This article from Worth supports the New Year wishes from my last post. Investments in diverse suppliers will not only enhance a company’s social responsibility footprint but will also have the potential to impact its bottom line. Of course, this does not only apply to U.S. companies.
Companies that invest in supplier diversity help grow the impact of potential suppliers while promoting healthy competition. This often leads to better quality, lower costs, new ideas and experiences – all of which makes supply chains more resilient and more profitable.
While empowering C-Suite to drive supplier diversity and creating mentoring programs for diverse suppliers are some of the concrete ways companies can actively initiate supplier diversity programs, companies should start this process by having a simple conversation about where they are and where they want to be. Every company must address social inequality and determine how they can best commit more resources for diverse suppliers. Organizations that don’t prioritize supplier diversity will inevitably get left behind or be lapped by competitors.
This change may be hard for some companies. However, having more diverse suppliers and businesses become partners will bring tremendous value to every member of the supply chain in the long run.
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Read the whole article; https://www.worth.com/business-procurement-urgent-opportunity-increase-diverse-suppliers/ Worth is a global media platform connecting a community that embraces worth beyond wealth.