The final stage was surveying and talking to Indigenous businesses directly to determine capacity by gathering information, as well as experiences supplying or trying to supply to Westpac. IPS brought our strong relationships, business experience and profile in the sector to draw out data and make recommendations on supplier development, hosting B2B events, internal coaching and a relationship-based approach with Indigenous businesses to reduce perceived risks.
Using a systematic approach to determine business maturity and ‘readiness’ for Westpac’s procurement needs, we determined three distinct levels of maturity using a traffic light system in each spend category. Westpac now has specific feedback on how Indigenous businesses have experienced their procurement process, and a clear path forward for improving supplier diversity.
Now, armed with feedback, identified barriers and a commitment to outcomes, Westpac can focus efforts to ensure supplier development activities lead to a greater likelihood of awarding higher value contracts to authentic and capable Indigenous businesses.