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What is Supplier Diversity?Supplier Diversity is an economic development strategy focused on contracting and procurement practices of a businesses. Supplier Diversity aims to connect diverse owned businesses to opportunities in Business to Businesses commerce.
How is Supplier Diversity different from most DEI (Diversity Equity and Inclusion) programs?While most DEI programs seek to improve workplace inequities through human resource strategies, Supplier Diversity is engaged in external procurement interactions. Sometimes, there is some crossover in training programs and messaging.
How does Supplier Diversity benefit my company?An effective Supplier Diversity program has countless benefits for companies that engage with it. Having a diverse pool of suppliers increases your firms ability to have innovative final products. Supplier Diversity programs are complementary to existing DEI programs because it creates equity in multiple aspects of your businesses operations. Supporting diverse businesses benefit the economy as a whole. These are just a few of many reasons how supplier diversity will benefit your company.
How does my company start a successful Supplier Diversity program?While it may seem easy to go out and find diverse businesses to solicit, there are a ton of nuances such as certifications, advocacy organizations, outreach strategies, etc. That is why it is always a good idea to get in contact with a supplier diversity consultant to get your company started with a program that is productive and self sustaining.
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