Finding the Right Balance Between Supplier Diversity and Strategic Sourcing

Re-evaluating procurement procedures can lead to innovative approaches that enhance quality, efficiency and supplier diversity.
— By Paul Lachhu

Procurement professionals are faced with the challenge of securing business savings using a variety of strategies. These strategies include establishing quality competitive bidding standards, analyzing product specifications, global sourcing and working with business departments to blend procurement considerations into all stages of product and services design and development. In addition, procurement specialists are also asked to improve efficiency and costs while expanding supplier diversity and spend for Aboriginals, Women and Visible Minorities. These two primary procurement goals may seem on the surface to be at odds with each other, but they can be balanced so that competition is enhanced in a way not possible if supplier diversity is excluded.

The truth is that in a global environment, supp...

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