From the course: Supply Chain Foundations: Supplier Development and Diversity

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How to build a diverse supply base

How to build a diverse supply base

From the course: Supply Chain Foundations: Supplier Development and Diversity

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How to build a diverse supply base

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- The Hackett Group has rightfully said, "Supply diversity is evolving from a check-the-box corporate social responsibility enabler to providing access to innovative products and increased market share in new and developing communities." In the last video, we talked about why it's important to have a diverse supply base. Now, let's look into their characteristics and how to improve sales and add value to the corporate business strategy. There are different definitions for diversity, depending on where you're doing business in the public or private sector. It also depends on whether or not companies have diversity and inclusion objectives as part of their business strategy. Some corporations are even making an employee's contribution to operations of a successful supplier diversity program, part of their compensation package. In the US, we generally require businesses to be owned, managed, and controlled by persons represented…

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