Supplier Diversity: What it is and Why it Matters for Your Business

Strategically introducing diversity into your supply chain isn’t just a social good – it’s great for your business, too.

Diverse suppliers are procurement partners that are majority owned and operated (51%+) by individuals belonging to underrepresented or historically marginalized groups, including women, people of color, veterans, people with disabilities, and members of the LGBTQ+ community. These businesses offer organizations convenient and profitable paths towards building more robust, agile, and competitive supply chains. Diverse suppliers can also have an outsized impact on your organization’s bottom line and the strength, unity, and success of your local community.

Supplier Diversity and Your Bottom Line

Sure, smaller businesses benefit from partnerships with larger organizations, including increased revenue and higher visibility. However, supplier diversity also helps larger, more established businesses improve their innovation, revenue, and brand reputation. Let’s dive deeper into the business case for supplier diversity by examining exactly how these partnerships can boost your business’ success.