4 ways supplier diversity can strengthen your supply chain

With supply shortages continuing to impact the global economy, companies and public sector organizations are looking for ways to strengthen their supply chain - and supplier diversity could be one key element. From increasing your network reach, accessing a broader range of emergency resources, or creating more accessible opportunities with online submissions, your supply chain has the potential to be stronger than ever thanks to a diverse supplier database.

Not sure where to start? Here are 4 ways any organization can strengthen their supply chain.

1. Make certifying bodies your best friend

You may have heard of CAMSC, WBE Canada, CGLCC, IWSCC, and CCDI before or maybe attended one of their events in the past. Nonetheless, make it your mission to connect with these certifying bodies to strengthen your supply chain.

These councils help you find new vendors within your area that you may have overlooked. Their knowledge of inclusive procurement can provide you direction on how to adjust your process, so you don’t leave any gaps or barriers that prevent suppliers from submitting bids. If you need extra support, they will also help you through the steps to build your supplier diversity program.

On top of this, your organization can make meaningful, diverse connections with the variety of networking workshops, trainings, and events that these councils offer. This will help your organization grow your supplier pool and create a more robust supply chain.

Want to learn more about how certifying bodies can help? Check out our blog post about supplier diversity to hear more insights from our Canadian councils.

2. Broaden your emergency list

Don’t be that organization who makes their staff search through paper files in the middle of the night to find that one supplier you need to fix your bursting pipes in the office. Have your emergency supplier list more easily at hand and shortlist multiple suppliers to support each emergency so you have Plan B, C, D etc. By diversifying your emergency supplier list, you’re not only reinforcing your tactics when you’re in a time-crunch, but also creating long-lasting relationships within your community.  

With eProcurement solutions, you can manage your emergency list and be even more prepared with an online platform. You can store, track and filter the right supplier for the job quicker than you can pick out your top emergency contact from your paper file list.

It’s one achievement to partner with one or two diverse suppliers each year to hit your diversity quota. But a one-off collaboration with a diverse supplier will not lead you to a stronger supply chain. You must build a supplier diversity program and integrate it into every part of your process. By creating a supplier diversity program, you ensure that each procurement is more inclusive, opening the door for diverse suppliers to bid on your procurements and help attract new investments to your community. You also strengthen your community collaboration due to your commitment to supplier diversity.

It takes time and buy-in from your stakeholders to build this type of program, but the results are worth the effort. Already, 37% of larger organizations in Canada have a supplier diversity program. Are you ready to jump on board?

4. Open opportunities with online submissions

Another way of attracting diverse suppliers to your organization is by making your procurements more accessible through an online platform. Not only does this improve your bid competitiveness and make your processes more efficient, but it also helps you attract a diverse group of eligible bidders. Suppliers who had to drive 4-6 hours to your office just to submit a submission, can now hop online and submit in under a minute. This helps to reduce barriers to submissions and provides greater access to suppliers beyond your community.

For example, when Trillium Lakelands District School Board moved their procurement online, they increased their number of submissions three times over and realized 20% in cost savings on goods and services. Want to see what bids&tenders can do for you? Schedule a demo to find out.

It’s never too late to start!

By implementing these supplier diversity tactics into your procurement process, you’re setting your organization up for multiple success points, including greater quality of suppliers, healthier supplier relationships and a more dynamic, sustainable procurement process.

Not sure where to start? Our procurement specialists can walk you through the process. Contact us for a free consultation today.