Most Fortune 500 companies have supplier diversity programs; but what impact does it have and why is it so important?
Diversifying your supply chain can offer many benefits to your company, as well as the communities in which your company operates. Minority suppliers offer a high level of flexibility and varying viewpoints in how they support your business. They focus heavily on offering creative solutions to solve issues, and take enormous pride in doing so. In 2014 the National Minority Supplier Development Council (NMSDC) retained The Institute for Thought Diversity to conduct a study of the impacts that Minority Business Enterprises (MBE) who were affiliated with the NMSDC contributed to the United States economy. Their conclusions were stunning; of the almost 12,000 MBE's surveyed, they:
- Generated $400 Billion worth of output
- 2.25 Million jobs
- $50 Billion of tax revenues
These diverse groups are the fastest growing population in the United States. These statistics suggest that minority companies and their employees have a significant and growing impact on our overall economy here in the US. Partnering with MBE's allows companies an avenue to connect with the minority community and create brand loyalty.
Learn more about the National Minority Supplier Development Council (NMSDC), and how they help businesses across the nation...