For example, the National Veteran-Owned Business Association (NaVOBA) certifies veteran-owned businesses. If you continually use the same suppliers without branching out into new, diverse markets, you risk stymieing the creative benefits you should be receiving. A supplier diversity commitment benefits a company because it: Promotes innovation through the introduction of new products, services, and solutions Provides multiple channels from which to procure goods and services If you disable this cookie, we will not be able to save your preferences. Over the last decade, consumers have demanded more information about corporate supply chains and how products are sourced. This success all occurred while employing half the number of people in their procurement department. Heading into 2020, it is more important than ever to stay up to date with the latest trends across the procurement industry. JAGGAER uses cookies to recognize you when you visit our website. They don’t sell directly to the company, but they supply the companies that do. Minority and female-owned suppliers can submit their bid to become one of their suppliers. The more your company shows its “human” side, the more your prospects will be able to relate to it. Goal setting A company committed to developing a diverse supply chain displays its commitment to doing business with and supporting the economic growth of all communities. A lack of diversity could cause serious harm to the STEM industries. That’s just one reason why supplier diversity matters … there are many more: Part of the reason why supply chain diversity has such a positive influence on a company’s bottom line is that employing such a program drives competition among incumbent and new vendors. | 2020 | All rights reserved, Top 10 Supplier Contract Pitfalls to Avoid, CloudKnox Cloud Security Platform Infographic, Getac Mobile Devices vs. Boxed Mobile Devices. By continuing to visit this site without changing your settings, you are accepting our use of cookies. What is supplier diversity? Supplier diversity is not to give priorities to minority-owned-suppliers, but instead provide the equal opportunities to ALL Suppliers regardless their background, and promote LGBT diversity, gender diversity, racial diversity, disability diversity, and age diversity in the workplace. Diversity and Inclusion Training – How to do it right? Whatever factors they may be – price, location, service levels, deliverable date, etc. shortcode: "wp", Contracts are not awarded based on size or diversity, but we know that working to ensure small businesses and diverse companies have opportunities to bid on contracts, makes UPS stronger. Supplier Diversity: What’s In It For You? Supply chain transparency is becoming more important to consumers, causing it to become a marketing feature. "Supplier Diversity at UPS involves working to ensure that small and diverse businesses have equal footing in the competitive bidding process. Certification may not always be required, but most large corporations prefer documentation to avoid fraudulence. Moreover, the addition of diverse suppliers to the supply chain may urge incumbent vendors to keep pace and innovate as well, further benefiting the company and its bottom line. One of the reasons for this is the fact that minority suppliers tend to be leaner. Unfortunately, misconceptions about supplier diversity in the supply chain still exist. It became more prominent when Google unveiled its diversity report. This issue is discussed further in our white paper on Integrated IT Procurement™. Tier 1 suppliers are the companies that directly sell supplies and resources to the company. This website is maintained by Office of Supplier Diversity. It will show them that your company is committed to making the world a better place. The benefits of supplier diversity are many. This allows you (the buyer) to promote and engage several suppliers while simultaneously reducing the overall cost of the product/service. And diversity, even in its most general term, is a hot button issue now. Procurement departments have thrown around the term ‘supplier diversity’ for years now. Consider using a diverse vendor for your department's or college's purchasing needs. Supplier Diversity gives you access to new business opportunities. This list will be regularly updated, so please check back often. Blockchain has also allowed for companies to be more transparent when sourcing products from other countries where supply chain issues have occurred. When these types of organizations see success, jobs are created and tax revenue benefits, which develops and empowers communities — supplier diversity simply encourages growth in the U.S. economy. Another positive aspect of supplier diversity programs is the potential to spur innovation. While companies contracting with the Federal government must have a supplier diversity mandate, procurement professionals outside of the government realm are coming to realize the significant benefits of supplier diversity. Businesses can benefit from vendor certification bodies like the Women’s Business Enterprise National Council who often hold affairs for networking and nurturing business opportunities in between the companies that are looking for supplier diversity and “Diverse … NaVOBA likely has an event list they attend for networking purposes. ©Technology Concepts Group Intl. Discover how you can strengthen your supplier diversity programs and bring these five advantages to your business with Supplier Management. The female-owned business directly sells the software to your company. For more information, please see our Cookie Policy. Address: 5000 Research Forest Dr. Mail Code WLB Supplier Diversity The Woodlands, TX 77381-4356 It’s about diversifying your suppliers. Using local suppliers helps keep money in the community along with supporting local jobs. While companies contracting with the Federal government must have a supplier diversity mandate, procurement professionals outside of the government realm are coming to realize the significant benefits of supplier diversity. By contracting with these suppliers, you’re helping increase spend and consumption while promoting job creation on the local level. Suppliers - Supplier Diversity Xerox Supplier Diversity Program As a global leader in business process and document management, Xerox recognizes that having a diverse supplier pool is a major competitive advantage and a powerful business tool. The STEM fields are crucial to the economy of the United States.
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