The term “supplier diversity” refers to the practice of ensuring that businesses in all industries include women, people of color, and other minorities in their supply chains. This helps ensure that companies are able to access diverse sources for goods and services. Supplier diversity programs are proactive ways to ensure that these goals are being met within a company or organization.
While more than 80 percent of Fortune 100 companies in the U.S. have supplier diversity programs, less than 60 percent report how much they spend on such initiatives and most only source about 10% of their products and services from diverse suppliers.These supplier diversity programs are an important step toward economic equality, racial justice, and innovation in the business sector, yet many businesses are not effectively tracking and utilizing these programs.
The Datalou team has utilized their decades of experience in the media industry to create a scalable, adaptable and comprehensive solution for connecting media agencies with diverse creative suppliers. By incorporating the feedback of our partners and clients, we have created a digital platform that meets the evolving needs of this industry and help us work toward more equitable representation. The result is a multitenant, web- enabled, permissions based, secure platform with over 100,000 creative, advertising and media suppliers.
Here are five ways Datalout can help your media or entertainment agency to diversify your supply chain.
- Diverse Media Reporting. Designed by industry professionals, our system captures all media types including influencers, ad tech, and content providers while providing users with a suite of media reports used by diversity, compliance, strategy, and implementation teams.
- Supplier Tracking Capabilities. Our platform allows businesses in the media and entertainment industries to track the supplier journey from being located (sourcing) to getting the contract (award). This robust tracking and reporting system helps you document spending and sourcing efforts, manage certifications, and share data with stakeholders.
- Access More Suppliers. Datalou is the only supplier diversity management system that has a database of more than 100,000 suppliers with specific skills and capabilities in advertising, marketing, communications and media.
- Internal Spend Tracking Capabilities. For monitoring the agency’s overall performance and supplier diversity spending by classification type, this report does just that. Great to use when responding to RFPs or when you would like to publish your agency’s contribution to diverse supplier communities.
- Multiple Financial Systems Data Integration. Datalou enables you to import and integrate data from multiple financial systems across your organization and seamlessly develop reports that reflect the data from multiple sources without additional work performed by the user.
Datalou’s SaaS is a scalable platform designed with agencies in mind for a truly tailored fit with quick turnkey applications. To learn more about our platform and capabilities, contact us today.