Basware (Nasdaq: BAS1V) has added diversity data to its Supplier Management solution, allowing customers to identify minority-owned and small business suppliers within their base. The data is provided by Dun & Bradstreet’s Diversity Database, the most trusted and definitive source of diverse business information in the market today.
“By having access to our diversity data in the Basware solution, customers can trust that they have the most complete database in the market at their fingertips,” comments Lauri Mähönen, Sales Director Finland, Dun & Bradstreet Europe. “We are pleased to be a part of helping companies turn diversity data into strategic opportunities.”
Diversity is not only a value and ethical expectation held by many companies, but also an economic driver, which leads to increased profits and innovation. The Hackett Group’s Supplier Diversity Study found that companies who dedicate 20% or more of their spend to diverse suppliers can attribute as much as 15% of their annual sales to supplier diversity programs. [1] The study also found that 99% of diverse suppliers meet or exceed expectations, with nearly a quarter exceeding expectations. [2]
The diversity indicators in Basware Supplier Management enable customers to quickly determine the minority-owned and small business supplier status within their network, helping organizations develop and evolve their supplier diversity programs. Conversely, culling through the data and assigning classifications manually would expend the procurement team’s valuable time and effort.
“The genesis of this integration with Dun & Bradstreet was our commitment to add another lens of visibility for our customers as we see more and more placing an emphasis on supplier diversity, which we applaud,” states Sami Peltonen, Vice President of Purchase to Pay Product Management, Basware. “Visible Commerce, or a state where transparency and data lead to more effective and ethical decision making, is the cornerstone of our solutions and this enhancement does just that.”
Diversity information is uploaded for all suppliers in the Basware Supplier Management tool. Data for existing suppliers is automatically enriched when imported and is done so during the onboarding process for new suppliers. Diversity indicators can also be exported to other customer systems (ERPs) via application programming interfaces.
[1] https://www.michiganstateuniversityonline.com/resources/supply-chain/the-importance-of-diverse-suppliers/#:~:text=Diverse%20suppliers%20can%20be%20a,the%20economy%20and%20encouraging%20innovation.
[2] https://www.thehackettgroup.com/news/top-supplier-diversity-programs-broaden-value-proposition/
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