Supplier Diversity is a Business Imperative
What is Supplier Diversity?
OMSDC defines Supplier Diversity as a business program that encourages the use of historically underutilized minority-owned businesses for the purchase of goods or services. Supplier Diversity constitutes a fundamental business strategy to identify and work with minority owned businesses.
Why Supplier Diversity?
- Increased opportunity for greater savings and higher quality goods and services due to increased competition
- Access to a larger pool of qualified suppliers
- Opportunity to enhance your ethnic market sales initiatives
- Minority-owned businesses generate an estimated $495 billion in annual revenue and employ nearly 4 million workers.
Minority suppliers are the country's fastest growing business sector. According to the U.S. Census Bureau, by the year 2020, the minority population will represent 34.4% of the total U.S. population. As the minority population continues to grow, those corporations that are comfortable with cultural diversity and change, and are responsive to their customers will be the ones that thrive.
How does OMSDC grow your supplier diversity program?
- We provide assistance in developing or improving your company's supplier diversity programs
- We showcase your work and provide added recognition by stakeholders and the local community of your strong corporate citizenship
- Help you to meet the demands of your customers, and/or government compliance requirements
- We provide resources to help you achieve a supplier base that more closely reflects your customer demographics
- We provide resources to make doing business with MBEs easy and simple
Corporate Members benefit by expanding their link to the rapidly growing minority marketplace and by gaining greater access to qualified suppliers to source, which increases competition, reducing cost and improving quality. This fosters a transactional relationship with key demographics which can lead to a stronger local economy. The OMSDC is a vehicle that can assist corporations in developing, marketing and enhancing their minority business development program in a productive and efficient manner.
Our corporate members strategically look to OMSDC for minority owned companies that can meet their demanding supply chain needs. Our certified MBEs bring to the table competitive sourcing, innovation, quality products and world class services. The board, staff and supporters of OMSDC understand that our shared interest in advancing the economic status of minority populations can be reinforced through continued support, involvement and collaboration.