Beckway Insights: Supplier Diversity
Supply chain, supply chain, supply chain! There is hardly a day that goes by in today’s business world where these words are not spoken, read, or discussed due to the significant impact on all of us.
With continuous price fluctuations, inflation, extended lead times, port logjams, driver shortages, warehouse floor space premiums, and general communication disconnects throughout most supply transactions; businesses are looking for solutions to fill the gaps in their supply chains.
Businesses are looking in a place most of us know about and have likely dabbled in the past as more of an exercise than a strategy. It is in small businesses.
With minority-owned firms representing 50% of the US business population, it is a great time for businesses to focus on developing supplier diversity programs to support the organization’s strategies.
Typically, small businesses have lower cost structures, quicker decision-making abilities, a higher level of customer focus, greater flexibility, and faster response time. What supply chain strategy does not seek these benefits?
It is an exciting time to develop your supplier diversity program, and Beckway can help you do it. For more information on supplier diversity programs, contact Barbara McConnor at email@example.com.