Here's how you can promote vendor diversity and inclusion in your supply chain.

Promoting supplier diversity starts with acknowledging that there is an innate bias against certain kinds of suppliers. With that comes the willingness to go the extra mile to offer the opportunity for a new supplier from a disadvantaged strata to establish themselves. Last, but most importantly, bake supplier diversity into your key KPI's. Make your business plans to accommodate the freedom to fail for these new players because otherwise, it'll just be a tick in the box 'We gave them one chance. They blew it'. Challenge the status quo. Every big player was born out of a customer who believed in them and gave them second chances

Vendor Diversity in your procurement process helps to reduce the risk of your procurement and benefit both from cost and quality procurement. There could be various ways to have the same. Use IT tools / Procurement platforms to acquire vendors across borders. Use local networking platforms or industry association meeting to identify the vendors and include them in your procurement process. Enable transparency and communication with the vendors and procurement process . Associate vendors as your partners in the business. Allow vendors enlistment from direct manufacturers / suppliers rather than the middle man or any agency which is just doing trading of the goods.

To begin your journey toward a more diverse and inclusive vendor base, start by evaluating your current supply chain. Understand which products and services are critical to your business and consider where there may be gaps or over-reliance on certain suppliers. This assessment will provide a clear picture of where new vendors could add value or reduce risks. It's important to recognize that diversity isn't just about ticking boxes; it's about bringing in vendors who can offer unique insights and solutions.

first, you will look at your current supply chain to determine areas of opportunity. Be sure to dive into detail specifically for locations. In addition, complete an assessment of individual areas within your business to see if there are certain areas that we need more of a diverse type of towers, skills, or of thought. If you're company has it a part of their leadership team and culture just as jpmc, then work with the diverse supplier team within your company. Those are the initial steps that need to be done

Beyond telling we support diversity and inclusion, demonstrate your actual doing! Be truthful, develop long term trust partnership, nurture a Win-Win mentality with yr suppliers base, grow together!

First of all, you should have the KPIs and metrics available for the current supply chain, along with their past performance on critical raw materials, products, and services. Based on the assessment of this data, you can identify the pros and cons of the current vendors, the areas in which they are performing well, and the areas that require more attention. With an appropriate assessment, you can clearly demarcate the level of diversity available, identify improvement areas, and highlight other risk items that need to be addressed. For top performers, you shouldn't disturb their processes; rather, focus on the non-performers and list the required areas of improvement.

Firstly, I would align this outcome with the objectives and sourcing strategy e.g. if objective is to in-source services/ build in-house capabilities, then I would invest efforts to build partnership with the vendor to ensure support during transition. Secondly, I will classify the existing vendors in 3 categories - substitutable, partially substitutable and difficult/ non substitutable. Thirdly, devise a plan for each category which will include a) identify similar vendors and engage to bounce ideas b) define pros/ cons c) ascertain costs for diversity e.g. 2/3 vendors would add operational overhead Lastly, ensure lean on-boarding, incentive to build diversity, challenge process to continue with existing vendors for more than 2 years

Vendor v/s Strategic Partner: Be precise when adding vendor to your growth strategy because once vendor is onboarded you should not be in a position to keep managing them infact vendor should be integral part of the system, vendor should be extended team and not to be treated as outsider. More the involvement, more the clarity and more will be the outcome. Limited knowledge can only delivery limited outcome. If Vendor expects to be the extended wing, then Vendor also should have that zeal to become strategic partner than operating as a normal vendor like others.

Start by evaluating your current supply chain to identify areas lacking diversity. Conduct a thorough analysis to understand which vendor categories are underrepresented and why. This involves collecting data on the demographics of your existing vendors and assessing the impact of diversity on your supply chain's performance and innovation.

Once you are aware of your current state with analysis, plan where you would want to reach. Set SMART goals.. Simple, Measurable, Achievable, Relevant and Time based. Plan what kind of interventions and steps are needed to achieve those goals. Call out the help needed and engage the right stakeholders to support.

