A key differentiator when comparing an MSP solution is the diversity of their supplier network. Why does that matter? When you choose a business partner you look to align values, especially if you view the relationship as long term. So if your organization is managed to meet the minimum measures for Supplier Diversity, Diversity Equity and Inclusion and Environmental, Social and Governance quotas you have to ask yourself, is this the right business partner for me?
Empirical data shows that having a diverse supplier network increases market share and improves your Return On Investment. Anecdotally, what started off nearly 40 years ago as a business directive quickly became a moral prerogative and companies needed to decide whether they were going to meet the minimum reporting requirement or make a bigger impact in the business community.
When evaluating possible Managed Service Program partners, or business partners in general, evaluate them on the qualify of their offering.
There are several benefits of having a diverse supplier network, including:
- Increased innovation: Having diverse supplier networks can bring new and innovative ideas to the table, leading to better products and services.
- Competitive advantage: Having diverse supplier networks can help a company stand out from its competitors and attract customers who value diversity and inclusivity.
- Cost savings: Having diverse supplier networks can help a company negotiate better prices and terms from a variety of vendors, resulting in cost savings.
- Improved corporate social responsibility: A diverse supplier network demonstrates a commitment to corporate social responsibility by supporting minority-owned and women-owned businesses.
- Increased customer satisfaction: A diverse supplier network can help a company better understand and meet the needs of a diverse customer base.
- Risk mitigation: A diverse supplier network can help a company reduce its reliance on a single vendor or region, thereby reducing the risk of supply chain disruption.
Overall, a diverse supplier network can lead to a more robust and resilient business, as well as increased opportunities for growth and success. Don’t be afraid or hesitant to engage small businesses owned by Women, Minorities, Veterans, Persons with disabilities or members of the LGBTQ community….listen and learn!
Michael Larkins, President at Suna Solutions