In today’s fast-paced business world, diversity and inclusion have taken center stage. At Acxiom, we have embraced this transformation wholeheartedly, as evidenced by our dynamic supplier diversity program. In this blog post, we will dive into what a supplier diversity program entails, explore what sets Acxiom’s program apart, and showcase three little-known facts about supplier diversity.

Understanding Supplier Diversity Programs

A supplier diversity program is a strategic commitment companies make to foster diversity and inclusivity in their supply chain. It goes beyond normal business transactions to actively engage with suppliers representing a wide range of ethnicities, genders, and backgrounds. The goal is to create a diverse, inclusive supply chain while providing opportunities for historically marginalized groups.

At Acxiom, we refer to our supplier diversity program as a supplier inclusion program. As our CIO, Janet Cinfio, explains, the reason we call our program a supplier inclusion program is because we “want to act.” She explains that, “we want to take action and make sure that we’re proactive in including new, diverse suppliers into our organization.” This helps set Acxiom apart from other companies. Our program is not merely a checklist, but a dynamic force for change. Here are some other unique aspects that help set our program apart:

1. Supplier Inclusion Events: We host multiple events throughout the year that provide diverse suppliers a platform to present their products and services directly to decision makers at Acxiom. In October, we held an event that highlighted three Hispanic-owned businesses and included presentations from: Noel Washington, the VP of Inclusion and Sustainability Business Development at JPMorgan Chase, a long-time Acxiom client; and Marisol Ramirez, Senior Manager of Supplier Diversity and Sustainability at IPG, Acxiom’s parent company.
2. Mentorship and Support: We are deeply invested in the success of our diverse suppliers. We provide mentorship and support, offering guidance and assistance to help small and diverse businesses navigate the complex world of corporate procurement. This personalized approach ensures our partners have the knowledge and tools they need to succeed. As Marisol Ramirez explains, “Our partnerships and relationships are key in ensuring we work together to be able to identify diverse suppliers and also potentially showcase them throughout the company” using our own connections to help support the growth of these diverse businesses.

Facts You Might Not Know About Supplier Diversity:

1. Economic Impact: Supplier diversity is not just a feel-good initiative; it’s an economic powerhouse. Supporting diverse suppliers helps create more jobs in historically marginalized communities, ultimately boosting local economies. As Marisol Ramirez says, “Supplier diversity is a very important aspect as a part of diversity, equity and inclusion, ensuring we are building sustainable, equitable communities, especially those that are representative of the communities we serve.”
2. Fostering Innovation: A diverse supplier network is the key for innovation. Companies that actively engage with diverse suppliers tend to be more innovative, agile, and adaptable. Different perspectives and experiences often lead to more creative solutions and improved products or services. By collaborating with a wide range of suppliers, Acxiom gains a competitive edge, ensuring its relevance in a rapidly evolving business landscape. As Noel Washington describes, supplier diversity is about “diversifying your supply chain so you can have diversity of thought” in your organization.
3. Importance to Our Clients: Supplier diversity is not just an internal corporate initiative; it extends to our clients as well. They actively seek businesses that align with their values, and commitment to supplier diversity. Noel Washington clarified how having a supplier inclusion program helps companies, like Acxiom, to “increase their competitive posture” within JPMorgan Chase – thus giving companies with these supplier diversity programs a leg up on other companies when competing for the same contracts. 

In conclusion, Acxiom’s supplier inclusion program is a great example of innovation in the corporate world. Its unique features, including hosting events and providing continued mentorship to our diverse suppliers, set our program apart. Also, the often-unknown benefits of supplier diversity, including its economic impact, role in innovation, and significance to our clients, emphasize its importance. Supplier diversity is not just a corporate responsibility; it’s a powerful tool for fostering inclusivity, innovation, and economic growth.