From the course: Building an Effective Supplier Diversity Program
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Establishing supplier diversity program metrics
From the course: Building an Effective Supplier Diversity Program
Establishing supplier diversity program metrics
- If you ask any supplier diversity professional about their least favorite function, reporting metrics might be right up there, but it doesn't have to be. In this age of continuous improvement, having formal processes to monitor and manage results and assess the overall health of your program is crucial for success. In this video, we identify how to establish metrics, look at how to use benchmarks to set program standards, and discuss how to use KPIs or key performance indicators to ensure your program is as efficient as possible. So, just what are metrics? Metrics are basic points of information that help the organization understand whether they're achieving their supplier diversity program objectives. They can measure activity, performance, or results. The most common metrics to track our spend, utilization, sourcing by category or trends in the market. A benchmark is a way to compare and measure your program. You might benchmark or compare your program's processes and performance…
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