Well-planned and managed supplier diversity programs must support the pursuit of higher productivity and profits. Companies, organizations and agencies that implement successful diversity supplier programs manage costs by creating competition among an expanded local, regional and national vendor pool.
By tying their diversity initiatives to performance metrics and incorporating a diverse supplier base into their procurement efforts, our clients expand and enhance their relationships with customers, employees and local businesses, helping to create fair market conditions within the communities they serve. What’s more, companies that integrate minority spend considerations with core business processes are maintaining and obtaining new business in the very markets supplying them with goods and services.
A certified minority business, Daniel Penn Associates has assisted major companies in establishing diversity spend processes which meet the following requirements:
- Implementation of formal definitions of minorities and compliance conditions
- Establishing minority spend organizations
- Sourcing, developing and certifying minority and women-owned businesses
- Writing subcontracting contracts containing specific terms and conditions
- Implementing tracking and accounting systems that meet the formal definitions
- Integrating research and development, strategic sourcing, and purchasing processes with new minority spend processes
- Developing accurate reporting and management systems
- Case Study: Laying the Foundation for a Best-In-Class Supplier Diversity Program
- Case Study: Helping a Leading U.S. Energy Company Expand Its Diversity Supplier Program