Updated: Oct 6, 2020
Diverse Suppliers provide businesses with unique advantages through strategic sourcing solutions. Certifications, including the Minority Business Enterprises (MBE) certification, gives small diverse-owned businesses an advantage. Supplier Diversity helps businesses source supplies and procurement through socially or economically disadvantaged-owned vendors. Below are three benefits of doing business with diverse suppliers.
It is no secret that our world today is drastically different from the world that existed 50 years ago. Supporting smaller, minority-owned businesses can have a tremendous impact on the business efforts of even some of the world’s largest corporations. Successful companies, such as Verizon, AT&T, and Facebook, all rely on Diverse Suppliers to meet their procurement and logistic needs. As they work towards building innovative technology to match the needs of our ever-changing society, they find it essential to use Diverse Suppliers to create future success. It is estimated that by 2050, more than half of the population will consist of people that are currently classified as minorities. To stay ahead of the curve and ensure quality relationships, large companies are forming partnerships with Diverse Suppliers because as the minority population grows, so will their businesses. Building relationships with minority-owned business leaders now, creates an innovative and successful future for everyone.
2. Diverse Spend with Larger Organizations
Diverse Spend is something that government institutions, private, and publicly owned businesses commit a large portion of their budget towards. As they bid out projects to contractors and companies, they often require these companies to use utilize a diverse supplier. This makes finding a minority-owned supplier essential for companies planning on working with government institutions and large corporations. Finding a minority-owned and diverse supplier provides a service that no other business can. Their provided services are truly unique and often sought after so, finding a trusted partner that can contribute to diverse spend needs is a great asset that should not be overlooked.
Choosing to partner with a Diverse Supplier that is MBE certified, can have a great impact on the surrounding community in which your business resides. Partnering with a minority-owned business can have a profound impact as it displays a company’s interest and commitment to the economic growth of surrounding communities. This creates more jobs, encourages equity, facilitates a healthier economy, and is beneficial to a company’s public relations efforts. Partnering with diverse suppliers reinforces communities as we all work towards a greater quality of life for all. Most importantly, choosing to utilize diverse spend helps the communities that companies work and live in, thus creating a better future.
Inspired Solutions is proud to be a MBE, WOSB, EDWOSB, SDVOSB, and WBENC certified supplier that is committed to helping organizations solve their supply logistics challenges by acting as a strategic intermediary between buyers and suppliers. With the mission to inspire the world by providing diverse, innovative solutions with a customer-centric approach, Inspired Solutions creates a culture where team members thrive and business prospers, making a global impact.
To learn more about Inspired Solutions, click here.