As we move towards an increasingly globalized world, companies must embrace the benefits of diversity in their supply chains. There has been a lot of discussion about improving and supporting diversity in the workplace, but having diverse suppliers is just as important.
There are several reasons why diversity in the supply chain matters. First, it helps companies avoid potential risks associated with relying too heavily on one source of services and materials. Second, it allows them to tap into the expertise of different cultures and perspectives. Third, it makes their products more appealing to consumers who value diversity.
Avoiding supply chain delays
The first reason why diversity in the supply chains matters is because it helps companies avoid potential risk related to supply chain delays. When companies rely solely on one supplier for certain raw materials, they are at risk of being cut off from those supplies if there is a problem. For example, if a company relies on a single supplier for AV equipment, and that supplier is unable to meet demand or there are shipping delays, the company could be left without the correct equipment to proceed.
Benefiting from the expertise of other perspectives
Companies should consider how globalization affects their business operations and how to reap the benefits of interacting with a larger number of cultures and perspectives. By diversifying their supply chain, companies can increase innovation, learn from different approaches, and better relate to clients, employees, and suppliers from a wide range of backgrounds.
Appealing to customers who value diversity
Americans are increasingly allowing their social values to influence their consumer habits. Research shows that consumers take factors such as inclusivity and diversity into consideration when making purchasing decisions. Companies with diverse supply chains that make an effort to be equitable and inclusive across all their business processes appeal to individuals with these values, which can improve brand reputation and customer loyalty.
Find ways to increase diversity in your supply chain
Companies should start by looking at how they currently manage their supply chains. They should also consider what steps they need to take to improve diversity within their supply chains. For example, if a company has a diverse workforce, then it might be able to identify ways to increase diversity in other areas of the supply chain. If a company does not have a diverse workforce, then they should think about how they can create one.