Supplier diversity refers to having a diverse range of suppliers in a company's supply chain. It can bring benefits such as increased economic impact and empowerment in under-represented communities. However, investment in supplier diversity remains small, with less than 1% of corporate spend currently going to minority supplier development. To achieve supplier diversity, companies should set a diversity policy, drive it forward, and gather metrics and measures to evidence success. It is important to avoid common pitfalls such as not having a clear strategy or not involving all stakeholders in the process.
