MBN USA

October 31, 2024

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Knapik: 'When diverse businesses thrive, so do our communities'

Q: Monette, can you tell us a little about your background?

A: I am the executive director for the CVS Health [Corp.’s] Enterprise Supplier Diversity program. I have been with the company for over 20 years and helps serve the communities CVS Health serves. I’m responsible for leading the four Supplier Diversity Strategic Pillars — Supplier Education & Development, Communication & Program Branding, Community & Industry Relationship Building and Performance & Process Management.  

I have led key internal programs supporting supplier diversity, including the Executive Learning Series with Roger Williams University and the Business Development Program Series with several HBCUs. [Historical Black Colleges and Universities]. I also encouraged the creation of the Construction Business Building event to cultivate relationships between CVS Health’s general contractors and diverse subcontractors to ensure diversity goes beyond the first tier of the supply chain. In addition, I was instrumental in the induction of CVS Health into the Billion Dollar Roundtable [Inc.] in 2017.   

I am a true believer in the impact of supplier diversity, and I share knowledge with others through mentorship of supplier diversity professionals as well as colleagues within CVS Health. I’m also involved in various advocacy councils and boards, and I co-lead the Billion Dollar Roundtable Triad — bringing corporations, suppliers and capital firms together in the spirit of growth. 

In my free time, I enjoy hosting gatherings with my loved ones, including an annual outdoor tournament and lots of indoor and outdoor cooking. 

Q: Why is supplier diversity inclusion and business diversity important to CVS Health?

A: At CVS Health, our approach to diversity touches every aspect of our business, considers every population we serve and informs the many ways our business impacts people — and society.

We believe that when diverse and small businesses thrive, so do our communities. That’s why we are committed to advancing an increasingly diverse marketplace that mirrors the people we serve — helping to ensure businesses are provided equal opportunity to be included in our enterprise procurement processes.

Through this commitment, we provide small and diverse suppliers across the country with education, training and networking opportunities that help them harness the skills they need to reach their full potential — fueling economic growth and building stronger communities.

Our Supplier Diversity Program demonstrates CVS Health’s commitment both to sound business practices and to the communities in which we serve.

1) Empowers communities

By extending opportunities for diverse suppliers from underserved populations to do business with CVS Health, our Supplier Diversity Program helps to drive economic stability among these groups that improves access to education, health care and overall quality of life.

2) Enhances our competitive advantage

The inclusion of diverse suppliers brings forth a wide range of solutions and variety to goods and services to meet our customers’ needs. This, in turn, fuels economic growth and unlocks greater revenue potential.

3) Builds reputation

Prioritizing our Supplier Diversity Program, an important component of our Healthy 2030 Strategy, speaks to our values as a company and highlights the socially responsible and equitable ways we do business — enhancing customer loyalty and colleague morale.

Q: What supplier diversity initiatives are most successful for CVS Health?

A: 

1) Diversity Equity Inclusion & Belonging partnership (DEIB):  Support DEIB’s mission of fostering an environment where everyone feels valued, supported and empowered to reach their full potential by actively embedding diversity, equity, inclusion, and belonging deeper into our enterprise, culture and talent strategies.

2) CSR [corporate social responsibility] and philanthropy partnership: The supplier diversity team has engaged with the CSR & philanthropy teams to support the transition to sustainable operations.

Through this cross-functional collaboration, supplier diversity will assist in implementing solutions to support the Healthy 2030 Strategy contributing to healthy people, healthy business, healthy community and healthy planet. 

3) Advocacy council partnerships: The CVS Health supplier diversity team is part of several national and regional advocacy councils to support the advancement of diverse businesses. Working with these councils, CVS Health can share best practices with Fortune 100 supplier diversity professionals, access a database of diverse suppliers, network with supplier diversity professionals and diverse suppliers as well as further promoting the CVS Health brand.  

4) Supplier education and development: Doing business with large corporations can be challenging, so CVS Health and Roger Williams University have partnered to support the growth and development of diverse suppliers. To help these companies navigate the complexities, together we have established a unique training program consisting of workshops, executive coaching, networking opportunities and more. 

The goal of the Executive Learning Series for Diverse Suppliers is to arm participants with the skills needed to succeed in business and flourish in their industry. Through the program, CVS Health builds its relationships with suppliers across the country, providing them with the knowledge and means to flourish, thus, creating a downstream effect in the communities in which both the suppliers and CVS Health do business. 

The diverse suppliers participating in the program are educated and trained in areas such as how to do business with CVS Health, brand strategy, social media and marketing, innovation, communication, leadership and more, all of which can help strengthen their business. They also receive invaluable mentoring and coaching which focuses on a more personalized approach to the development of the student’s business and skills.

Q: Do you have any examples of how a diverse supplier has grown with CVS Health? 

A: Whether it be cloud solutions, end user computing, cybersecurity or IT [information technology] staffing services, WEI’s [Worldcom Exchange Inc.’s] experts are pushing the technology envelope to elevate enterprises across all industries. Their partnerships with today’s industry leaders allow their team to develop and deploy custom-tailored solutions for each client. Committed, customer-focused and armed with the finest technology available, they see every engagement as an opportunity to measurably improve their customers’ business by delivering leading-edge technology solutions.

“The CVS Health [supplier diversity] team provided unlimited guidance on how to comply with security and application standards, but also how to develop the solution to achieve targeted business goals. The collaboration with CVS Health infrastructure and application development teams drove this solution to successful completion in record time.”