Updated on November 19, 2021
Why Partnering with Saitech Inc, Diverse Supplier Is a Win-Win for your Enterprise
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). Over time, the definition of diversity has expanded to businesses owned by other minority groups such as LGBTQ, veterans, and proprietors with disabilities.
A handful of socially conscious major companies have long played a role in addressing racial injustice through supplier diversity programs that promote an inclusive approach to procurement.
Procurement teams have an opportunity to meaningfully contribute to their companies’ diversity and inclusion goals by consciously partnering with diverse businesses, defined as any company that is at least 51% owned by persons identifying with underrepresented groups.
· Supplier Diversity Enables Organizational Agility
Organizational agility remains a top priority for business leaders as they plan for their enterprises’ futures. Successful businesses must be able to respond quickly and efficiently to the unexpected. Partnering with local diverse suppliers can help these leaders drive agility while simultaneously enriching the community.
· Supplier Diversity Drives Competition and Innovation
A wider supply base made of diverse perspectives not only creates healthy competition but also sparks innovation.
· Supplier Diversity Builds Trust and Attracts Top Talent
Partnering with diverse suppliers doesn’t just lower costs and drive innovation, it also builds trust with consumers and attracts top talent. Harvard Business Review cites a Hootology study conducted for Coca-Cola that found that 45% of those who were aware of Coca-Cola’s supplier diversity efforts were more likely to perceive the brand as valuing diversity, and nearly half of respondents were more likely to consume Coca-Cola products.
· Supplier Diversity Enriches the Enterprise and Local Communities
Enterprises that prioritize supplier diversity set their business up for success while simultaneously enriching the lives of their employees, their supplier partners, their customers, and the greater communities they serve.
Saitech Inc Supplier Diversity team, reach out to Erwin Villanueva firstname.lastname@example.org