The Black Lives Matter movement has created an awakening and a demand for change among many company leaders. Many corporations truly believe this is the time to accelerate focus on diversity and inclusion initiatives. And, one of the greatest ways to ensure you have impactful Diversity and Inclusion (D&I) initiatives is with the help of technology.
Racial Equality Begins With Collecting Data
According to the Harvard Business Review, the best way to monitor if your diversity and inclusion efforts are working is by setting goals, collecting data, and examining that data. David Pedulla wrote, “By collecting and analyzing data on diversity over time, comparing those numbers to the numbers at other organizations, and sharing them with key stakeholders, companies can increase accountability and transparency around diversity issues.”¹
Companies want to make a real impact on diversity and inclusion and in order to do so, they must hold themselves accountable. However, without collecting data, it will be impossible to do. And, simply settling for tracking measurements in a random Excel Sheet will not suffice.
“It’s especially important for companies to hold themselves accountable and publicly report their progress,” Enrique Lores, HP President and CEO. continued. “This year’s data shows that HP is making significant strides forward in many areas, while also revealing where we must do better.”
— Enrique Lores, HP President and CEO²
With SpotSource, companies are able to collect and organize data unlike they ever have. Our goal is to help you transform those spreadsheets into a rich pool of data that will not only empower your employees to find the best fit approved partner. For many corporations, that means making sure your partners are also setting and measuring progress on their diversity and inclusion goals.
Redefining Diversity and Inclusion across the Supply Chain
Diversity and inclusion is not just about ownership. Racial equality task forces are changing the way the corporate world wishes to move the D&I conversation forward with meaningful impact. Companies are going beyond just putting measures in place for their overall staff makeup. In fact, many are extending measures to their suppliers and partners as well.
When it comes to measuring and moving the needle on this across professional service areas from marketing agencies to IT services, SpotSource is excited to have a solution that helps.
“The NIKE, Inc. family can always do more but will never stop striving to role model how a diverse company acts. We will continue our focus on being more representative of our consumers while doing our part in the communities we serve.”
— John Donahoe, President and CEO of NIKE, Inc.³
We’ve seen this first-hand within our very own customer base. Many businesses are actively looking to increase spend among Black and African American suppliers. And, while many companies are currently focusing their efforts on the United States, the broader goal is to have this equality carried out globally in the near future, taking into account regional differences in minority groups.
Diversity Is Not A Trend
Diversity is not just simply a trend. There have been many instances in the past where diversity and inclusion initiatives were put in place, yet didn’t last. In today’s world, consumers are expecting more than an attempted effort. It’s important to know that the whole world is watching how companies respond this time and that, as the adage goes, actions speak louder than words.
According to a June 2020 survey conducted by public relations consulting firm Edelman, 60% of people said brands’ reaction to protest would influence their buying decisions in the future.⁴
In the wake of racial unrest, companies promised more diversity. Now is the time to follow through with those promises. And, in order to not have an empty-promise, you need to take action.
SpotSource Can Help With Your Supplier Diversity and Inclusion Initiatives
Whether you are looking to bring one part or all of your professional services to life and start to move the needle on diversity, SpotSource makes it easy for our customers to measure their sustainable impact in racial equality.
SpotSource is helping companies keep track supplier data across areas such as:
- Ownership diversity along with certifications
- Supplier staff diversity breakdowns
- Commitment to pay and compensation equity
- Practices and policies to support diversity
- Dashboard reporting, and so much more
Tracking diverse suppliers is just one of SpotSource’s many capabilities. Our primary objective is to help you transform your service supplier management and to empower your employees to find the best fit partners supported by data.
We’re able to do this by digitizing your service suppliers, working with them, to allow your company better supplier management, measurement, and engagement.
No matter what service areas you have, our platform makes it easy to search, engage, and manage suppliers. And, most importantly SpotSource brings transparency to all the possible decision makers across your company.
¹ Harvard Business Review | ² HP Press Release | ³ Nike News | ⁴ Edelman