Supplier Diversity Programs: Doing Well by Doing Good

By Kevin Frechette
Feb. 1, 2018, 4:08 PM
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.

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