Top companies around the world are making great efforts and bold future commitments to promote diversity throughout their supply chains. A key driver of these trends is the periodic reporting of progress towards the goals and initiatives of nearly every major corporation. As ninety percent of the Standard & Poor’s 100 companies have supplier diversity programs, it is expected that quantitative disclosure, data integrity, and tier 2 spend tracking and reporting will become the norm.
With these changes, large companies are increasingly looking to technology-enabled processes such as ConnXus when selecting and managing relationships with new diverse suppliers. With companies increasingly realizing the business value and setting numerical goals for supplier diversity, the purchasing power of diverse suppliers is expected to increase significantly, as will the need for software-based bidding platforms that eases the process of selecting qualifying suppliers.
These trends are opening the market for women-, minority-, veteran-, disability- and LGBT-owned businesses. The ConnXus supplier management system streamlines the process for large companies to simplify the complex task of achieving their goals and reporting their progress. On the other side of the bidding process, the platform enhances and eases market access for diverse suppliers, making it easier to capitalize on the ongoing progress.