Blog

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.

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.

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.