Always Vendors will be interested to learn and adopt the best practices from its customers. Hence to set common ground it is good idea to promote Diversity and Inclusion. This will not only help vendor organizations, but it also creates synergy between customer & Vendor working together with shared goals. Specially working in similar direction always rewarding.

Based on your assessment, set clear, measurable goals for increasing diversity and inclusion. These goals should align with your overall business strategy and be specific, such as aiming for a certain percentage increase in contracts awarded to diverse vendors. Establish both short-term and long-term targets to ensure continuous improvement.

Establishing the healthy Kaizen culture of constant improvement and organizing repeated events and sessions of appreciation develops a sense of responsibility and commitment among the vendors.

A healthy competition between the empanelled vendors and providing ratings based on disclosed parameters would not only ensure a more quality centric approach but will also develop a healthy market / sector scenario. While there would be competition but this will also induce a learning approach between different vendors in the same market which ultimately would lead to leaner manufacturing, top notch quality and ultimately customer delight. All in all it would be a win win senario for Vendors, Manufacturers or Service providers and Customers on a whole.

Vendor partners need to be identified based on various parameters, including their delivery capability, past performance, regulatory compliance, scalability, adoption of the latest technologies, diversity consideration etc. A supplier scorecard should be available in real-time across collaborative platforms for easy tracking and monitoring. Proactive measures could be implemented to improve performance through incentive programs and address issues through various conflict resolution mechanisms.

GOALS -Grow Over your Actions and Leap to Success. GOALS abbreviation I framed reflects not just for workforce development of employees but even for academicians and for that matter any one in this world aspiring to experience success in their endeavours. It understates complacency amidst comfort zones at a later stage and complete neglect of improvement in one's actions to achieve success. When you have set your mind to grow over your actions performed , it becomes a pathway to your success. The idea is not to rust but be creative to keep the magic in us to outgrow and leap to success. It need not be competitive but self-constructive and introspective.

Goal setting in supply enthrust on punctual and discipline way of handling shipments in multi location. Although slack time is given to customer to manage exigencies rather it's to inculcate before given date to bring smile and customer delight to augment customer portfolio.

Do not differentiate between your goals and vendors goals. End of the day, the common goal is to get the product out of the doors to make bucks which all of us are equally responsible for. Differentiating only creates monitoring vendors goals instead of focusing on right business :-)

At times, the word vendor creates a barrier in services. Instead have a partnership model which promotes sharing equal accountability and ownership.

Identify and connect with organizations and networks that support diverse businesses. This can include minority-owned, women-owned, veteran-owned, LGBTQ+-owned, and other underrepresented groups. Utilize resources such as supplier diversity databases, local chambers of commerce, and industry-specific groups to find potential partners.

It's human tendency to follow set norms and a comfort zone area which restricts VMS teams to look out for newer pathways but the perspective needs a change for better. While old is gold and the old empanelled vendors are already accustomed to the company, its policies and approaches this should not restrict the VMS teams to look for new ones which might definitely add new values, ideas and approaches. Who know it would be a game changer leading to better margins better product innovations. So don't get stuck in the comfort zones and look out for new ones while respecting the old ones.

One of the key elements in adding diversity providers to your base of clients is sustainability and allowing the provider to grow. Often small Companies do not have all the same capabilities (I.e., resources, turnaround time, financial) to compete with larger provider. As such, special consideration and strategies would need to be developed for such diverse providers to help them grow and become successful over time.

A very good way at looking at supplier diversity today is to drive and encourage supplier development programs with your MSME ( Mid and small scale enterprises ) and organisations which have been built with value systems for overall inclusion and run by 1st gen women Entrepreneurs.

Based on the defined parameters, you can identify different suppliers across segments without compromising on the value proposition. If lesser-known vendors in the market can add more value to the business, they should definitely be considered. Having more vendors available at your disposal would create healthy competition to perform well according to the defined criteria, ultimately benefiting your business.

