Data Enrichment and Supplier DiversityMany organizations struggle to identify Diverse Suppliers, limiting opportunities for Diverse Suppliers, with most Diverse Suppliers agreeing one of their greatest challenges is locating opportunities. So, how do we solve this quandary? At a high level, the solution is to establish procedure and policy for your Supplier Diversity program, but at a more granular level the solution may be Third-Party Data Enrichment.
Third-Party Data Enrichment enhances and supplements any existing Diverse Supplier database you currently house by constantly updating their expansive database able to locate Diverse Suppliers across the country with accurate contact information categorized by industry, need, Diversity status, etc. With access to a Third-Party Data Enrichment platform, you will ostensibly be given access to every Diverse Supplier certifying organization. A Data Enrichment platform can expand your current Diverse Supplier outreach to almost any industry, category, or need and allow your team to meet any Diversity requirements established as part of Supplier Diversity Program.
While Third-Party Data Enrichment can help identify and supplement any Diverse Supplier information you store, without an effective Supplier Diversity Program you may still have gaps. Manual processes or unclear program goals can be some of the largest deterrents from establishing lasting relationships with Diverse Suppliers, but streamlining the identification process by creating ease of use for your sourcing team can be a large first step in creating meaningful relationships and help reach your program goals. Find the right touch for your Diversity Program and goals, and then explore Third-Party Data Enrichment avenues to create an effective process that will not only identify opportunities for Diverse Suppliers, but also establishing lasting relationships with your suppliers.