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Friday, March 21, 2014

Taking the step from Supplier Diversity to Supplier Development

Supplier Diversity industry magazine, MBN Texas, published an article on the impending need of corporations to step beyond a Supplier Diversity initiative into Supplier Development. We link to the article, but also highlight the following excerpts because our annual seminars, "Building Strategic Phases of a Supplier Diversity Process" and "Best Practices in Supplier Diversity Strategies and Initiatives" typically address this concern by sharing case studies and real-life examples. To learn more about DIR Seminars for Corporate Executives, see links on the left of this blog, or visit DIR's web site:
  • "Visionary executives see much of that supply business coming back to their home countries and are developing the suppliers that will replace offshore sources.”
  • "Over the next two years, Verchot foresees a continued, steady growth in corporations, first-tier suppliers and government agencies that have goals and dedicate some resources to supplier diversity efforts. "This [growth] is really driven by the growing understanding of the changing demographics in the United States. But, what I’ll be most interested in seeing is how many of these corporations, first-tier suppliers and government agencies develop and implement a strategic approach to minority supplier development,” he said. "That’s the much harder and more complex challenge and the only way that we will significantly move the needle when it comes to growing the size of large numbers of minority-owned businesses.”

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