Partners are pillars for company in supporting manpower Material Money and outsourcing management in crucial times of disintegration of different vertical particularly supply manpower outsourcing in Ecommerce

Policy making around VMS is not a one time activity. This has to be dynamic with respect to time and changing market and changing needs. The Policy should focus on incorporating market demands and needs and also ensure that while the Manufacturers and Servicd providers are protected but should also ensure (which is mostly the ignored part) that the vendors rights are also protected. Because only if the vendor is rest assured that his rights would not be violated only then the vendor can focus on providing top notch quality and service which having headache of payment delays etc.

Develop and implement policies that support vendor diversity and inclusion. This can involve revising procurement processes to ensure they are fair and inclusive, offering mentorship and support programs for diverse vendors, and setting up systems for regular review and adjustment of these policies. Ensure that your policies are communicated clearly to all stakeholders.

Creating policies doesn't mean that it ends with just creating them. Proper implementation of the laid down policies calls for thorough integrity paradigms in business ventures. Loopholes should be plugged out, misappropriation of funds should be dealt severely. Whatever jeopardizes the reputation or rating of the vendor should be addressed as a prime cause and the dynamics of the created policies should be understood by both the parties involved and if need be face offs should be avoided and intermediate back ups to facilitate smooth transactions and profitable business deals

Add a special target for contracting with Diverse suppliers and share the benefits of contracting with such suppliers. Track those targets, communicate and use your procurement systems to deviate certain purchases through such identified providers.

When I worked for major US computer and hard drive manufacturers, it was surprising to see how many times the business was "single-sourced" on key components or precious metals. It was a very risky position to be in because if the sole supplier couldn't deliver for some reason, then the production lines could be interrupted or halted. The audit team raised their concerns to the VP of Finance, who issued a new policy that all critical components or materials had to have a secondary source. A new position was created and a special team was assigned. The policy helped to open up the aperture, so to speak, for a more diverse set of suppliers from around the world to work with and conduct business with the companies, too - a true "win-win."

There should be clear-cut policies supporting a level playing field for all the vendors involved, and any final decision should be made based on their scorecard and performance. Transparency should be given paramount importance, and the required information should be made available to every vendor through defined communication channels at the same time.

Policies in today scenario are percolated from north to south rather I suggest integrated way of approaching south to north can entail practical solution rather than meeting discussion

The best strategy to foster long lasting strong supply chain relationships is to promote objectivity, transparency and co- creation framework. Long term relationships are fostered only if there is equal weightage of Vendors in the value chain and their business interests are taken care of ethically and professionally. Multiple feedback loops and communications ensure efficient monitoring, mentoring, course corrections to suit effective collaboration and co- creation.

This is one of the crucial elements in fostering a lasting relationship with vendors by building trust and transparency through regular communication and involvement. Each vendor, irrespective of their percentage of contribution to your business, should feel that they are an essential part of your enterprise and align their goals with your company's objectives to create a unified sense of purpose.

The term "Supplier Relationship" is to be viewed with lot of care and warmth as it is equally philosophical as it is important on tangible analytical counts . The Pillars of trust , engagement , Collaboration, value addition and sustainibility nurture the same over time to drive multilevel growth and opportunity to excel for both the supplier and the customer and drive their relationship to a strategic account which therefore propels long term development journeys on both topline and bottomline of both the entities and their innovation and diversification stories .

Foster strong, mutually beneficial relationships with diverse vendors. Engage in regular communication, provide feedback, and offer opportunities for growth and collaboration. Consider establishing mentorship programs where experienced vendors can guide new diverse suppliers. Building trust and long-term partnerships is key to sustaining diversity in your supply chain.

Cultivating enduring partnerships with a variety of vendors is key to achieving shared progress and fostering innovation. It extends beyond mere contract agreements to include active support and constructive feedback. Implementing mentorship initiatives, engaging in cooperative projects, or exploring joint ventures can significantly contribute to the prosperity of these vendors. The foundation of robust relationships lies in the mutual trust and collective achievements that benefit all parties involved.

