From the course: Supply Chain Foundations: Supplier Development and Diversity

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Benefits of a supplier development and diversity program

Benefits of a supplier development and diversity program

From the course: Supply Chain Foundations: Supplier Development and Diversity

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Benefits of a supplier development and diversity program

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- According to the US Census Bureau, Black, Asian, Hispanic and others in racial minorities will make up a majority of the US population by 2050 or sooner. In a world where today's minorities are rapidly becoming tomorrow's majorities, it's incumbent upon socially conscious and competitive companies to work towards building an inclusive, consumer-driven supply chain. One way to work towards this vision is by designing and launching a supplier development and diversity program, one where businesses encourage and/or facilitate the use of minority-owned businesses as suppliers. Let's look at the five high-level socioeconomic benefits of launching one. First, it creates economic opportunities for disadvantaged communities by encouraging their growth and contribution to the economy. This creates more jobs and increases goods consumption, which can help economic development in minority communities. Second, it widens the pool of…

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