Supplier Diversity Programs Help Grow Your Business
Many Federal and State government agencies are mandated to provide incentives to both minority-owned firms and firms with supplier diversity programs. In fact, many Fortune® 500 organizations also favor firms with supplier diversity programs when making procurement decisions.
Over the past 15 years, minority-owned businesses have grown at approximately twice the rate of the US economy. Through supplier diversity programs, companies can build stronger ties to the communities/markets they serve while getting more insight into the needs of those communities.
Minority buying power is approximately $2 trillion in the United States. Partnering with minority-owned businesses strengthens traditionally underrepresented communities, creating additional buying power within those communities – in turn, your organization can sell back into these communities.
Supplier Diversity Programs Help Reduce Cost
A recent study by the Hackett Group shows that companies with strong supplier diversity programs have lower procurements costs (on a percentage basis) than those who do not promote the use of minority-owned suppliers.
Diversifying Your Supplier Base Reduces Risk & Promotes Innovation
Diversification strategies in procurement lower supplier-related risk. Leveraging a diverse supplier base can generate new thinking, bring new ideas, and create innovative products and process changes.
As compared to large suppliers, small businesses tend to be more agile, flexible, and creative in their solutions.
CorTrans Logistics is classified as a “minority-owned business” and “Hispanic American Owned Business” by the US Government. Our DUNS number is 053947789 and our CAGE Code is 3A2D1. For more information, contact us today.