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Supplier Diversity & Inclusion Drives Better Business Outcomes
I just came across this article in Forbes ”Supplier Diversity Is The Key For Better Business Outcomes” from Julie Kratz from earlier this year. It reminded me to once again highlight some of the benefits of Supplier Diversity & Inclusion in my blog.
Driving Innovation
Diverse suppliers bring fresh perspectives and tend to be more agile in co-innovating with customers to produce new products and solutions quickly.
Who doesn’t want to know the latest trends?
Elevating Market Perception and Ethical Reputation
Consumers, especially younger generations, increasingly prioritize supporting companies that align with their values of diversity, inclusion and social responsibility. Companies with visible Supplier Diversity & Inclusion efforts are viewed more favorably.
Keep this in mind when you face challenges with finding the right talents!
Growing Profits and Economic Impact
Diverse-owned businesses are a fast-growing economic force. Companies that spend over 20% of their procurement budget with diverse suppliers can attribute up to 15% of annual sales to such programs, with an estimated 133% return on investment. Diverse suppliers also drive significant job creation and economic output in local communities.
Remember, starting small can still have an impact on job creation and economic output in local communities
Increasing Supplier Competitiveness and Supply Chain Resilience
A diverse supplier base fosters competition, leading to better pricing, quality, and service levels. It also makes supply chains more agile and resilient to disruptions.
Same old same old ? Make sure your existing supplers stay competitive!
Mentioning just a few of the advantages on Supplier Diversity & Inclusion efforts in a company.
Need evidence? Check out these links;
https://www.forbes.com/sites/juliekratz/2024/02/25/supplier-diversity-is-the-key-to-better-business-outcomes/?sh=58d8586078ff
https://www.gainfront.com/blog/role-of-supplier-diversity-business-performance/
https://hbr.org/2020/08/why-you-need-a-supplier-diversity-program
https://www.tealbook.com/blog/supplier-diversity-impact/
https://hireground.io/economic-impact-of-supplier-diversity-a-closer-look-at-equity-and-development/
https://www.jpmorgan.com/insights/corporate-responsibility/diversity-equity-and-inclusion/supplier-diversity-definition-benefits-and-important-resources
You don’t know what Supplier Diversity & Inclusion actually means? Companies with Supplier Diversity & Inclusion efforts are intentionally including businesses owned by underrepresented groups like minorities, women, LGBTQ+, disabled individuals, veterans, and more as suppliers and vendors in their company’s supply chain. The main goals are to promote equal opportunities, drive innovation, expand into new markets, and foster economic empowerment within diverse communities.
Check also this blog;
You want to implement Supplier Diversity & Inclusion efforts in your company?
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