Why should your organization buy from diverse businesses?

Organizations do not automatically include their supply chains in their diversity & inclusion strategies. Why not? Procurement is where much of an organization’s spending occurs. Including diverse supplier in an organization’s supply chain, not only provides access to new technologies, promotes social and economic benefits in local communities, but also contributes to cost savings.

Read more in this very interesting article ”Does your from organization buy from diverse businesses? Here’s how to make a difference”, Victoria Mallinckrodt, Sourcing and Procurement Associate, World Economic Forum, May 2021; ”….Suppliers from diverse backgrounds foster innovation and increased competition and transparency, and also raise the potential for cost savings as well as improved brand perceptions. Furthermore, socially responsible procurement provides a significant opportunity to deliver positive social outcomes, including economic empowerment, growth and accessibility. Given that in Europe alone public buying represents 14% of GDP, considerable socially responsible procurement opportunities and responsibilities exist in both the public and private sectors….. ”

This article includes a list with certain steps that can help move toward a more inclusive supplier base. Find the list here

Includes Audio to listen to the article