Supplier Diversity is a business strategy that ensures a diverse supplier base in the procurement of goods and services for any business or organization. In that sense, it emphasizes the creation of a diverse supply chain that works to secure the inclusion of diverse groups in the procurement plans.
A diverse supplier is a business that is at least 51% owned and operated by an individual or group that is part of a traditionally underrepresented or underserved group. Common classifications are small-business enterprises (SBEs), minority-owned enterprises (MBEs), and women-owned enterprises (WBEs or WOBs). Over time, the definition of diversity has expanded to businesses owned by other minority groups such as LGBTQ, veterans, and proprietors with disabilities.
Nowadays, the democratization of information and technology has enabled the visibility of groups that were traditionally left behind and has encouraged their participation in business (among other fields). Let us see why a commitment to Supplier Diversity could help your business improve its bottom line.
5 Benefits of Committing to Supplier Diversity
- The introduction of new products, services, and solutions drives innovation
- It increases your chances to acquire goods and services from multiple sources.
- It encourages fair competition between the current and potential vendors.
- It creates opportunities for business expansion.
- It shows your engagement to make a positive impact in your community.
But committing to diversity is not enough, as Elizabeth A. Vazquez, CEO and Co-Founder of WEConnect International expressed, “Some of the most successful supplier diversity and inclusion programs come from companies that have diversity and inclusion in their DNA.”
Since the beginning, Win & Winnow has always strived for equality and diversity. That led us to the implementation of a Supplier Diversity Program as a way of incorporating those core values into our business strategy and actually promoting them. We believe that in a hostile environment, where racism, homophobia, and all forms of discrimination are on the rise, we have the responsibility to make a difference and contribute to a better and fairer society.
We are a Language Service Provider that, as a B Corporation and Women-Owned Company, aims to make a positive impact in the world while doing what we love and do best: enable global communication and accessible information.
If you are willing to learn more about us, please get in touch!