Supplier diversity is more important than ever.
Learn how procurement can lead the way
Supplier Diversity and Localization in Procurement
Today’s business community reflects the rapid demographic changes happening in cities and neighborhoods across the United States. Simply put, it’s more diverse.
But what is Supplier Diversity?
Minorities, women, veterans and people with disabilities are creating new businesses at greater rates than ever before. With an economic impact in the trillions of dollars, these companies provide organizations a broader array of options as they look to fill their needs and, at the same time, diversify their vendors.
Indeed, supplier diversity is no longer just a buzzword. It’s a key part of being a responsible member in your immediate community - and beyond.
The benefits of reaching out to a more diverse group of vendors are many. Supplier diversity, for example:
- Provides multiple sources from which to procure goods and services.
- Increases competition on price and service levels among vendors.
- Displays an organization’s commitment to do business in diverse markets and support the economic growth of all communities.
As they seek the right suppliers for their institutions, procurement professionals across the country are in a position to lead by example and clear a path for their organization’s stakeholders and budget holders.
In this e-book, we explore what supplier diversity is, why it’s important and how Procurement can make it possible.