Inclusive Procurement Delivers Business Results and Societal Benefits
Global Supplier Diversity Conference September 21, 2023
It’s good news that eight in ten U.S. employers and nearly three-quarters of UK organizations now have Diversity, Equity and Inclusion (DEI) programs underway. Our own Monica Motivates research, conducted by One Poll, shows that nearly all human resources leaders see DEI as important to overall business strategy.
Still, many business leaders struggle to operationalize their DEI commitments in ways that increase opportunities for diverse and underrepresented suppliers and transform business operations into vehicles for greater economic inclusion. An inclusive procurement program can provide a tangible, effective and mutually beneficial catalyst for change.
The Sixth Annual Monica Motivates Global Supplier Diversity Conference (GSDC) September 21, live in person in London, England and live virtually around the world, will provide the expert insights, tested strategies and connections to enable organizations to create inclusive procurement strategies that will drive a more equitable business landscape.
Win-win of supplier diversity
In addition to offering societal benefits by addressing a persistent lack of access to business-building opportunities based on racial, gender and other forms of discrimination, companies that implement robust supplier diversity programs benefit too. They create a more agile and responsive supply chain with greater access to innovative products and services, and connections to new markets.
Supplier diversity and strong DEI programs are also a selling point with current and potential employees. A majority of workers in a Pew Research Center study said DEI-related policies and resources have had a positive impact at their workplace. And many workers, especially those earlier in their careers, report that a diverse workforce is important to them when evaluating companies and job offers, according to a survey from Glassdoor.
One of the biggest hurdles for companies committed to creating or expanding their supplier diversity efforts is knowing how to find diverse suppliers who meet their requirements, according to data from Supplier.io and based on our extensive experience bringing multinationals and diverse business owners together through the Monica Motivates GSDC.
Large companies can consider these ideas for finding the businesses best suited to their needs and cultivating new relationships that benefit both parties.
- Look to existing suppliers first
By digging into your current list of suppliers more deeply, you may be able to identify some quick wins and build on contracts you already have with women- and diverse-owned businesses. Look at spending over the past 12 to 18 months to determine where you may already be working with diverse suppliers but were not yet aware of their status. This will not only help you establish your baseline so you can track improvements, but may open opportunities to further support existing vendors.
- Look at past suppliers
Consider vendors you may have worked with in the past but who are no longer in your network and explore why. If they are women- or diverse-owned businesses, consider whether a new working relationship, greater support or a better understanding of one another’s needs might make the relationship viable today.
- Ask for connections and introductions
Diverse suppliers already in your network may also be able to connect you with adjacent businesses that might also serve your needs, or with tier two or three suppliers.
- Explore match-making vehicles
By participating in events such as the Monica Motivates GSDC, both large corporations and small businesses will enjoy numerous opportunities to exchange ideas, forge alliances and network in ways that can propel supplier diversity initiatives to new heights.
Though the GSDC, large companies provide insights about the types of goods and services they are seeking, how to get on their radar, how to build relationships with large organizations and even how to service their business after you land a contract.
Small business owners will have opportunities to pitch their businesses to corporate decision makers. Founders can also learn more about our Global Supplier Diversity Accelerator that provides training and development programs for women and underrepresented entrepreneurs, arming them with the skills to win business contracts and gain a foothold in the competitive business world.
REGISTER for the Global Supplier Diversity Conference today to participate live in person at The Orchard in London, England, or via livestream around the world.