The power of supplier diversity in procurement: Driving business success through inclusion — Part 2 (ROI)

In today's diverse society, businesses have a crucial role to play in fostering equality and inclusion. However, the business world often needs to improve to reflect the true diversity of society, both within companies and in their supply chains. To bridge this gap, organizations are increasingly embracing the concept of supplier diversity in their procurement processes. Supplier diversity involves actively promoting and engaging diverse suppliers, including those owned by minority groups, women, veterans, LGBTQ+ individuals and persons with disabilities. By incorporating a wide range of suppliers, businesses can create an inclusive supply chain that reflects the diversity of the broader society.

In part 1 of our mini-series we explore the topic of supplier diversity, starting with defining what it is and why it matters. Here, in part 2 we go deeper into the related return on investment (ROI) by looking at the impacts that supplier diversity has on the bottom line, top line and the broader community while also acknowledging the inherent challenges and listing a few good practices that organizations can put in place.

In part 3 we will focus on the role of procurement technology and offer a landscape of providers that have solutions for managing supplier diversity.