In the past couple of years, supplier diversity has become an increasingly important issue for businesses of all sizes. Supplier diversity refers to the practice of working with suppliers that are owned by underrepresented groups, such as women, minorities, and veterans. This is a powerful way to promote inclusion and equity within the business world and drive economic growth in underserved communities.
Many businesses have recognized the importance of supplier diversity and have made it a priority in their operations. In this blog post, we’ll explore some inspiring examples of businesses that are doing supplier diversity right and making a positive impact in their industries and communities.
General Motors (GM) is one of the largest companies in the world and has been a leader in supplier diversity for many years. The company has set ambitious goals for increasing the number of diverse suppliers in its supply chain, including a commitment to sourcing 25% of its global purchases from minority-owned businesses by 2025.
GM has also implemented a range of programs and initiatives to support its diverse suppliers, including mentorship programs, training and development opportunities, and networking events. These efforts have helped GM build a strong and inclusive supply chain that reflects the diversity of its customer base.
Johnson & Johnson is a global healthcare company that has long been committed to supplier diversity. The company has set a goal of spending $1 billion annually with diverse suppliers and has implemented a range of strategies to achieve this goal.
These include partnering with organizations that support diverse suppliers, such as the National Minority Supplier Development Council, and providing training and development programs for diverse suppliers. Johnson & Johnson also tracks and reports on its supplier diversity spend in order to hold itself accountable and measure progress over time.
Coca-Cola is a leading beverage company that has made significant strides in supplier diversity in recent years. The company has set a goal of sourcing 50% of its U.S.-based purchases from diverse suppliers and has implemented a range of programs to support this goal.
These include a supplier diversity mentoring program, which pairs diverse suppliers with mentors within Coca-Cola to provide guidance and support, as well as a supplier diversity accelerator program that helps diverse suppliers grow their businesses and compete on a larger scale.
AT&T is a telecommunications company that has been recognized as a leader in supplier diversity for many years. The company has set a goal of increasing its spend with diverse suppliers by 50% by 2025 and has implemented a range of programs to support this goal.
These include a supplier diversity mentoring program, a supplier diversity innovation program that helps diverse suppliers develop and commercialize new products and services, and a supplier diversity matchmaker program that connects diverse suppliers with potential buyers within AT&T.
Capital One is a leading financial services company that has made supplier diversity a priority in recent years. The company has set a goal of sourcing 15% of its U.S.-based purchases from diverse suppliers and has implemented a range of strategies to achieve this goal.
These include a supplier diversity mentorship program, a supplier diversity accelerator program that provides training and development opportunities for diverse suppliers, and a supplier diversity summit that brings together diverse suppliers and potential buyers within Capital One.
Intel is a leading technology company that has been recognized as a leader in supplier diversity for many years. The company has set a goal of spending $1 billion annually with diverse suppliers and has implemented a range of programs to support this goal.
These include a supplier diversity mentoring program, a supplier diversity innovation fund that provides financial support to diverse suppliers working on innovative projects, and a supplier diversity matchmaker program that connects diverse suppliers with potential buyers within Intel.
Microsoft is a global technology company that has made significant strides in supplier diversity in recent years. The company has set a goal of sourcing 20% of its U.S.-based purchases from diverse suppliers and has implemented a range of programs to support this goal.
These include a supplier diversity mentoring program, a supplier diversity accelerator program that provides training and development opportunities for diverse suppliers, and a supplier diversity summit that brings together diverse suppliers and potential buyers within Microsoft.
Ford Motor Company is a leading automotive company that has long been committed to supplier diversity. The company has set a goal of sourcing 25% of its U.S.-based purchases from minority-owned businesses by 2025 and has implemented a range of programs to support this goal.
These include a supplier diversity mentoring program, a supplier diversity innovation fund that provides financial support to diverse suppliers working on innovative projects, and a supplier diversity matchmaker program that connects diverse suppliers with potential buyers within Ford.
As seen through these inspiring examples, supplier diversity is not only a moral imperative but also a strategic business practice that can drive significant benefits for companies and communities alike. By working with diverse suppliers, businesses can tap into new markets, gain a competitive edge, and foster innovation and creativity in their supply chains.
Furthermore, supplier diversity can help level the playing field for underrepresented groups, providing opportunities for economic growth and social empowerment. It can also contribute to greater social cohesion and stability by promoting inclusion and equity within the business world.
However, achieving supplier diversity requires more than just good intentions – it requires a commitment to action and an investment of resources. Companies must set clear goals and metrics, develop programs and initiatives to support diverse suppliers, and hold themselves accountable for their progress.
Simply put, supplier diversity is not only a win-win for businesses and communities, but also a necessary step towards a more just and equitable society. By taking active measures to promote supplier diversity, companies can drive positive change and make a meaningful impact in the world.
If you are a certified company, check out our YouTube channel for companies looking for certified businesses. If you aren’t certified, give us a call today at 833-217-9667 so we can help.