Benchmarking, Quantifying, and Reporting: Measuring Success
From a corporate perspective, the success of a supplier diversity program goes far beyond an organization’s diversity footprint. It has been well documented that a well-managed program does indeed deliver results and has a real and tangible economic impact. We all understand that the objective of a supplier diversity program is to ensure equity of procurement funds dispersed by an organization, but it is also important to understand the economic effects on the communities in which the programs operate. The human element of these programs should be at the forefront of everyone’s mind in the supplier diversity community.
To measure, track, and report on the economic outcomes and effectiveness of a supplier diversity program, it is crucial that the data collected is valid and comes from a solid and trusted source. A good data plan allows a program to be assessed objectively.