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3 - How Supplier Diversity Boosts Minority Business Sales (September 2005)

For Immediate Distribution

Contact: [Debbie Stanton]
[615-794-5047]
[Debbie@DiversityBuilder.com]
http://www.diversitybuilder.com


How Supplier Diversity Boosts Minority Business Sales


September 19, 2005 -- Supplier Diversity has quickly become the 'golden child' of corporate America, with an estimated $80 billion spent on goods and services from minority-owned companies in 2003 alone, (source: Fortune Magazine). Corporations recognize the value of incorporating diversity into their supply strategies to effectively respond in the diverse marketplace. The trend of increased corporate spending on supplier diversity translates into substantial revenues for minority businesses. From minority-owned staffing agencies, such as Act ·1 Technical & Professional Services, to Latino market advertisers like Anita Santiago Advertising, minority supplier status has proven results and numerous success story's in today's marketplace.

So what exactly is supplier diversity? Supplier Diversity is a purchasing program where businesses opt to secure a ‘diverse group of suppliers,’ such as ‘women-owned and minority businesses.’ The suppliers categorized as ‘diverse’, vary by corporation, and most recently have included gay and lesbian business owners.

Who qualifies as a 'minority supplier?' Different corporations include various diverse groups in their purchasing policies. The most commonly recognized groups are women, Asian, Black, Hispanic and Native American majority-owned businesses. The Intel Corporation has adopted one of the most extensive minority business definitions, to date. Intel recently expanded their minority suppliers to include gay and lesbian owned businesses. Intel utilizes a customized advanced Supplier Intake Tool, designed to enable Intel’s buyers to gain immediate access to qualified suppliers.

Visit Supplier Diversity for more information on Intel's Supplier Diversity Program.

How do minority businesses gain certification? Several organizations have been commissioned as certification entities. Certification processes are detailed on the associated websites. The National Minority Supplier Development Council (NMSDC), Women's Business Enterprise National Council (WBENC), National Gay Lesbian Chamber of Commerce (NGLCC), and the Small Business Administration 8(a) Program are national certification agencies.

Additional information and certification contact details is available on the web at Supplier Diversity.