FOREWORD Diversifying your suppliers means nothing less than diversifying your opportunities
Procurement Magazine looks at the consequences of diversification and the stultifying outcomes of failing to do so . An old adage stipulates that you shouldn ’ t put all your eggs in one basket , and supplier diversity seizes on this maxim
“ Employees expect companies to address inequities , with both current and potential employees thinking more favourably of brands that are committed to supplier diversity ”
“ Employees expect companies to address inequities , with both current and potential employees thinking more favourably of brands that are committed to supplier diversity ,” says Kris Oswold , Vice President of Global Supplier Diversity at UPS .
Supplier diversity is far-reaching , in that it promotes a more inclusive and equitable economy . When businesses only work with a select few suppliers – many of whom are already established and have more resources , connections , and opportunities than smaller businesses , particularly those that are minority-owned – the same companies continue to benefit financially and reputationally .
This can create a cycle of exclusion where the same suppliers keep getting all the business , while others struggle to grow .
Companies that seek out and work with diverse suppliers can help level the playing field and give smaller or underrepresented businesses a chance to compete . This not only helps those businesses grow and succeed , but it also brings new perspectives and ideas to the table , which can lead to innovation and better products or services .
Kris Oswold explores this important facet of modern business and procurement in this issue .
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