Social media is transforming supplier diversity by deepening corporate-supplier partnerships through increased connectedness. It is also increasing opportunities on both sides of the equation. - By Valerie Gomez

In the business environment, social media was first embraced as a marketing tool for building brand awareness and connecting with potential and existing customers. Corporate success at using social media externally as a communication and marketing tool eventually led to its use internally as an employee collaboration and knowledge sharing system. Now, the third phase is the natural progression into supplier diversity. Bringing the same benefits that come with internal and external use of social media to procurement systems in general, and supplier diversity in particular, can drive both to the next level of success.