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
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.