Supplier diversity programs are becoming the norm for corporations of all sizes. A diverse supply chain means you have access to more innovation, more ideas, and more markets. It not only enables your enterprise to have access to a wider range of suppliers in case of disruptions like we’ve seen with the COVID-19 pandemic but also facilitates economic gains across the board.
Consumers are more aware of the ethics of the organizations they support, and this directly impacts your bottom line. When consumers see clear evidence that an enterprise uses diverse suppliers, they are more likely to buy from that enterprise and promote it.
Many governmental and association bodies require clear support of diverse suppliers as part of their contracting process and may even provide funding to organizations that demonstrate supplier diversity.
Transparent reporting of the number of diverse suppliers your enterprise works with and your diverse spend allows consumers, partners, and regulatory bodies to recognize your commitment to market access equity and allows for internal valuation of the return on investment.
Diverse Supplier Certification
Without a recognizable diversity certification, a company may be labeled a potential diverse supplier, meaning the language on its website or promotional materials implies diverse ownership. Certification, however, is ideal, as it provides a guarantee that the company is at least 51% owned, managed, and controlled by a diverse person or group of people. Many supplier diversity programs require certification.
Diversity certification is offered by numerous agencies that confirm diversity details.
In the United States:
- National Minority Supplier Development Council
- Native American Chamber of Commerce
- National Gay & Lesbian Chamber of Commerce
- United State Hispanic Chamber of Commerce
- Asian Pacific American Chamber of Commerce
- Women’s Business Enterprise National Council
- Vets First Certification Program (for veteran-owned small businesses)
- U.S. Business Leadership Network (for disabled-owned small businesses)
- Canadian Aboriginal and Minority Supplier Council
- Canadian Council for Aboriginal Business
- Canadian Gay & Lesbian Chamber of CommerceWBE Canada (for women-owned businesses)
- WEConnect International in Canada (for women-owned businesses)
Finding Certified Diverse Suppliers
Identifying diverse suppliers that can meet your organization’s needs isn’t always a simple task. Many of these agencies work to connect suppliers and enterprises, but working with each agency to find suppliers for specific needs isn’t always a simple or efficient process.
Ideally, your procurement team will be able to quickly identify which of your existing suppliers have diversity certifications and easily find new certified diverse suppliers that offer the products and services you need. That’s where technology like Tealbook makes things simple.
Tealbook’s supplier profiles include accredited information such as diversity certifications and diversity spend that allow you to build your tier one and tier two diversity spend using diverse suppliers who support other diverse suppliers. Our accredited information section also includes green certifications, ISO certifications, GPDR, and security/SOC 2 to ensure you’re always able to find the best choice suppliers.
Proactively buying from women-owned and other minority-owned businesses builds our economy and benefits your organization’s ethical reputation and bottom line. Contact us today to discuss how our machine learning technology can help you increase your diverse spend.
Find out more about Tealbook’s new Tier 2 diversity program.