The Chartered Institute of Procurement & Supply, a United Kingdom-based global professional body working for the purchasing and supply professions, suggests that every supply chain should enhance its diversity because this “can not only bring new ideas and solutions to an organization, but also boost competitiveness and market growth.”

That said, what value does a diverse supply chain bring?
• Drives transparency
• Drives competition
• Brings innovation
• Boosts market growth
• Supports local (and nonlocal) economy
• Enhances brand reputation

A background to supplier diversity

What is supplier diversity? Ultimately, supplier diversity refers to the purchasing of goods or services from minority, women, and LGBT suppliers. By sourcing suppliers from underrepresented groups, buyers can successfully enhance supply chain diversity.

There has been confusion surrounding the implementation of diversity into the supply chain, with business owners believing that it is simply a social program necessary to improve their brand’s image—rather than seeing it as an opportunity to seize the welcome benefits that we’ve highlighted above.

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