STRATEGIC SOURCING
“ However , this approach has the effect of leaving out many diverse businesses that do not have the size and scale of other businesses , many of which can offer better solutions and competitive pricing .
“ The way JPMorgan Chase has built a dedicated organisation around supplier diversity has truly paid dividends and will be the key to making this work sustainable .”
What is the future of supplier diversity at the company ? Ted says JPMorgan Chase does “ not intend to slow down ”, so it is clear that the momentum will continue to build .
He adds : “ What we ’ ve learned along the way has allowed us to implement some best practices .
“ We ’ ve collaborated in some new ways , and now we want to industrialise those lessons , so that it becomes part of how we do business every single day .
“ First , what we ’ re really interested in looking at are ways to scale businesses into larger companies , so that they can compete for larger corporate contracts .
“ When businesses scale , they employ more people from their communities and that can pave the way for larger economic growth .
“ Additionally , we want to build on some of the success that we ’ ve had in traditional categories of spend , like print marketing , real estate and staff augmentation and move towards growing industry areas like professional services , technology and creative marketing .” procurementmag . com 83