You don’t have time to read multiple pages to understand a topic. Find a series of 1-Minute Readings on the topic of Supplier Diversity & Inclusion here.
BUSINESS CASE FOR SUPPLIER DIVERSITY & INCLUSION
Return Of Investment
A diverse supplier base realizes a year-over-year COST SAVINGS of 8.5%, compared to the 3-7% industry average
DIMINISHES INEQUITY – diverse owned businesses hire more minorities & pay their employees higher wages on average
FOSTERING DIVERSITY, EQUALITY & INCLUSION (DE&I) in the WORKFORCE
REDUCES RISKS in the supply chain
Be Ahead Of Your Competition
Promotes INNOVATION through the introduction of new products, services, and solutions
ENHANCES COMPETITIVENESS among suppliers
Supports Environmental, Social & Governance (ESG) / Corporate Social Responsibility (CSR) GOALS
Builds COMMUNITY PROSPERITY
Meets CUSTOMER DEMANDS
HOW TO START? ASK YOURSELF FOLLOWING QUESTIONS:
What is our procurement strategy?
What do we buy and where?
Do we have budget to start off?
What is it that we want to achieve?
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Sources: McKinsey Study 2022 https://www.mckinsey.com/business-functions/operations/our-insights/expand-diversity-among-your-suppliers-and-add-value-to-your-organization Harvard Business Review 2020 https://hbr.org/2020/08/why-you-need-a-supplier-diversity-program