2023’s Top 5 Myths and Misconceptions about Supplier Diversity - Part 2
Let’s get into it. In Part 1, we discussed myths number one and two. Be sure to go back and check those out if you have not already. Today, we pick right back up where we left off – Myth 3.
Myth 4: Supplier diversity is just about meeting quotas
Definitely not. In reality, supplier diversity is a business strategy. It is about creating an inclusive and equitable business environment. When it is done with excellence, this kind of work yields tangible business value. It’s true that taken as a whole this effort is about creating a more even playing field for traditionally overlooked and historically marginalized parties. But there is no excuse for failing to do so with the same kind of rigor your company applies to other business relationships. In fact, if you rely simply on making your numbers without building relationships and reaping the value of what you have invested, it reveals a disingenuous motive, and people can see and feel that from a distance. Simple fact: people who have a different life experience than you have differentiated value to offer you and vice versa. Take advantage of it by building a robust business relationship with diverse suppliers and don’t treat them like a number or a compliance fact of life.There could be opportunity for partnership in other areas like recruiting, business development, or even product/service development.
Myth 5: Supplier diversity is a short-term trend
While some may view supplier diversity as a passing trend, the reality is quite the opposite, it’s a business strategy. In today’s increasingly diverse and socially conscious society, supplier diversity has become a strategic imperative. It is not just a check-the-box activity, but a long-term commitment to creating sustainable value. As demographics continue to change and customer expectations evolve, supplier diversity will continue to play a pivotal role in shaping business success.
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Don’t let these misconceptions cause you to miss out on creating impact through supplier diversity this year. It’s a business imperative and can help to drive economic growth, surface new business opportunities, foster innovation and promote social equity. This is a real chance to put corporate core values into action.
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