How Diversity In Purchasing Procurement Can Reduce Cost Significantly
Throughout all levels of a company, diversity can yield a variety of benefits, ranging from boosting innovation to improving recruitment to helping brands live up to their values on inclusion and social responsibility. But while it may be relatively apparent how having more diverse perspectives within boardrooms and throughout an employee base can lead to new ideas and ultimately growth, the connection between diversity and procurement may be less clear at first glance.
What is Purchasing Procurement?
Procurement is the process of acquiring the goods your company needs for its business model. In the overall supply chain process, procurement’s responsibilities stop once your company has possession of the goods.
The process of selecting and managing suppliers is an important opportunity for companies to enable equity diversity and inclusion for their supply chain, as well as for their own company. Also known as Inclusive procurement – it’s the process of diversifying a company’s supply chain by choosing to do business with newer, smaller or innovative suppliers.
Paragon Results is committed to ensuring that minority-owned, women-owned, small, disadvantaged, HUB Zone, veteran-owned and service-disabled-veteran owned businesses have the maximum practicable opportunity to participate in purchasing procurement and contracting.
We strive to increase the depth and diversity of our resource pool by promoting fair and open access to the business community.
Our key program includes:
Strategic sourcing: We constantly search for the best talent and the best products. Create an inclusive supply chain where capable, qualified, diverse suppliers participate in the procurement process
Programs: We develop participation and commitment throughout our supply chain. Â We accomplish this through networking, registration of suppliers, on-site supplier visits, and by opening bid opportunities to diverse suppliers.
Mentoring: We help our suppliers learn how to succeed. We share best practices in the areas of business, finance, lean manufacturing, and marketing, and create opportunities for suppliers to network with the management and internal team members.
Economic empowerment: Through conducting diversity training with management and other internal departments, to presenting at community programs and sharing best practices about the value of diversity in purchasing procurement and its impact on organizations.
Paragon Results has conducted transformational cost reduction initiatives for Fortune 1000 clients with significant results. Employees learn in real time not only what to do but also how and why.
Take an assessment and find out how diversity in purchasing procurement can reduce cost significantly.
