SUPPLIER DIVERSITY TRACKING, METRICS AND REPORTING
Supplier diversity programs offer companies a chance to promote innovation, support small to medium-sized businesses, enhance competition, increase industry and consumer visibility, and, ultimately, contribute to the bottom line. Supplier diversity initiatives can be many things, but there’s one thing a program can’t be if it wants to be a success: anecdotal.
Just to say “We have a supplier diversity program!” isn’t enough for that program to be effective. Without tracking, metrics, and reporting, no way exists to see if a program is truly succeeding. Spend isn’t measured, progress isn’t charted, and a results-driven strategy can’t be formulated. Simply thinking that you added a few suppliers this month, lost a couple, and maybe you’ve increased diverse spend—without any data to back your guesswork up—basically amounts to anecdotes that you hope are true but might be far from it.
Managing the performance of your supplier diversity program is crucial to its success. Tracking, metrics, and reporting give you the best insight into that performance and facilitate your management. Here’s how:
Click here to read this article and download the "2017 State of Supplier Diversity" Report