DAY THREE: Supplier Diversity
What is supplier diversity and why is it important?
Supplier diversity is a business practice that refers to the inclusion of businesses owned by diverse individuals or groups in the procurement of goods and services. A diverse supplier is generally defined as a business that’s at least 51% owned and operated by an individual that’s part of a traditionally underrepresented or underserved group. Common classifications are minority-owned business enterprises (MBEs), woman-owned business enterprises (WBEs), and small-business enterprises (SBEs). Businesses owned by other minority groups, such as LGBQT+, veterans, and persons with disabilities, may also be considered diverse suppliers.