Community Engagement: Partnerships and M.O.D.E. (Mentorship, Outreach, Development, and Education)
The Chartered Institute of Procurement & Supply defines supplier development as “the process of working with certain suppliers on a one-to-one basis to improve their performance and expand capabilities for the benefit of the buying organization.” Supplier development can come in many different forms, from informal initiatives to a formally structured program. There are numerous examples, use cases, and best practices that demonstrate a broad spectrum of supplier development initiatives to fit any size organization or supplier diversity program.
According to CVM Solutions, corporate supplier diversity programs must go above and beyond spend metrics, but in an era of continuous improvement, supplier diversity programs—like most business units within an organization—must figure out how to evolve to remain a resource for the businesses they are servicing. Most do this by driving an even more robust program to promote economic growth through supplier development.