A diverse supplier is typically defined as one where at least 51% of the company is owned by a traditionally underrepresented population. Whether that owner belongs to an underrepresented gender identity, ethnicity, culture, sexual orientation, etc. expanding the diversity of your suppliers through procurement helps create a better industry and better world for everyone.
The world has faced so many challenges over the last few years and the adversity shows no signs of abating any time soon. From the devastation of the global COVID-19 crisis to the Russian invasion of Ukraine, subsequent geopolitical events have driven up prices across the world and made the business of moving products and materials from one place to another infinitely more difficult than at any other point in living memory. However, in times such as these, procurement serves an important function and can actually serve as a mitigating factor in the face of disruption caused by global events.
When it comes to public procurement, there are many complex challenges which need to be overcome before meaningful reform can occur. The involvement of multiple and numerous stakeholders – often with widely conflicting interests and priorities – can create a situation where it’s nigh impossible to create a system which works for everyone. Fighting on the front lines of public procurement means preparing for and properly managing disruption, and this is precisely the challenge World Bank found itself facing when it sought to overhaul public procurement in the south-east Asian country of Bangladesh.