TRANSFORMING DIVERSE SUPPLIERS INTO SUCCESSFUL BUSINESSES

Diverse small business owners learn to turn their dreams into a reality.

Guiding diverse small businesses to develop their products and grow their business is a source of pride for Priscilla Wallace. “I love watching people evolve and realize their dreams. They may have a great business concept, but all they need its someone to believe in them,” Wallace says.

As senior vice president and head of supplier diversity and sustainability for Wells Fargo, she leads the transformation of the company’s supplier diversity program into a world-class enterprise. As part of Wells Fargo’s commitment to diversity, equity, and inclusion (DEI), Wallace’s team maintains and fosters the integration of diverse supplier options into their procurement strategies. Her mission is to achieve year-over-year growth in the diverse supplier pipeline via outreach, programming, and supply chain opportunities.

Wallace joined Wells Fargo in fall 2021, bringing 22 years of experience in supplier diversity to a company with a demonstrated commitment to DEI. “Wells Fargo recognizes that a diverse supplier base enhances its own supply chain and generates greater efficiency and innovation for the benefit of its suppliers, customers, and communities,” Wallace says.

She’s always looking for innovative ways to educate suppliers on the basics of navigating the supply chain, such as how to draft contracts, networking, and how to engage organizations for opportunities. During the economic downturn last year, her team impacted more than 800 diverse suppliers with their capacity-building programs. These programs are designed to help diverse suppliers grow their businesses through access to capital and access to contracts as well as providing coaching, networking, and mentoring. By the end of 2022, two more programs were introduced—navigating supply chain disruptions and succession planning.

“A key part of Wells Fargo’s commitment to supplier diversity is the development, educational opportunities, and engagement of diverse suppliers, which helps the company build a supplier base that mirrors the diverse communities it serves,” Wallace says. “My team meets with supply chain, lines of businesses, and stakeholders regularly to review progress against our supplier diversity goals, evaluate spend with diverse suppliers, and discuss new opportunities with broader initiatives across the company. My team and I serve as advocates for diverse suppliers for inclusion and integration into supply chain opportunities.”

Previously, Wallace worked for a global food and beverage company where she helped accelerate diverse supplier growth companywide. She was vice president of corporate development and executive director for a nonprofit, Charlotte Minority Economic Development Initiative, and spent 13 years in supply chain management and diversity leadership at the American Red Cross, where she launched its first supplier diversity program.

Wallace says she’s had numerous mentors since the age of 13 who have inspired her. One lesson she learned from them is that it’s OK to make mistakes, “as long as you’re humble enough to acknowledge them,” she says. It’s a lesson she shares with others.

“A key part of Wells Fargo’s commitment to supplier diversity is the development, educational opportunities and engagement of diverse suppliers, which helps the company build a supplier base that mirrors the diverse communities it serves.

“As a leader, you have to be a good listener, and be open and flexible,” Wallace says. “I believe in transforming problems into opportunities, and I like being hands-on involved with the process to help guide people towards their desired results.”

For young professionals interested in a career in supply chain management, Wallace suggests getting as much hands-on experience as possible. “You should have passion for this kind of work. I suggest pursuing an internship opportunity to learn the different roles and responsibilities within supply chain.”

A graduate of Delta State University in Cleveland, Mississippi, Wallace has completed several leadership and project management certificates. She was recognized as one of the Top 25 Diversity Women in Power by Diversity Plus, Inc. in 2018, 2021 and 2022. In 2019, she was named an All-Star of Supplier Diversity by MBN USA Magazine and was included on the Top 50 Omni Awards for multicultural businesses in 2018 and 2019.

Though her work life is demanding, Wallace strives for work-life balance by taking time for quiet reflection and enjoying cooking, hiking, volunteering, and family time.

What Wallace appreciates most is the transformational quality of her work in supplier diversity. “Creating opportunities for diverse business owners inspires me to keep pushing the envelope to find new ways of doing business with them,” Wallace says. “This great work makes a difference to many entrepreneurs who want to turn their dreams into a reality.”