What is Supplier Diversity and Why is it Important?
Supplier Diversity helps businesses source supplies and procurement through socially or economically disadvantaged owned vendors. In order to be considered a minority-owned business, a company must acquire a Minority Business Enterprise (MBE) Certification. This is given to businesses that are at least 51% owned by a person who is considered a part of the minority population, including women, minorities, veterans, and disabled persons.
Large corporations such as Verizon, Google, and Walmart have set goals to ensure that they meet diverse spend quotas. This allows larger corporations to work with smaller, MBE certified companies and in turn, sets larger corporations up for success in the future. By 2050, it is estimated that more than half of the population will consist of minority groups. As this demographic continues to grow, minority-owned businesses are experiencing rapid growth. This would imply that by 2050, a majority of large corporations will be owned by diverse leaders. Click here to learn about three of the benefits that come with working with Diverse Suppliers.
It is evident that using minority-owned businesses to source products and labor is great for both small businesses and large businesses alike. This incredible relationship can create more jobs, encourages equity, facilitate a healthier economy, and is great for companies’ public relations. However, this idea is also great for companies that are bidding on federal, state, and local government projects, as well as contracts with large corporations. Government institutions and large corporations have allocated a large percentage of their budget towards diverse spend. This makes finding a minority-owned supplier essential for companies planning on working with these establishments.
Inspired Solutions is 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 decades of consulting experience, industry connections, and professional asset management skills, Inspired Solutions helps companies serve their own customers through more efficient distribution channels. As a partner and IT reseller, Inspired Solutions works to alleviate customers of the sourcing burden involved in major projects. Through partnerships with dozens of manufacturers and distributors nationwide, Inspired Solutions’ sourcing team leverages buying power along with relationships to provide equipment and supplies on-time and within budget. From a general logistics management perspective, Inspired Solutions provides sourcing, procurement, warehousing of equipment and supplies, program and project management for large deployments, and day-to-day on-site support services. 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 the business prospers, making a global impact.
To learn more about Inspired Solutions, click here.