Unlocking the Advantages of Supplier Diversity
· According to a 2021 Brookings study, if work, business, and educational opportunities were equally distributed by race and ethnicity, the United States economy would have been $22.9 trillion larger over the 30-year period between 1990 and 2019.
· Companies with e ective supplier diversity programs report a return on investment (ROI) of $1.72 million for every $1 million spent, according to a study by the Hackett Group.
· Businesses that focus on supplier diversity capture a broader customer base and can see a market share increase of up to 20%, as noted by the Center for Advanced Procurement Strategy (CAPS) Research.
· A study by the Institute for Supply Management found that organizations with supplier diversity programs experienced cost savings of up to 8.5% in their supply chains.
· According to a report by McKinsey & Company, companies with diverse suppliers are 70% more likely to capture new markets and 45% more likely to improve their market share, due to the innovative solutions and increased agility these suppliers provide.
· Research by the Diversity Best Practices organization indicates that businesses with supplier diversity programs have seen revenue increases of 10-15% compared to their peers without such programs.
· The Hackett Group found that companies with a strong commitment to supplier diversity saw a 133% greater return on procurement investments than average businesses.
· According to the National Minority Supplier Development Council (NMSDC), certi ed minority-owned businesses generate over $400 billion in economic output annually, supporting over 2.2 million jobs and contributing to the overall economy.
