Supplier diversity champions lauded in supplier.io report
supplier.io, a SaaS provider of supplier diversity and ESG data and management solutions, has released its 2023 Supplier Diversity Economic Impact report, which highlights its network’s significant impact on job creation and economic growth through small and diverse business spend.
The report also launches its inaugural Supply Chain Diversity Excellence Awards, which celebrates this year’s leaders such as CVS Health and Constellation Energy.
"Responsible sourcing is a competitive differentiator, which is why 97% of enterprise executives continue to support supplier diversity programs,” said Aylin Basom, CEO of Supplier.io.
“By investing in small and diverse suppliers, companies are not only fostering innovation and enhancing their supply chain competitiveness, but also effectively reducing risks and costs. Most importantly, it enables businesses to support their communities and fuel economic growth.
"Our Supply Chain Diversity Excellence Award is a recognition of the organisations that demonstrate significant commitment to enriching the global marketplace through inclusive procurement strategies.”
The companies featured in Supplier.io’s 2023 Economic Impact report collectively generated 1.3mn jobs, $104bn in income, and $31.4bn in tax revenue to the global economy through small and diverse spending last year.
Diverse spending across supply sectors
The leaders on supply chain diversity include companies across a wide variety of industries, including healthcare, retail, manufacturing, telecommunications, and transportation.
In terms of companies, CVS Health and Constellation Energy are among the leading brands celebrated for fostering job creation, economic growth, and tax contributions within the global marketplace.
Supplier.io data shows minority-owned, women-owned, and veteran-owned businesses are among the fastest-growing segments for job creation.
The professional, scientific, and technical services industry are shown to support the most job growth, with $35.7bn in spend supporting over 200K jobs.
Geographically, California is the leader in supplier diversity, generating the most jobs, wages, and tax revenue, followed by Texas, New York, and New Jersey.
“Supplier diversity remains an intentional and essential supply chain strategy,” says Aylin Basom, CEO of Supplier.io.
She adds: “Our research continues to show wide-ranging investments in diverse businesses of all types – including SMBs, veteran- and women-owned businesses, minority-owned organizations and more. Programs have matured substantially over the past few years, resulting in a bigger impact for the businesses and across the global economy.”
An earlier report from supplier-io shows that organisations are turning to supplier diversity programmes to enhance their brand image.
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