A look at Viacom’s Supplier Diversity Program
I am sure many people are familiar with Viacom, one of the largest media companies in the world. Viacom is a stable of entertainment with content that can be seen in more than 180 countries, heard in dozens of languages, and reaches more than 4 billion subscribers. While the brand of the company is well known, what is not is its recent push to connect with more diverse suppliers to deliver its content across platforms.
“Under the company’s new supplier diversity initiative, led by Viacom’s sourcing team and its Office of Global Inclusion, the company” has actively sought to expand its partnerships to include organizations that focus on granting diverse suppliers business opportunities throughout America and around the globe.
Aside from changing internal procedures to document whether incoming vendors are diverse, Viacom joined several minority-focused councils that work with certified (meaning the businesses are at least 51 percent minority-owned) suppliers: the women’s business council WBENC, the LGBT business advocates NGLCC, minority supplier group NMSDC, and representatives of people with disabilities and disabled veterans Disability:IN (formerly USBLN).
This procurement strategy has helped Viacom connect with “approximately 1,100” vendors that have either self identified as diverse or “fit into the rubric to be certified by one of these organizations.”
In addition to its new relationships, the company has also coordinated with other media companies to co-host a networking event in an effort to offer opportunities to diverse suppliers. The networking event, which took place last year included the likes of “Disney, Time Warner, CBS, NBCU and others” and catered to minority-owned vendors that were interested in winning business in the entertainment industry.
Viacom is currently continuing to grow its supplier diversity program and “incrementally increase its number of diverse vendors, underscoring the importance of broad inclusivity to the company’s business plan.”