Supplier Diversity

Diversity & Inclusion is wider than the workplace. The most successful businesses know that by creating diversity in their supply chains as well, they can unlock innovation and agility, and improve their ethical credentials.

We prefer variety in our pastimes, biodiversity in our ecosystems and diversified holdings in our portfolios. Yet we unconsciously resist diversity in our social and professional communities. This attitude has become a liability in today’s marketplace, costing companies talent, growth and innovative solutions.

Procurement plays a key role in such diversification, creating the economic and moral value that will result from the opportunities a more flexible, more creative supply base brings.

In a digital world driven by relentless technological advancement, innovation has to take centre stage in every corporate strategy if organizations are not to be left behind. There is strong evidence that innovation comes mostly from small businesses and individuals, which makes incorporating such entities within the supply chain a critical factor for organizations seeking to bring new solutions, breakthrough technology and disruptive businesses to market. Diversity within supply chains can not only bring new ideas and solutions to an organization, but also boost competitiveness and market growth. But it goes further than these commercial benefits to encompass social value; the ability to reduce socio-economic inequality and create stronger, more stable communities. With many global business leaders finally waking up to the huge potential in supplier diversity, businesses that understand how to use this to their advantage will stand to gain a competitive advantage and genuinely be able to make a positive contribution to a fairer society.