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The Quest for an Ethical Supply Chain Through Diverse Small Businesses
In the framework of global commerce, paragons of responsibility and ethics are not created in isolation. They are forged out of a collective dedication to transparency and a supply system that respects human dignity. The issue of forced human labor has remained an egregious stain on the fabric of international supply chains, compelling the global business community to seek genuine and lasting solutions. One angle presenting itself as a lever for change is the robust promotion of small, diverse businesses within these networks.
A Diverse Supply Chain is a Strong Supply Chain
To say the global economy is vast, 𝙞𝙨 𝙖𝙣 𝙪𝙣𝙙𝙚𝙧𝙨𝙩𝙖𝙩𝙚𝙢𝙚𝙣𝙩. But here's the kicker, 𝙨𝙢𝙖𝙡𝙡 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨𝙚𝙨 𝙡𝙚𝙙 𝙗𝙮 𝙗𝙖𝙙𝙖𝙨𝙨 𝙬𝙤𝙢𝙚𝙣 are carving out some seriously crucial spaces, while offering so much more than just a mundane commerce experience. These businesses stand as a testament to the 𝙣𝙚𝙫𝙚𝙧-𝙜𝙞𝙫𝙚-𝙪𝙥 human spirit and they're helping foster a socio-economic environment that's diverse, inclusive, and simply better off.
Procurement Partnering with Diverse Small Businesses — for the Win!
In our last blog in July, we discussed the importance of strategic over transactional partnerships and the many benefits they can bring to your organization — and your bottom line. This time, we’ll show you how creating a procurement partnering program that features a team of diverse small businesses can really dial in the advantages.
The MICRO Benefits of
Most businesses are aware of the need for more #supplierdiversity and for strong environmental, social, and governance #ESG strategies to be put in place for the success of their business — and the global economy. But what about the deep benefits a supplier diversity program can bring to your business, the micro advantages that help companies realize true growth and profitability?
Supplier Diversity
The Quest for an Ethical Supply Chain Through Diverse Small Businesses
In the framework of global commerce, paragons of responsibility and ethics are not created in isolation. They are forged out of a collective dedication to transparency and a supply system that respects human dignity. The issue of forced human labor has remained an egregious stain on the fabric of international supply chains, compelling the global business community to seek genuine and lasting solutions. One angle presenting itself as a lever for change is the robust promotion of small, diverse businesses within these networks.
Measuring the ROI of Supplier Diversity Initiatives
Supplier diversity isn't just social initiative — it's a smart business decision. Businesses that prioritize this, aim to build a supply chain as diverse as their customer base and local communities. Sure, setting up and maintaining a solid supplier diversity program takes planning and time, but how do you calculate how much it's actually worth to your organization?
The Undeniable Link: Supplier Diversity's Indispensable Role in Corporate Social Responsibility
Corporate Social Responsibility (CSR) isn't just a "𝙛𝙚𝙚𝙡 𝙜𝙤𝙤𝙙" action anymore, it's right at the core of any solid business strategy. One key player in successful CSR campaigns? That's supplier diversity. Think of it as an 𝙞𝙣𝙘𝙡𝙪𝙨𝙞𝙫𝙚 𝙖𝙥𝙥𝙧𝙤𝙖𝙘𝙝 𝙩𝙤 𝙗𝙪𝙮𝙞𝙣𝙜 𝙜𝙤𝙤𝙙𝙨 𝙖𝙣𝙙 𝙨𝙚𝙧𝙫𝙞𝙘𝙚𝙨 that make sure underrepresented groups are part of the mix. This not only keeps the business sphere lively by broadening the resource base, but it also ignites positive social change and boosts your company's reputation. @Today I'm going to talk more in-depth about how strong supplier diversity programs can really weave social responsibility into every fiber of your business, because at the heart of it, a 𝗗𝗶𝘃𝗲𝗿𝘀𝗲 𝗦𝘂𝗽𝗽𝗹𝘆 𝗖𝗵𝗮𝗶𝗻 𝗶𝘀 𝗮 𝗦𝘁𝗿𝗼𝗻𝗴 𝗦𝘂𝗽𝗽𝗹𝘆 𝗖𝗵𝗮𝗶𝗻.
