How to track diverse suppliers and workforce through your VMS?
At Renhead we believe diversity is a key component to building such strong products. Our team comes from various backgrounds in order to bring new ideas to the table, including our robust vendor management features that include managing your diversity goals. Diverse spending is important on so many levels and if executed properly, truly shows greater ROI through the right vendor selection process and ultimately the best contingent workforce for any project. I like taking a blended approach to anything and selecting the right vendors is no different. Allocating appropriate spend to vendors who have proven their worth and who you have a great working relationship with is important, and equally important is trying something outside the box when your metrics aren’t quite hitting the mark.
Usually credited to Albert Einstein, the old saying “The definition of insanity is doing the same thing over and over again and expecting a different result” is so relevant when selecting the right mix of vendors. Implementing a blended approach when purchasing cultivates thought leadership with different lenses on whatever problem you’re trying to solve and creates the most innovative team of vendors/workers to propel better results.
At Renhead, we not only track diverse spending through our VMS, but we give you the tools to analyze where your process is failing you, how diverse your spend truly is and allow for smart business planning should your results become stagnant. 100% visibility is key. Having access to the right metrics perpetuates conversations and allows your vendors to understand where they’re falling short and encourage feedback that will help them help you.