Diageo's Procurement Strategy Promotes Inclusion and Empowerment
Jana Pijak — October 7, 2024 — Business
References: diageo
Diageo’s approach to supplier diversity is reshaping traditional procurement strategies by putting inclusion at the forefront. Through its Spirit of Progress initiative, the company is committed to increasing its spend with diverse-owned and disadvantaged businesses annually until 2030. By prioritizing suppliers from underrepresented groups—including women, people with disabilities, LGBTQIA+, and ethnic minorities, Diageo is redefining its innovation strategy.
Since launching its global Value Chain Inclusion and Diversity Framework in July 2021, the globally renowned spirits brand has increased its spend with diverse suppliers by 71%, now working with over 800 businesses. The company has collaborated with organizations like WEConnect International, which reduces barriers for diverse suppliers and empowers them with sustainable practices. It has also been recognized as a Platinum Top Global Champion for Supplier Diversity & Inclusion, highlighting its goal to foster more equal representation within its industry.
Image Credit: Diageo
Since launching its global Value Chain Inclusion and Diversity Framework in July 2021, the globally renowned spirits brand has increased its spend with diverse suppliers by 71%, now working with over 800 businesses. The company has collaborated with organizations like WEConnect International, which reduces barriers for diverse suppliers and empowers them with sustainable practices. It has also been recognized as a Platinum Top Global Champion for Supplier Diversity & Inclusion, highlighting its goal to foster more equal representation within its industry.
Image Credit: Diageo
Trend Themes
1. Inclusive Procurement Strategies - Inclusive procurement strategies are transforming how businesses prioritize supplier diversity and drive social equity.
2. Diverse Supplier Networks - Building robust, diverse supplier networks enables corporations to foster innovation and encourage economic empowerment among underrepresented communities.
3. Sustainable Supplier Empowerment - Sustainable supplier empowerment initiatives are ensuring that diverse-owned businesses gain long-term benefits and opportunities in the marketplace.
Industry Implications
1. Spirits Industry - In the spirits industry, integrating diversity within procurement processes reshapes traditional business models and enhances brand reputation.
2. Global Supply Chain Management - Global supply chain management is evolving with increased focus on diversity, leading to more resilient and inclusive business ecosystems.
3. Corporate Social Responsibility - Corporate social responsibility measures now encompass supplier diversity initiatives, reflecting a broader commitment to equity and inclusion.
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