In 2016, Inc. Magazine noted in their article, “Why Supplier Diversity is Good for Everyone” the value that companies receive as a result of an expanded supplier network including companies, “owned by veterans, women, people with disabilities, or others who have historically been underrepresented in the world of suppliers.” The article notes that having a diverse supplier network allows businesses to tap the, “agility, ingenuity and new perspectives” that can have a direct impact on their company.
Reaping the benefits of a diverse set of suppliers is a focus for procurement organizations today. A simple Google search of “Supplier Diversity” will reveal supplier diversity programs for some of the largest companies in the world across industries such as retail, food and beverage, healthcare, and insurance.
However, executing on a supplier diversity strategy can be challenging. For the procurement organization, it can be a time-consuming, resource-intensive process to find, vet and approve diverse suppliers that fit their business needs. On the supplier side, it can be challenging, time-consuming and resource intensive to navigate multiple RFP processes. Often it is simply a matter of missed timing.
ConnXus, a leader in helping organizations find and partner with a diverse ecosystem of suppliers, realized the opportunity to connect procurement organizations and buyers with already vetted, diverse suppliers. The result is Diverse Marketplace, a new offering.
Powered by BuyerQuest, ConnXus’ Diverse Marketplace will include catalogs from vetted women, minority, LGBT and other traditionally underrepresented businesses across a variety of categories. Businesses will have the ability to subscribe to Diverse Marketplace and to gain access to diverse suppliers.
For the buyer, purchasing from a diverse supplier-base becomes easy. Diverse Marketplace takes advantage of BuyerQuest’s user-friendly, B2C-like eProcurement platform. Subscribers log in and are able to search and buy the products they need from the available suppliers, supplementing their supply chain with more diversity. The easy-to-use interface encourages high user adoption and standardization or merging of purchasing processes. The consolidation of catalogs increases cost savings.
For the supplier, Diverse Marketplace creates the opportunity to showcase products and services to multiple Fortune 500 companies without navigating multiple RFP processes. Through the supplier-friendly BuyerQuest platform, suppliers are able to easily create and maintain catalogs, with support from the ConnXus team.
ConnXus is currently offering limited beta seats for Diverse Marketplace. If your company is looking for ways to increase diverse supplier spend, or you are a diverse supplier trying to increase your exposure, visit ConnXus today.
Learn more about BuyerQuest’s industry leading Search-Buy-Pay platform that powers ConnXus Diverse Marketplace.