Expanding your supplier base is increasingly critical as companies realize the importance of having a wide array of sourcing options on their books. And a well-rounded roster requires as much diversity as possible.
A diverse supplier strategy that ensures participation of a variety of business owners in supplying your company’s contingent labour is not only good public relations; it also delivers positive return on investment. By including labour-supply companies owned by women, ethnic minorities, veterans, LGBT+, and other historically disadvantaged populations, companies expose their workforce operations to a wider worldview.
Do you know?
- How the need for authentic diversification and inclusion in supply chains has grown in recent months and the key drivers for greater equality in sourcing actions.
- How long-term commitment to inclusion and diversity has impacted supply chain structure and overall corporate functions.
- How the specific actions such as cross-functional team is taking to grow the company’s diverse supplier program.
- How diversity change can create more inclusive, agile, and resilient supply chains.
- How companies can work more collaboratively to ensure greater opportunities – and equal opportunities – for suppliers of all sizes and backgrounds in both local and global community
- How opening up your procurement process to include more minority- and women-owned businesses is more than just the right thing to do.
The challenges and solution
Challenges companies cited in working with diverse suppliers were
- Concerns with their ability to meet requirements such as capacity and B2B automation
- cost-competitiveness
- Pressure to consolidate spend with large global suppliers
These potential barriers can be mitigated through mentoring programs when organizations are willing to become better business partners. Our diverse supplier program encourages programs such as formal mentoring which develops capabilities, increase competitiveness in the global economy, and increase efficiency.
We cannot emphasis enough that expanding with diverse supplier base, however, both gives you greater confidence in continuity of supply and bring fresh perspectives that can bring significant benefit to your business.
We at Paragon Results believe diversity is a journey and not an event. It’s a savvy and far-sighted business move that will help position your organization for long-term success by strengthening your supply chain.
Contact us to find success by growing revenue and reducing supply chain and procurement cost.