There are countless benefits to utilizing diverse suppliers for your business, including increased innovation and better financial performance. However, finding the right diverse suppliers can be challenging. While more than 80 percent of Fortune 100 companies in the U.S. have supplier diversity programs, most only source about 10% of their products and services from diverse suppliers.
Here are three ways to find diverse suppliers for your business, so that you can meet your company’s diversity goals and align with your values while improving overall workplace culture and performance.
- Attend diverse supplier events. By attending events specifically curated to showcase diverse suppliers, you will have a better chance at finding a supplier that meets your needs. Trade shows, networking events, and recruitment fairs all provide excellent opportunities to meet and learn about diverse suppliers in your area.
- Utilize your existing network. One of the easiest ways to find diverse suppliers is by leveraging your existing supplier network. If you ask people who do business with your supplier, they might be able to recommend other businesses that provide related services. You can also use social media to find diverse suppliers. Many companies post pictures of products they sell online. Look through those posts to see what kinds of products and services they offer.
- Work with an e-procurement company. Companies like Datalou connect businesses with qualified diverse suppliers. Our digital platform meets the evolving needs of the media and entertainment industry and helps 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.
To learn more about Datalou’s software and how it can help your media company find and hire diverse suppliers, contact us today.