EDITORS LETTER Supplier diversity and the power of woke consumerism

The changing face of supplier diversity — Spurred by woken consumerism and the power of social media , procurement takes on a new task

“ Urged by woke consumerism , supplier diversity now also refers to inclusive procurement best practices that ensure fair and equitable distribution of business to underrepresented groups ”

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Supplier diversity has begun to take on a hybrid meaning . As procurement is tasked with increasing agility and resilience , supplier diversity continues to represent risk mitigation tactics , moving from single-sourced to a more diverse and perhaps domestic supply strategy that allows less opportunity for risk exposure and a faster response in case of unforeseen disruptions .

However , as Environmental and Social Governance ( ESG — yet another term that has taken on a new , more expanded meaning ) initiatives continue to pickup stride , urged by woke consumerism , supplier diversity now also refers to inclusive procurement best practices that ensure fair and equitable distribution of business to underrepresented groups .

But just as consumers have learned to grow wary of greenwashing , PR stunts and marketing campaigns that aim to align with ‘ woke ’ values while corporate practices and business models remain unadjusted have the hollow ring of empty promises , or worse , read as performance activism and may only prove to increase brand risks .

So , just as procurement must lead the sustainability charge , so must it lead the way in diversity and inclusion — because it ’ s good for people and good for business .

Procurement Magazine April 2021 | Page 3

EDITORS LETTER Supplier diversity and the power of woke consumerism

“ Urged by woke consumerism , supplier diversity now also refers to inclusive procurement best practices that ensure fair and equitable distribution of business to underrepresented groups ”