Supplier Diversity Success Keys: Performance Feedback.
Have you ever heard a buyer or project manager lament about their company's diverse suppliers? "We wish we could do more business with diverse suppliers. It's just that the ones we have now can't seem to ______ (fill in the blank).
Is this a sign of supplier performance problems or an indication of a feedback problem? Perhaps both, but the first will likely not improve without correcting the second.
How will a supplier know what areas to improve without clear, constructive feedback?
In an article published earlier this year by Industry Week, titled "Who's Keeping Score" the author spells out some strategies that apply across the board in supplier evaluations. If your strategic objectives include strengthening corporate supplier diversity relationships and inclusion, this is a good place to start.
In your conversations with current and potential diverse suppliers, be able to articulate what is expected. Know what is, or can be, quantifiable and then, measure it. Get input from each internal stakeholder and touchpoint at your firm. This provides not only relevant data, but also keeps the staff involved. Part of the value of building those supplier relationships is derived from substantive information flowing in BOTH directions. Create a feedback loop that will add value; it will be well worth the investment of time and resources. The dividends will appear almost immediately.
Look to DMMI for assistance with your win-win approach to designing and managing Diversity Programs. Supplier Diversity equals cost and revenue returns, not merely socio-economic response.
E-mail us if you are seeking help with managing your Supplier Diversity objectives.
© 2009 DMMI Associates LLC – All rights reserved
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