It might seem daunting to set up a supplier diversity program at first, but you could follow these steps and rethink. Here, in this context, you will learn about four basic supplier diversity program practices that will help supplier auditors select the best supplier diversity program and use it to achieve success.
Set measurable goals
A successful supplier diversity program will make supplier professionals speak up to their company’s CEO. If the CEO himself does not have any interest in this kind of program there is no point in taking it off from an auditor’s side. Mostly, commitments and important decisions come from the head of a company. Therefore, you can enact the diversity program only if the brain behind the company supports you in all terms. And after you get the executive’s sign-off, you can start with setting the goals of your diversity program. You can start low, but make sure you are starting smartly. And after you set the goals, evaluate these goals on a quarterly or monthly basis.
Collaborate with companies that cater to diverse organizations
So you have successfully set your working goals with the disadvantaged organizations. Now that you are done with that part, you will move on with the process and find them. To increase your visibility in front of several diverse companies, you need to take part in non-profit governmental organizations. As these non-profit entities provide support to small and medium enterprises through networking events and conferences, they express outreaching opportunities and effectively connect with corporations who look forward to doing business with them.
Being a supplier auditor of your organization, you could discuss your diverse plans and events with your procurement team and get visibility into expiring and current contracts. Communicate with the procurement professionals about their requirements and deadlines and then proceed with the next step that is partnering with the suppliers.
Partner with prospective suppliers
Now that you have convinced your company’s head and the procurement team to replace some of the incumbent suppliers with the diverse supplier team, you need to connect with prospective suppliers to structure a robust and productive supplier diversity program. You can do this by registering your company’s name in the supplier registration portal and help the suppliers from various parts of the world find you. The registration process will facilitate you through the conduction of commodity-specific surveys. Once a supplier qualifies for the survey, buyers of a company get an opportunity to contact them.
Track performance
To increase the value of shareholders and drive organizational growth through an efficient supplier diversity program, you need to go beyond the defined numbers and measure the impact of the program on the complete organization. To make this happen, you need to track the performance of all the suppliers you are in contact with, adjust the several responsible metrics and refine the supplier diversity program over time.
You can follow these supplier diversity practices as a supplier auditor and bring success to your organization.
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