Supplier Diversity For Dummies

Chapter 16

Establishing Supplier Diversity Metrics, Benchmarks, and KPIs

IN THIS CHAPTER

Knowing the benefits of measuring your supplier diversity efforts

Booting up supplier diversity software

Working metrics into your storytelling

“That which is measured improves. That which is measured and reported improves exponentially.”

—KARL PEARSON

As organizations have begun to pay more attention to the supplier diversity function, the importance of tracking, reporting, and compliance to help tell the story has become front and center. In this age of continual improvement, adopting formal processes to monitor and manage this portion of supplier diversity was only a matter of time.

This attention created a small but growing industry focused on technology-based supplier diversity solutions. These systems oversee program results and automate a number of functions and tasks, which, as Karl Pearson’s famous quote indicates, allows you to make decisions to continually improve and expand your program. The introduction of technology has simplified the process and has definitely been a boon for the supplier diversity industry as a whole.

In this chapter I discuss the role of technology in monitoring ...