How do you know ?
Measuring your true supplier diversity is next to impossible without a system to keep track of where your spend is going.
If you have a corporate policy that states that x% of your spend is mandated to go to a certain minority group then you would have no means of measuring that unless your procurement system captures that information at source and can then collate and assemble the relevant metrics.What is supplier diversity anyway ?
Its generally considered to be an analysis of your spend broken out by the different minority groups – many government departments and now some public companies have public policies where they publish these types of statistics.
Frankly its good PR for them.
Its generally broken down into the following groups,
1) Minority-owned (which can be sub-broken down by ethnic type if required)
2) Women owned
3) Veteran owned
4) LGBT owned
5) Service disabled veteran owned
6) Historically underutilized business<
The idea is to create diverse supplier relationships while fostering the growth and development of these types of business’s.
At Eyvo – we believe its very important to be able to give you the facts and figures at the push of a button – Are you having a diversification audit or perhaps you need to visualize spend trends on a quarterly basis to see how your veteran spend has been performing – has it met targets ? If not, why not ?
If you don’t have the figures you cannot be expected to be in compliance.
Check out the screen shot below from one of our vendor management screens – this is just a small part of the process – But we can help you get the rest of it operational.
If you need assistance with your Supplier Diversification policies, operational programs and analytics – then contact us and learn about how our automated systems can audit and provide real metrics to prove you are follow policy and in compliance with the law (if you are a government department).
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