Supplier Diversity
Our mission statement involves taking an active role in aiding organizations searching for diverse suppliers belonging to minority groups such as women-owned businesses or veteran-owned ventures alongside small enterprises. Our firm conviction is that a commitment towards embracing supply chain diversity greatly enhances your enterprise whilst simultaneously spurring economic growth locally. By forging mutually beneficial relationships with diversified suppliers across various fields we aim at fostering competitive environments where innovative ideas flourish resulting in superior quality products or services delivered seamlessly by your organization's workforce. Our pledge towards creating a dynamic network inclusive of broad-based communities aligns perfectly with our values prioritizing social responsibility.
OUR OFFERINGS
OUTREACH & EDUCATION
We help educate potential diverse suppliers on your company's procurement process, supplier requirements, and how to become certified as a diverse supplier.
SUPPLIER IDENTIFICATION
We assist in identifying diverse suppliers that meet your company's procurement needs and ensuring that they are qualified to meet your quality, cost, and delivery requirements.
SUPPLIER DEVELOPMENT
We provide training, mentoring, and other resources to help diverse suppliers build capacity, improve their business operations, and grow their businesses while ensuring your business needs are met.
Procurement Support
We provide guidance and assistance to diverse suppliers during the bidding and contracting process, including help with RFPs, contract negotiations, and payment terms/submissions.
Performance Monitoring
We aide with tracking and monitoring the performance of diverse suppliers to ensure that they are meeting your expectations and delivering high-quality products and services.
Advocacy
We support advocating for supplier diversity within your organization and with your customers, suppliers, and other stakeholders.
Our Methods
We help create definite, quantifiable objectives for your supplier diversity initiative, including benchmarks for the proportion of spending that goes to diverse suppliers. This allows your systems to be tested and evaluated.
We help create a database of varied providers and interact with them to learn about their capacities, certification status, and capabilities. We also monitor and report progress on supplier diversity targets, including spending information and the proportion of diverse vendors used.
Determining Gaps
Opportunities for Improvement are always around us. We openly help determine gaps in the supply chain and chances for growth within in/external partnerships.
Internal Teams
We explain the value of supplier variety to internal teams, such as those in operations, finance, and procurement, and include them in the process as needed within an RFP.
Set Polices & Procedures
We help create supplier diversity policies & procedures, including standards for choice, assessment, and reporting of suppliers through contract life cycles.
Building a Supplier Diversity Program - The BASICs
#1 - It Begins with YOU!
Creating a supplier diversity program starts by introspection. Your organization should consider the values that matter and how they should be reflected in the supplier diversity initiative. Initially, decision-makers must determine the extent to which diversity, social responsibility, environmental sustainability, and related factors align with your company's mission and values.
#3 - Make strong CONNECTIONS
Once your company defines its values and relevant metrics, collecting information is crucial to shape policies on supplier diversity and social responsibility. Start by exploring publicly available government sources and relevant interest groups. Conduct deliberate research, compile statistics, and generate averages for companies nationwide.
#2 - Set up MEASUREMENTS
Once these values are established, it is essential to determine how these factors can be evaluated and monitored. For instance, tracking the amount of money spent with diverse suppliers and keeping tabs on the number of diverse suppliers in your supply base are straightforward and simple metrics for measuring supplier diversity.
#4 - Revisit policy SIMILARITIES
Once you've gathered your evidence, the subsequent phase involves establishing your company's ESG requirements. These requirements might be referred to as a "Responsible Sourcing Policy" or a "Supplier Code of Conduct." Essentially, this policy comprises the stipulated criteria that your organization implements to ensure that all suppliers adhere to ethical standards in alignment with your organization's principles.
The last phase in setting up a supplier diversity program involves developing a system to monitor the ESG (Environmental, Social, and Governance) factors of your suppliers. Having a policy for diversity and sustainability is ineffective if the metrics you've identified are not systematically tracked or readily accessible for comparison. A well-designed tracking system enhances visibility into your ESG supplier data, ensuring that suppliers who deviate from compliance with your policies are easily identifiable.
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