Supplier.io, has released its Supplier Diversity Best Practices for 2024 Report, which outlines how leaders are leveraging supplier diversity programs to overcome new challenges in the year to come. Distilling the winning strategies of top performers, the guide offers a tailored roadmap to improve vendor relationships, reduce supply chain risk, boost innovation, cut costs, and more as companies face new requirements, heightened pressure and scrutiny.
“Whether it’s emerging regulations or the growing demand for reducing risk, supply chain is in the spotlight. Supplier diversity programs play a critical role in enhancing supply chain competitiveness amid these challenges,” said Aylin Basom, CEO of Supplier.io. “With business decisions and investment dollars being allocated based on program performance, companies can’t afford to neglect it – especially when 20% of companies with the highest diverse spend outperform industry peers by 2 – 3 times. Supplier.io is proud to help top performers leverage supplier diversity as a conduit for tangible business success, and we look forward to helping other companies by sharing these timely best practices.”
The report features data, best practices, and actionable steps from top performers in supplier diversity, which were selected from 403 companies across 15 industries with a combined $2.6 trillion in spend data. Based on over 200 survey responses and 30 in-depth interviews, the analysis highlights the top five best practices for procurement and supplier diversity leaders to master for success in the coming year, including:
Ensure Accurate Data:
Leaders say self-reported data could be as much as 50% inaccurate – failing to accurately identify diverse suppliers, which may under-represent the success of programs by up to 20%. Top performers are ensuring accurate data through certifications, third-party data, central dashboards, and more.
Partner with Business Counterparts:
Accountability and cross-functionality are the cornerstones of successful programs. Top performers share results strategically across the business, connecting supplier diversity to key company objectives such as cost, innovation, brand, talent retention, and growth. In fact, 45% use their supplier diversity program to help with new business and RFPs.
Expanding ESG Reporting:
The increasing impact of ESG regulations highlights the imperative of heightened transparency in supply chains. 49% of leaders are proactively seeking ESG reporting to align with impending regulatory requirements – and supplier diversity programs are a central force in discerning the environmental, sustainable, social, carbon, and governance dimensions of suppliers.
Supplier.io will discuss the findings, insights, and strategies with several top performers throughout a webinar series titled Supplier Diversity Best Practices beginning February 1. The diverse lineup of speakers includes:
- February 1: Supplier Diversity Best Practices with Constellation Energy featuring Andre Wallace, VP of Business Diversity at Constellation Energy.
- February 8: Supplier Diversity Best Practices – Preparing for Legal and Political Issues with DJ Merino, Legal Counsel at Supplier.io.
- February 15: Supplier Diversity Best Practices with UScellular featuring Chris Cooley, Supplier Diversity Manager, UScellular.
- February 22: Supplier Diversity Best Practices with Enterprise Mobility featuring Dwayne Norris, Corporate Supplier Diversity Manager at Enterprise Mobility.
- February 29: Supplier Diversity Best Practices with The Hackett Group featuring Chris Sawchuk, Principal and Global Procurement Advisory Practice Leader at The Hackett Group.
Access the complete Supplier Diversity Best Practices for 2024 Report for more insights and best practices to strengthen your supplier diversity program results today.
To learn more about how Supplier.io can demonstrate your program’s impact on the communities you serve, visit www.supplier.io and request a complimentary demo today.
Supplier.io is the market-leading SaaS provider of supplier diversity and ESG data and management solutions. The platform enables organizations to track and manage responsible sourcing, providing valuable data and insights that drive business growth, and the ability to measure social, economic, and environmental impact. Equipped with unparalleled data intelligence, superior technology, and expert guidance, Supplier.io’s customers can establish and advance their supplier diversity and ESG initiatives effectively and strategically. For more information, visit www.supplier.io.