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Supplier Diversity Programs: Doing Well by Doing Good

There is a reason why the smart folks at Coca-Cola, Starbucks, and Harvard have created Supplier Diversity programs, joining their public entity counterparts, which are federally mandated to do so. Supporting local, diverse, and disadvantaged businesses is not only a good thing to do, it also makes a lot of business sense.

What is Supplier Diversity? In practice, it means capitalizing on the opportunity to work with a new, growing, and diverse set of suppliers. Companies do this by proactively seeking out business relationships with all types of suppliers: large and small businesses, businesses owned by minority, women, veteran, persons with disabilities, LGBTQ, or socio-economically disadvantaged groups. It is improving results and profitability by promoting diversity of products, thoughts, people, and perspectives.

The Benefits of a well structured Supplier Diversity Program, to both private businesses and public entities, include:

    •       Diversify your supplier base
    •       Tap into the rapidly growing minority business segment of the supplier population and the increasing spending power within those communities
    •       Increase the number and quality of bids
    •       Improve public perception and build goodwill
    •       Meet federal requirements
    •       Support the local economy

Fairmarkit Solutions

At Fairmarkit, we understand the value customers can achieve through building a diverse supplier base. That is why we created functionality to allow our customers to  successfully develop these programs by tapping into our network of certified and disadvantaged businesses.

Click here to learn more about Fairmarkit’s Supplier Diversity Tools.

 



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