Supplier Diversity Management

Supplier Diversity Management is a strategic approach that promotes the inclusion of diverse suppliers—such as those owned by minorities, women, or veterans—in a company's sourcing and procurement processes. This practice not only enhances competition and innovation but also reflects a company’s commitment to social responsibility. By actively engaging with diverse suppliers, businesses aim to build a more equitable supply chain, foster community growth, and improve their overall performance. Ultimately, it broadens the supplier base, which can lead to better quality products and services, along with improved customer satisfaction.