In Part I and Part II of this series, we have investigated the way in which supplier diversity programs have developed over time and which nations are leading the way in the space. And while it’s good to stay abreast of how we develop as societies, it’s vital to understand how we can better align supplier diversity best practices as individual organizations.
The growth of supplier diversity initiatives in these regions (and others) provides unique opportunities and challenges for multinational corporations. The opportunity is around being able to leverage these regional initiatives and organizations to improve the corporation’s overall image, community engagement, and ethical spending as well as strengthening their global supply chain. The challenge is how can organizations understand all the different certifications and access all the different information repositories for these diverse suppliers effectively and efficiently.
Just in the limited discussion above, we noted NMSDC, CAMSC, and Supply Nation as sources of data and certifications, and there are many more. As more and more countries implement diversity programs, these unique certifications and data sources will increase exponentially. This will place a strain on diversity and supplier management teams within these organizations.
This is where these organizations need to be able to turn to their partners to enable this process and make it scalable. Specifically, Source-to-Pay solution providers are crucial partners to enable supplier diversity and customers should be trusting these partners to support their diversity initiatives.
At Ivalua we take responsibility for supporting these ethical spending and diversity initiatives seriously and we have focused on enabling our customers to successfully implement, manage, and scale these types of programs. The Ivalua platform serves as the core source-to-pay solution but connects to a wide ecosystem of data providers. Among some of the features and tools, we provide our customers that support these initiatives are the following.
As more and more global businesses and governments embrace supplier diversity, they will be looking to technology to also embrace and enable the programs and work closely with diverse business communities. Ivalua is proud to work with some of the most respected brands in the world and is committed to supporting these brands as they elevate their global supplier diversity program.
If you would like to discuss how Ivalua’s Source-to-Pay solutions can help your organization implement a supplier diversity program, or elevate and expand your program globally, contact Ivalua today.
Jarrod McAdoo brings over 26 years of procurement experience to Ivalua as a product expert for the Analytics & Insights, Supplier Management, Spend Analysis, and Environmental Impact Center Solutions. A frequent thought leadership contributor for the Ivalua Blog, Jarrod has worked across multiple industries, including higher education, public sector, retail, manufacturing, and engineered products. Prior to his time at Ivalua, Jarrod held various roles in category and supplier management—including strategic sourcing and procurement team management where he led teams to implement shared service procurement models and Source-to-Pay systems. Jarrod holds a Masters in Business Administration (MBA) from Duquesne University and a Bachelor of Science degree from Carnegie Mellon University.