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.
How Outdated Indirect Spend Policies are Going to Hamper Your Savings in 2023
While corporate direct spend policies are often under a microscope held by C-Suite managers, indirect spending seems to suffer from neglect. This disparate way of managing these two spending categories results in an unfortunate loss of cost savings and an explosion of expenses that can make it difficult for companies to thrive. Especially in today’s teetering economy, it is increasingly important to get indirect expenditures under control.
Improving Indirect Spend Initiatives in 2023 by Partnering with the Right Suppliers
Spending decisions must be considered carefully in every business, especially in the economically volatile markets that are dominating the current business landscape. Typically, procurement departments use two major categories to define their spending: direct and indirect. While direct spending refers to the purchase of goods and services that are needed to produce a company’s final product, indirect spending is less definitive.
What Procurement can Learn from the 2008 Financial Crisis as a Post-COVID Recession Looms
One of the worst global economic declines – also known as The Great Recession – officially began in December 2007 and ran through June of 2009. The complete collapse of the housing market caused this 18-month economic hardship affected not just young adults in their 20s and 30s but also many Americans ages 50 and older as they were all directly or indirectly affected by rising unemployment, falling home values and a decline in the stock market. It is easily seen that all three have already started happening and those who choose to ignore these recession signs will be in for a startling reality check.
How the Pandemic Disrupted Ink & Toner Indirect Spend When We Weren't Looking
The pandemic allowed commerce to continue with companies allowing employees to #WFH and continue even with #HybridWorkEnvironments.....giving out home-office “allowances” for purchases like monitors, keyboards….and yes, you guessed it….better work from home office printers. The downside of this was that specifically printer ink and toner spend became #RogueSpend as there were no requirements for printer model standardization.
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!
How to Clean Accidental Ink and Toner Spills
Unfortunately, we’ve likely all had to deal with at one time or another, getting ink or toner on our hands or on our clothing accidentally. Maybe when changing out the cartridge, or perhaps when shaking a toner cartridge as it got closer to its end of life, to loosen up loose toner powder inside and squeak by for another couple of days.