7 Signs it’s Time to Invest in Supplier Diversity Management Software

You’ve periodically thought about how supplier diversity software could not only positively impact your supplier diversity program, but… it would also make your life a heck of a lot easier.  Afterall, you have important community and diversity goals to meet, and you’re simply tired of chasing paper.  Moreover, you’re becoming keenly aware of the projects you could accomplish if you didn’t have to spend your time manually tracking payments, working until the eleventh hour to create and submit critical reports, running in circles with multi-system chaos, and spending way too many hours sifting through various sources of certified directories.

Not sure if you’re ready to take the plunge? We’ve compiled the 7 Signs it’s time to Invest in Supplier Diversity Software:

You spend countless hours searching and sifting through various sources of certified directories to find certified diverse suppliers.

After all that effort and time searching, you typically end up short of potential suppliers to fit your needs.  Plus, you’re not exactly confident in whether or not the data you found is up-to-date and accurate. You often think to yourself how nice it would be to have a one-stop-shop database filled with millions of certified diverse suppliers that you could filter and sort to match your needs – all with the click of a button.

You’re struggling with multitier tracking and reporting.

If you’re only successfully tracking and reporting on Tier 1 or prime suppliers that are diverse-owned, you know you’re missing out on the opportunity to improve your supplier diversity program and boost diverse spend because your primes may already be working with several diverse-owned businesses. The problem is effectively tracking and reporting on this, whether manually or through a multitude of different systems, seems like an impossible task.

You have critical, timely reports you need to produce.

Depending upon your industry and supplier diversity program goals, there are likely specific compliance goals, internal requirements, or mandated reports that you need to produce.  In order to generate these reports, you realize you need a consistent and efficient way to collect and accurately report on this data.  How you’re doing it currently isn’t going to cut it in the long-term.

You want your weekends back.

If you’re sacrificing your weekends to manually sift through the data, sending late-night emails, living in Excel sheets, and bouncing through a myriad of different tools to keep your supplier diversity program flourishing, chances are you might benefit from a supplier diversity software system that automates and streamlines many of these processes.

You’re not confident in your data.

If you’re leveraging manual processes toggling between a number of different systems or spreadsheets, or relying on a directory that isn’t exactly reliable, there is a high probability that there are more than a few data errors that you’d feel comfortable to admit. The problem is, you know you’re going to have a hard time meeting your supplier diversity goals if you’re questioning data integrity. Furthermore, you fundamentally understand that accurate data on diverse suppliers and spend can be the cornerstone of your organization’s success, contributing to both improving the economy, supporting the community, and encouraging innovation.

You’re tired of the multi-system chaos.

You have the process of toggling between software systems and spending time fixing the data field nuances down pat.  The issue is, generating a simple report, cross-referencing data, or importing or formatting specific figures from one system to the next is extremely time-consuming. You’ve often thought about how nice it would be, and how much time and effort it would save you, to have all of the features, functionality and data that you need in one system.

You want a better way to track payments.

The ability to track payments and report on diverse spend is crucial for meeting supplier diversity program objectives. Manually tracking as well as pain-stakingly managing the reporting framework and guidelines not only breeds error and inconsistencies, but it is not scalable. Leading agencies, organizations, and businesses understand that the ability to efficiently track payments in a streamlined and automated manner is pivotal to achieving diversity goals and growing their supplier diversity programs.

Do these 7 signs sound familiar? If so, you’re not alone. In fact, you’re in good company with the thousands of leading government and public sector organizations, corporations, contractors and institutions who were tired of inefficiencies. They needed a better way to meet their important diversity goals – whether that be mandated compliance requirements by federal, state, municipalities, school districts and more, or supplier diversity program initiatives with goals focused on supporting the community, committing to high ethical standard, or encouraging innovation –  they turned to the powerful capabilities of B2Gnow, the leading provider of supplier diversity and compliance software solutions.

Benefit from a robust solution that streamlines and automates data-gathering, tracking, reporting, vendor management, and administrative processes, resulting in a significant reduction in staff time and cost – allowing you to focus on meeting diversity goals, not on chasing paper. Learn more about B2Gnow and request a demo.