Companies join forces to connect large buyers with small, minority and women-owned sellers, opening door to new relationships and business opportunities
With the rise of the Internet and instant access to massive amounts of information, today’s best companies are rapidly learning how to harness the power of databases. Unfortunately, it’s not always easy to manage that data effectively and quickly.
We are living in the Age of Big Data. No matter what industry you’re in or where you live, you are awash in information – with more pouring in every minute from all directions. No one canblame supply-chain executives if they sometimes feel like Mickey Mouse in “The Sorcerer’s Apprentice,” trying to sweep up an ocean of water with just a mop and a bucket.
When we first launched ConnXus, procurement professionals kept telling us how hard it was to identify high-quality, diverse suppliers.On the other side of the equation, small-business owners and minority-owned businesses complained about how difficult it was to develop profitable long-term relationships with large companies.
We saw an opportunity to bring data and technology together to solve these problems. Want to know how we did it?
Data at Your Fingertips
First, we set an ambitious goal: To create a comprehensive, convenient, and cost-effective supplier diversity data solution that would meet the needs of both groups.As we delved into all the possible supplier diversity data, metrics, and tools we realized that it made sense to build one intuitive, easy-to-use ConnXus Supplier Diversity Sustainability Dashboard. ConnXus is a fairly recent, National Minority Supplier Development Council (NMSDC)-certified entrant into this field, and claim a more modern technology approach that enables a data cleanse turnaround as short as two weeks.
“The smaller firms … have managed to develop their own databases of which suppliers are certified and or not, thus overcoming the challenges facing non-diverse firms in this market.”
So there you have it – a rational response to Big Data, in the form of a streamlined, dashboard-based system that helps both sides of the supplier diversity equation get what they need.
STAY TUNED! Next time, we’ll discuss the importance of developing a corporate culture that values not only supplier diversity, but supplier inclusion.