Supplier.io: The Benefits of Inclusive Procurement
Partnerships with diverse suppliers are driving economic growth creating jobs and advancing responsible procurement standards worldwide.
That's according to research from Supplier.io, a leader in supplier intelligence solutions, which has just unveiled its 2024 Supplier Diversity Economic Impact Report.
The report highlights the significant global economic benefits of inclusive procurement, revealing that US$168bn spent directly with small and diverse suppliers has generated a total economic impact of US$303bn, reinforcing the transformative potential of responsible sourcing.
Aylin Basom, CEO of Supplier.io, emphasises the importance of data-driven supplier diversity programmes in strengthening supply chains.
She says: “At Supplier.io, we believe that empowering businesses with advanced supplier intelligence not only enhances their operational resilience but also significantly mitigates risks.
"Our platform provides critical insights that drive efficiency and innovation, enabling companies to find and invest in small and diverse suppliers. This approach helps build stronger, more reliable supply chains. Consequently, it supports robust economic growth and job creation globally."
The economic impact of inclusive procurement
The findings in Supplier.io’s 2024 report underscore how investing in small and diverse suppliers benefits economies on multiple levels.
Companies included in the report collectively supported more than 710,000 direct jobs and contributed US$60bn in direct wages by partnering with these suppliers.
The ripple effect of these investments extended further, with a total of 1.4 million jobs supported when factoring in indirect and induced impacts.
Additionally, these partnerships generated $105bn in total income, demonstrating that each dollar spent with small or diverse suppliers produced US$1.80 in wider economic value.
The report also highlights organisations leading the way in job creation through supplier diversity.
They include:
- 40,000+ jobs: CVS Health
- 20,000+ jobs: Cummins, JPMorganChase & Co, Pacific Gas and Electric Company (PG&E)
- 10,000+ jobs: Cencora (formerly AmerisourceBergen), Eaton Corporation, Exelon Corporation, Health Trust Purchasing Groups, Southern California Edison Company, and Truist
Supplier.io: Supplier intelligence for global giants
Supplier.io serves more than half of the Fortune 100 and 60% of the Billion Dollar Roundtable, offering a comprehensive solution for supplier diversity, sustainability and spend management.
Its advanced data intelligence and expert guidance enable organisations to achieve measurable outcomes in their ESG and supplier diversity initiatives.
By integrating responsible sourcing practices, Supplier.io helps businesses accelerate growth, foster innovation and enhance competitiveness in the global marketplace.
Leadership in supplier diversity
Alongside the report, Supplier.io has announced the recipients of its second annual Supply Chain Diversity Excellence Awards, recognising organisations setting benchmarks in supplier diversity.
Aylin adds: "Through our Supply Chain Diversity Excellence Awards, we honour organisations that demonstrate an outstanding commitment to these principles, thereby enriching the global marketplace through informed and inclusive procurement practices.”
This year, the awards programme introduced a new category for companies that achieved exceptional growth in job creation, supporting at least 50% more jobs year-on-year. American Water, State Street and Point32 were recognised for this milestone, reflecting their commitment to advancing economic empowerment through inclusive procurement.
“We're honoured to receive the Supplier Diversity Champions award from Supplier.io, recognising the significant growth and impact of State Street’s Supplier Diversity Program," says Chris Stanley, Global Head of Supplier Diversity at State Street.
"This is a testament to our commitment to fostering economic empowerment and driving meaningful change through inclusive procurement practices.
"Being acknowledged as one of the top programmes growing impact in the US is both a validation of our efforts and an inspiration to continue advancing opportunities for diverse businesses. This award reflects the collaborative efforts of our team, our partners and our diverse suppliers, who together make this progress possible."
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