Report Supplier Diversity Best Practices for Success
In partnership with SIG, Supplier.io conducted in-depth analysis of how “best in class” companies, i.e., the top 20% of supplier diversity spend for their respective industries, operate differently to surpass industry benchmarks by 2–3 times.
Although most organizations agree that supplier diversity is crucial to their business, having a dedicated supplier diversity leader is not enough. It is the actions taken to set and meet supplier diversity goals that set leading companies apart from
the rest. In many cases, the top-performing programs are not necessarily older or better resourced, but they behave in ways that other programs can learn from and emulate.
After conducting extensive interviews, we identified five specific ways in which top performing companies behave different from their industry peers.
The five steps to success this report explores are:
- Data-driven accountability with trustworthy, in-depth metrics
- Proactive planning and bringing in small and diverse suppliers earlier
- Connecting diversity goals to business goals with current business objectives
- Encouraging more collaboration across the company by focusing on how supplier diversity can support specific business unit needs
- Achieving a better balance between data and relationships by using data to prioritize specific relationships with business unit teams
