Supplier diversity programs are more than socially responsible--they're also good for business. They help improve the way a company serves its markets, and they represent significant revenue opportunities for buyers and sellers alike.
The U.S. Small Business Administration recently spotlighted the economic impact of small, diverse businesses, citing that women- and minority-owned businesses account for 10.6 million businesses worldwide. Minority-owned business is among the fastest-growing segments of the U.S. economy--and large enterprises understand that offering products with appeal to a diverse customer base can boost their competitive advantage.
With our markets in robust maturity, IT product manufacturers and resellers are learning that we can put a keen, new edge on business with greater emphasis on diversity. For example, many companies are launching supplier diversity programs to provide their customers procurement opportunities with more small and historically underutilized businesses.
Source: Industry Week, http://industryweek.com