Inclusion and diversity in an procurement and supply chain management aren’t new concepts; these great ideas have been globally adopted by companies both big and small. If you let it, they can play a significant role in your organization, ultimately benefiting your business.
- Inclusive workplace environments put a high value on the contribution of individuals from all backgrounds and cultures.
- Similarly, supplier diversity ensures all companies, regardless of their size, geography, or workplace nationalities, have the same opportunities to compete for the supply of goods and services.
Do you know most companies are now improving their supply chain?
COVID-19 and the social justice movement have been stark reminders about the importance of diversity and inclusion (D&I) in all aspects of our society. The business world is no exception. Expectations placed on companies have increased and investor and consumer interest in environmental, social and governance (ESG) factors, including D&I, have notably increased.
Investors, customers and employees are also becoming more aware of companies’ social responsibilities. They expect that businesses engender positive impacts in relation to D&I through their policies, processes and behaviours, both within the organisation and throughout. This can be achieved with an integrated supply chain management.
Here are three things you can do to increase supply-chain diversity
Ensure that contract clauses support supplier-diversity initiatives
Once sourcing professionals understand the role of supplier diversity and their organization’s goals, they will be able to cast a wider net and look beyond incumbent suppliers. By allowing for more competition in the sourcing process, employees can identify qualified diverse providers and issue a request for proposal.
Making it systematic
In order for strategic sourcing to support supplier diversity, an organization first needs to work towards making supplier diversity systemic. It shouldn’t be considered a program, initiative or even a fiscal year priority. Rather, it needs to be thought of as a natural part of the overall business process.
Identify connects with supplier-diversity commitments
At Paragon Results, we have been helping our clients determine how to achieve their goals, answering difficult questions related to the role of procurement and supply chain management, its operations, process and transformation. Our successful track record is driven by combining both the technical and human elements of a solution.
Diverse suppliers can be a cornerstone of any organization’s success, helping companies to ethically and efficiently source products and services while maintaining profits, growing customers, improving the economy and encouraging innovation.
Whether you are just starting, or you are already measuring your sustainability impacts and acting upon them, Paragon can help you from strategy definition to implementation.