Certification in Supplier Diversity Practice Exam

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Which of the following actions can help develop a diverse supplier database?

Participating in trade fairs and expositions
Utilizing exclusive supplier contracts
Implementing automated procurement systems
Engaging only local suppliers

The correct answer is: Participating in trade fairs and expositions

Participating in trade fairs and expositions is a highly effective action for developing a diverse supplier database. These events typically bring together a wide array of suppliers from various industries, including minority-owned, women-owned, veteran-owned, and other diverse businesses. By attending such gatherings, organizations can network directly with diverse suppliers, understand their offerings, and evaluate their capabilities. Additionally, trade fairs provide an excellent platform for education and awareness about the importance of supplier diversity. Organizations can learn about the challenges and successes of diverse suppliers, fostering relationships that can lead to future business opportunities. This direct engagement helps companies not only build a more comprehensive supplier database but also supports their commitment to fostering diversity and inclusion within their supply chain. Other options such as utilizing exclusive supplier contracts and implementing automated procurement systems do not inherently contribute to the broadening of a diverse supplier database. Engaging only local suppliers limits the scope and potential impact on supplier diversity. In contrast, participating in trade fairs opens the door to a larger network of diverse suppliers, providing a robust foundation for a supplier diversity initiative.