Of all the initiatives to grab the headlines over the last two years, none has united the global business community like the call for Diversity, Equity, and Inclusion (DEI). For procurement and supply chain teams, supplier diversity presents an opportunity to make an immediate difference in traditionally underrepresented communities and to ensure that their commitment stands the test of time.
supplier.io recently competed their comprehensive annual study of supplier diversity programs across industries and from newly launched programs to those that have been in place for over a decade. Their 2021 State of Supplier Diversity Report not only captures the passion of the moment, but it also reflects trends dating back to 2017.
One of the most compelling findings of the 2021 report is that the number of new supplier diversity programs has skyrocketed. In fact, there was a 60% increase in representation from programs less than three years old. These new programs bring with them fresh enthusiasm and a previously unseen level of executive support.
In this episode of Dial P for Procurement, Neeraj Shah, CEO of supplier.io, answers live questions about the current state of supplier diversity and what will be needed to drive towards a results-oriented future:
- How companies can turn intent into action in a way that promotes competitive advantages and collaborative partnerships with a diverse array of suppliers.
- Why measurement and reporting are so critical to supplier diversity programs’ ability to deliver results and grow meaningfully year over year
- What the most mature programs are doing to continue expanding their impact, including going global, pushing into tier 2 of the supply chain, and investing in supplier development