Diversity and Minority Spend
Supplier Diversity Program Advisory & Implementation Services
Corcentric’s Supplier Diversity Experts bring decades of experience designing, standing up, and continuously improving Diversity Spend Programs across a variety of industries.
Having a formal supplier diversity program is a key characteristic of industry leaders. 92% of the Forbes Top Companies have formal Supplier Diversity Programs for their Supply Chain, along with Diversity and Inclusion Programs for their human resources, workplace, and corporate citizenship endeavors. Leaving aside industry-leading status, companies across the world are increasingly required to demonstrate supplier diversity, whether by industry custom or specific regulation. For these companies, negative financial & reputation implications can result from not having a viable supplier diversity program in place – such as penalties from contractual obligations in terms of Tier 1 & Tier 2 Suppliers utilization and reporting, or even simply losing business opportunities. More and more, Supplier Diversity is a requirement of doing business in today’s world.
Corcentric’s team of supplier diversity consultants have developed award-winning supplier diversity programs from scratch and been recognized in the Supplier Diversity Community as leaders.
Our Supplier Diversity Program Solutions include:
- Defining supplier diversity: Whether you call it supplier diversity, minority spend, or historically underutilized, Corcentric can distinguish program definitions according to your company objectives and location.
- Training procurement to identify minority suppliers: Corcentric can guide your internal team to recognize and qualify minority suppliers within existing supply chain groups.
- Developing metrics: We can create the key performance indicators (KPIs) to gauge if you are reaching your minority spend targets.
- Cultivating diverse suppliers through Supplier Relationship Management: Corcentric can help you to support existing suppliers develop their own supplier diversity program, eliminating the need to source new vendors.
Effective Supplier Diversity programs go beyond implementing tactical processes – representing and furthering key strategic objectives for your company’s mission and vision. Corcentric’s Diversity Spend Program Managers provide the on-demand resources and expertise to support companies in refining an existing program, or begin a new diversity spend program. We understand the complexities of diversity spend across industries and regulatory environments, and we can help you make the best decisions around governance, roles and responsibilities, process, and technology to unlock Diverse Supplier Value.
Contact our team of Diversity Spend Consultants to help your supplier diversity program needs on our Strategic Advisory Services page, or reach out to our Sales Team to inquire about our services, or other Corcentric offerings.