Mindsailing spent the past few months achieving its certification as a woman-owned business (WBE). What we learned along the way, was just how valuable supplier diversity is for our clients and the organizations like them.
Every year there is more research proving the value of diversity in the supply chain. AT&T, Cargill, Medtronic and other leaders have moved well past checking the compliance box and found strategic ways to leverage supplier diversity to increase their market share, identify market trends, build their corporate culture and access new revenue opportunities.
In fact, innovators in supply chain diversity are designing their procurement processes to not only create a registry, but develop supplier relationships, mentor local suppliers and engage their communities.
Four reasons supplier diversity is good for the large enterprise.
Brand reputation: Consumers are a diverse bunch and they often vote as much with their money as they do at the ballot box. With today’s social media-driven demands for transparency firms must prove to their customers that their company (and its supply chain) reflects the diverse perspectives and communities that they themselves hold dear. Today’s savvy consumers will not only examine your products and services but how and where you bring them to market.
Innovation: Small businesses may not have as many resources as large enterprises do, but they do have more flexibility, freedom and can help speed an idea to market faster than the slower moving mother ship. They are perfect innovation hubs to tap into for fresh thinking and idea pressure testing. You can engage them as needed, let ideas develop more freely and include expertise, insight and perspectives you couldn’t otherwise access.
Cost and quality: Minority-owned small businesses have already won many hard-fought battles in order to meet and exceed client expectations and keep their businesses going. They know they have to deliver high-quality outputs with great customer service as a baseline. They have already sharpened their pricing and their process to stay competitive and large organizations can benefit from their discipline in quality and efficiency.
Competitive advantage: Diversity of thought, culture and expertise is attractive - to employees, strategic partners and consumers. Diversity can also help you connect and compete at new local and global levels. But the combined value of improved reputation, more innovation, higher quality and lower costs make it sound and valuable strategic investment.
Mindsailing
is a certified Women's Business Enterprise
Mindsailing received national certification as a Women’s Business Enterprise by the Women’s Business Enterprise National Council (WBENC). We specialize in health, agriculture, energy, empathy, community and public policy. We believe great brands are in the business of good.