executed once it is in place. The plan will include policies regarding suppliers, those who can avail, benefit, or qualify to be suppliers.

Since the policy is about supplier diversity, those who belong to minorities and the marginalized, like women, should be given prime consideration.

Have a strategic working team to execute it