DO THIS
Use your Contract Lifecycle Management (CLM) system to increase supply-chain diversity.
NOT THAT
Limit the use of your CLM system to cost reduction and risk mitigation.
WHY
Bernadette Bulacan, Vice President and Lead Evangelist at Icertis answers this question in her article, “Here’s How Diverse Supply Chains Deliver Competitive Advantage.” In her words:
Companies that serve diverse markets globally know that supplier diversity initiatives are a critical competitive advantage, helping to mitigate risk across supply chains, win new business, retain customers, and reinforce brand reputation. As more companies embrace these types of diversity initiatives in their contractual relationships, contract lifecycle management (CLM) technology should play a critical role in tracking supplier diversity and ultimately, ensuring that these initiatives succeed.
HOW
- Identify contracts with supplier-diversity commitments.
- Ensure that contract clauses support supplier-diversity initiatives.
- Utilize data to showcase supplier-diversity success.
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