Supplier Diversity Challenges: Four Obstacles to Overcome
Building an inclusive supply chain is a goal-driven by the C-Suite that isn’t easy to hit. Despite best-laid plans, many companies struggle – with a lack of integrated strategy, minimal funding, and organizational hurdles that stand in the way of success. It’s unfortunate, as there are good reasons to hit or exceed inclusion goals beyond the good it does for our business community. Increasing the number of diverse suppliers in your network delivers both financial and efficiency benefits, including larger use of electronic purchasing and ordering, higher retention rates, and faster invoice approval. Even more, in an examination of Coupa’s Community data, we found a .7-point saving in total procurement expenditures for companies in the top quartile of spending on diverse suppliers.
Learn more about how leading companies approach building an inclusive supplier pool and the benefits they enjoy in this collaborative article with Bain.
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