There are thousands of different supplier diversity programs out there. While it is certainly true that success looks different from business to business, we’ve noticed a few qualities that are common among some of the top performers in the supplier diversity community:
- Most top performing supplier diversity program managers see how valuable it is for the business to access new markets and improve supplier relationships, and they’re willing to invest time and resources into developing them.
- They also tend to think about metrics that go a step deeper than spend and compliance, like economic impact or product quality levels.
- Experienced businesses often offer mentoring to small and diverse suppliers, collaborating with them on product innovation and sharing their knowledge and experiences to ensure mutual success.
- Top performing supplier diversity programs are publicized by their companies because they see an opportunity to build a positive reputation and attract top industry talent through their supplier diversity efforts.
- Top supplier diversity programs also aren’t shy about using social media for supplier diversity awareness.
- Supplier diversity programs which garner a significant amount of investment and support from the business focus on showing the value of their efforts internally, partnering with corporate diversity groups.
- They also learn more about their suppliers’ businesses and strengthen relationships by interacting with local communities of suppliers and customers.
- Top supplier diversity programs may work with a third party to connect with diverse suppliers, recognizing that it’s a great way to find valuable partnerships.
We’ve also noticed that a solid data analytics strategy is a first step in enabling these activities and especially for accurate reporting that goes beyond simple spend analysis. As you know, the ability to quantify program results is essential for proving your program’s success to internal stakeholders as well as the supplier diversity community. You can learn more about the top three benefits of a better data strategy here.
The last thing you need is a one-size-fits-all data solution that’s so difficult to customize for your business that you might be better off doing nothing at all. That’s why Onebridge spends time embedding our team within our customers’ teams and understanding their unique challenges. We create a customized plan designed to solve specific pain points in your program or simply take it to the next level of maturity. As an MBE-certified and woman-owned business, data analytics services for supplier diversity programs is an intuitive part of our DNA because we understand both perspectives in a way that sets us apart. Come chat with us about our supplier diversity experience at Booth #1245 at the upcoming NMSDC Conference in Austin next month or contact us now to find out more.