You’re tasked with developing a supplier diversity program. What are the most important factors to consider?
A supplier diversity program is a strategic initiative that aims to increase the participation of diverse-owned businesses in the supply chain of an organization. Diverse-owned businesses include those owned by women, minorities, veterans, LGBTQ+, people with disabilities, and other underrepresented groups. A supplier diversity program can bring many benefits, such as enhancing innovation, competitiveness, social responsibility, and customer satisfaction. However, developing a supplier diversity program is not a simple task. It requires careful planning, execution, and evaluation. Here are some of the most important factors to consider when developing a supplier diversity program.