When assessing the challenges that procurement has faced over the course of the last few years, we must pay close attention to the trends that have emerged over that same period of time. One of those trends involves a renewed focus on supplier diversity and inclusion. 2021 was a difficult year which was headlined by the global supply chain crisis. If there was one thing that the crisis proved, it was that supplier diversity is needed in both the workplace, as well as within the supply chain itself. 

A Symbiotic Relationship 

The truth is that customers and consumers are both in search of companies that are robust and resilient. They’ve even gone as far as rewarding those who pursue supplier diversity strategy. The benefits that will arise for businesses who make that commitment will be experienced by all parties involved. By building upon supplier diversity, these organizations will find themselves much more competitive within the market. Additionally, supplier diversity will better prepare them for unforeseen disruptions such as the ones brought on by the pandemic.

Prioritizing the diversification of suppliers hasn’t always gone hand in hand with economic growth, but the times have changed. The competitive advantages that these companies will experience are only the tip of the iceberg in the grand scheme of everything. Small businesses will also benefit greatly from these relationships. They will have access to new markets that weren’t available merely a few short years ago.

Creativity Paves the Way

The socioeconomic trends that have evolved over the last few years will pave the way for new opportunities. How organizations implement those trends into their corporate strategies will involve creativity and commitment. It all begins with making the commitment starting from the top-down. The management team must make it clear that supplier diversity and inclusion is a priority. The procurement team’s comprehensive access to the internal corporate structure will be key in leading the efforts.