A Diverse Supply Chain is a Strong Supply Chain
To say the global economy is vast, 𝙞𝙨 𝙖𝙣 𝙪𝙣𝙙𝙚𝙧𝙨𝙩𝙖𝙩𝙚𝙢𝙚𝙣𝙩. But here's the kicker, 𝙨𝙢𝙖𝙡𝙡 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨𝙚𝙨 𝙡𝙚𝙙 𝙗𝙮 𝙗𝙖𝙙𝙖𝙨𝙨 𝙬𝙤𝙢𝙚𝙣 are carving out some seriously crucial spaces, while offering so much more than just a mundane commerce experience. These businesses stand as a testament to the 𝙣𝙚𝙫𝙚𝙧-𝙜𝙞𝙫𝙚-𝙪𝙥 human spirit and they're helping foster a socio-economic environment that's diverse, inclusive, and simply better off.
Procurement Partnering with Diverse Small Businesses — for the Win!
In our last blog in July, we discussed the importance of strategic over transactional partnerships and the many benefits they can bring to your organization — and your bottom line. This time, we’ll show you how creating a procurement partnering program that features a team of diverse small businesses can really dial in the advantages.
The MICRO Benefits of
Most businesses are aware of the need for more #supplierdiversity and for strong environmental, social, and governance #ESG strategies to be put in place for the success of their business — and the global economy. But what about the deep benefits a supplier diversity program can bring to your business, the micro advantages that help companies realize true growth and profitability?
The Macro Benefits of
Supplier diversity is a business strategy that encourages companies to work with suppliers from different backgrounds and communities. This includes minority-owned businesses, women-owned businesses, veteran-owned businesses, small businesses, and other disadvantaged groups. The goal of supplier diversity is to create an equal playing field for all suppliers by providing access to opportunities that would otherwise be unavailable. By engaging in supplier diversity efforts, companies can benefit from the unique perspectives and experiences of suppliers from diverse backgrounds who can bring fresh ideas and solutions to the table. Additionally, it helps create a more inclusive workplace environment where employees feel valued and respected.
How Supplier Diversity Can Help Build Sustainability
There has been an increasing focus on both corporate social responsibility and sustainability as factors in improving brand trust and loyalty in the marketplace. Mostly, that is because more consumers than ever are taking a closer look at the companies with which they do business. In fact, studies show that 70% of consumers are interested in how businesses are working to tackle both social and environmental issues and almost half of them consider these efforts when making purchases from individual businesses.
How Supplier Diversity Can Reduce Indirect Procurement Costs for Added Value
Supplier diversification does more than just protect your supply chain and make your organization more flexible and agile — it also contributes by adding value to the workplace. This added value results from the overall improvement of the workplace, an improvement that directly supports higher productivity, better performance, and even social advancement. But greatest among the improvements realized through a supplier diversity program is the reduction of costs in your indirect procurement spend. This wide spectrum of advantages is perhaps why American companies have earmarked over $50 billion in funds to both women-owned and minority businesses in the next decade.
Tips for Creating a Successful Supplier Diversity Program
With the current focus on #inclusion and #equity spurred by increasing social unrest and economic disillusionment, there has never been a better time to create a strong #supplierdiversityprogram for your organization.
Taking a Broader Look at the Meaning of Diversity
If you missed the #SupplyChainDiversityDiscussion LinkedIn Live Accelerator event hosted by Kelly Barner last Friday - don't sweat....now you can catch the recording!
Two (Not So) Secrets and the 'Big Worry' of Supplier Diversity
If you missed the #SupplyChainDiversityDiscussion LinkedIn Live Accelerator event hosted by Kelly Barner this morning - don't sweat....now you can catch the recording!
Small Suppliers - Big Customers....Opportunity or Obstacle?
If you missed today's LinkedIn LIVE Audio event, 'Small Suppliers - Big Customers: Opportunity or Obstacle' featuring Heather Fotch ~ Founder and WBE/DBE at Quality Imaging Solutions, and Helen Mackenzie ~ Head of Community and Events at Art of Procurement, and hosted by Kelly Barner ~ Procurement and Supply Chain Writer, Founder of Buyers Meeting Point, Head Content and Brand Management at Art of Procurement, and a LinkedIn Accelerator Member - you can now listen to the replay!
Quality Imaging Solutions now Certified WDBE
We are very excited to announce that our applications to be State and Federally certified as a Woman-Owned Small Disadvantaged Business Enterprise....has been APPROVED!!