Diversity and Minority Spend

Corcentric offers industry-leading supply chain Consulting Services

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 characteristics of industry leaders. 92% of the Forbes Top Companies have formal Supplier Diversity Programs for their Supply Chain, along with Inclusion and Diversity Programs for their human resources, workplace, and corporate citizenship endeavors. But 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 has 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 can help you make the best decisions around governance, roles and responsibilities, process, and technology to unlock Diverse Supplier Value.

Contact Corcentric’s Diversity Spend Consultants for help with your supplier diversity program needs.

Supplier Value Management

Stakeholder Engagement Expertise

Successful Supplier Diversity programs are endorsed from the top down, but built from the bottom up. If the top levels of an organization leadership does not support the creation of a Supplier Diversity program or provides resources necessary to help build and grow a program, it will not reach its potential ROI:

Diversity Programs Leads may not know where to start to build the infrastructure for a Supplier Diversity program
Internal Departments may resist supporting the Supplier Diversity program due to not understanding the need for it to even exist
Immediate opportunities to engage diversity suppliers in the supply chain may not be readily apparent
Creating effective communication strategies on Supplier Diversity requires a level of expertise that may not reside within the company

Our Diversity spend team has the expertise to help companies build the framework required to establish world-class Supplier Diversity Programs, understanding that supplier diversity programs require an intricate system that is flexible to different geographical segments, trends of the market, supplier minority qualifications, and more. Additionally, we can help you refine your minority spend initiatives within an existing program, helping you strengthen supplier relationships and community bonds while increasing your savings.

Supplier Relationship Management Drives Supplier Value

A comprehensive SRM program can offset supply chain risk, enhance supplier services, support supplier diversity initiatives, maintain and improve upon the value acquired during original sourcing event, and even increase top-line revenue growth.