How can you celebrate and recognize diverse vendors in Contract Management?

2 How to identify diverse vendors?

Before you can celebrate and recognize diverse vendors, you need to identify them. You can do that by using various criteria, such as their ownership, size, location, industry, or certifications. For example, you can look for vendors who are owned by women, minorities, veterans, LGBTQ+, people with disabilities, or indigenous people. You can also look for vendors who are small or medium-sized enterprises, social enterprises, or local businesses. You can use databases, directories, or networks that list diverse vendors, such as the Supplier Diversity Program, the National Minority Supplier Development Council, or the Women's Business Enterprise National Council. You can also ask your vendors to self-identify or provide proof of their diversity status.

3 How to celebrate and recognize diverse vendors?

There are many ways to celebrate and recognize diverse vendors, depending on your budget, resources, and objectives. For instance, you can feature them on your website or social media to showcase their stories, products, services, or achievements. You can also invite them to your events or webinars to share their expertise with your audience. Furthermore, you can nominate them for awards or grants from external organizations that support diverse vendors. Additionally, you can provide them with feedback or referrals to help them improve their performance and grow their business. You can also offer them training, mentoring, or coaching to develop their skills and knowledge. Moreover, you can collaborate with them on projects or initiatives to create value and solve problems for your organization.

4 How to measure and communicate your impact?

Celebrating and recognizing diverse vendors is not only a one-time activity, but also an ongoing process that requires measurement and communication. You need to track and evaluate the outcomes and impacts of your actions, both for your organization and your vendors. You can use various metrics, such as the number, percentage, or spend of diverse vendors, the satisfaction, retention, or loyalty of diverse vendors, the innovation, quality, or efficiency of diverse vendors, or the social, environmental, or economic benefits of diverse vendors. You can also use qualitative methods, such as surveys, interviews, or case studies, to capture the stories, experiences, or feedback of diverse vendors. You need to communicate your results and impacts to your stakeholders, such as your employees, customers, partners, or investors. You can use different channels, such as reports, dashboards, or presentations, to inform, educate, or inspire them.