Adding to the point apart from nurturing trust, shared success leading to mutual growth , by providing customer support through thorough understanding of the customer requirements and taking their feedback after fulfilling them and ensuring collaborative ventures with business partners or clients for syncretic relationships,we should be bold to admit our misgivings or errors with proper corrective measures. That is be transparent in our operations which is underlined for gaining their trust, for trust does not alone mean to be there for them and sincerely work towards fulfilling their business needs.

Tracking progress of every vendor is crucial to ensure they are performing and delivering as per the initial quote for every survey. Also, helping them to understand specs and targeting of right audiences to access them and get legit information from the audiences required for any survey. Also engaging them into discussions to help Bridge the gap. Last but not the least, they should be rewarded and appreciated as well. Regards Abrar

Regularly track and report on your progress towards achieving your diversity and inclusion goals. Use key performance indicators (KPIs) to measure success and identify areas for improvement. This can include metrics such as the percentage of contracts awarded to diverse vendors, the number of new diverse vendors added, and the overall impact on your supply chain's performance. Share these results with stakeholders to maintain transparency and accountability.

It is imperative to consistently monitor your advancement towards cultivating a diverse and inclusive vendor network. Conduct periodic assessments to verify that your progress aligns with the established objectives. Be prepared to modify your approach in response to any obstacles or prospects that emerge. Through diligent tracking and transparent reporting of your progress, you can maintain accountability within your organization and demonstrate the tangible benefits of a varied vendor landscape.

The feedback loop is important in every aspect of business for consistent improvement and vendor management is no different. An organization must implement tracking methods and then utilize the data to make changes in each period to continue to move towards the final goal and then to establish new goal.

One also needs to focus on Leadership and Organizational Culture. Its important to foster a culture that prioritizes diversity and inclusion across your organization. Leadership should proactively endorse these initiatives and motivate others to understand and engage in supplier diversity programs. This involves setting an example, providing education, and ensuring that diversity and inclusion are embedded into the company’s values and everyday practices. Inspiration and motivation by Leadership team is crucial for any initiative to succeed.

It provides you alternative & backup plans for any adverse situations. It will bring trust on both the side of tunnel. It keeps things competitive and a sprit of going better on better. Critical for business continuity and reputation built by hardworking for years.

Effective communication is the bedrock of any successful partnership. Rather than treating vendors as mere service providers, engage in open dialogue. Share your expectations, challenges, and strategic goals. Encourage vendors to reciprocate by expressing their needs and innovative ideas. A two-way exchange builds trust and alignment. 1. Influence the Vendor Roadmap 2. Communicate Optimization Goals 3. Reciprocity and Commitment Remember that vendor relationships are reciprocal. If you invest in the partnership, you’ll receive more value. Celebrate successes together, whether it’s achieving cost savings, streamlining processes, or launching innovative projects. When both parties commit to growth, the relationship thrives.

No vendor is a good or bad vendor by face value. - Strategic alignment at different levels is the key for mutual success and benefit for long term relationship to sustain - Leadership mindshare , frequent connects , reviews, openly admitting challenges by vendor is what makes a well aligned partner - Vendor Relationship building with customer business team, conversing in business language, proactive problem solving, empowering business thru tech. education etc..will be icing on the cake for long term association - Most importantly enable /empower vendor team stabilize and sustain with extended support to run the services independently -TRUST is the glue that holds both customer and vendor together to co-work & co-innovate as one team

Adding to the point apart from effective leadership and communication skills, and ensuring objective measures, actionable and business continuity plans we have to understand the competition existent in the current market and bring in cutting edge technology on par with global standards and encourage research oriented solutions through mammoth ideas from any staff of the organisation which can improve the current standards and impact the customer for a long term relationship and sustaining the business through rapid risk taking after analysing the risk containing measures that be.