Research suggests that 900,000 more businesses would be created if the UK achieved the same level of female entrepreneurship as in the US, resulting in an additional £23 billion gross value added to the UK economy.
One of the key barriers for women-owned businesses is lack of diversity within the procurement chains of large corporations and public funded organisations. Supplier diversity forms an integral part of CSR, which is increasingly important to the overall competitiveness of enterprises, yet many are still slow to make supplier diversity a part of their overall business strategy.
The need for supplier diversity goes much deeper than simply ticking boxes for CSR. Supplier diversity is a business imperative that can also boost profitability, and there are statistics to prove it.
According to a study by Cargill, Inc., organisations that embrace supplier diversity can generate 133% higher return on procurement investments than those that don’t. The same study showed 85% of CEOs believed supplier diversity to have enhanced overall performance.
This message is the driving force behind WEConnect International, the leading global supplier diversity initiative spearheading the connection of women-owned businesses around the world and multinational corporations.
WEConnect International are on a mission to ensure majority women-owned businesses are given fair and equal access to corporate and public sector procurement opportunities and that these large corporations also understand the benefit women-owned businesses bring.
As a women-owned business ourselves, this is a cause we greatly support and something we are proud to be promoting, alongside WEConnect International at this years Supplier Diversity Forum, which will take place on the second day of WEConnect International’s annual conference.
The Supplier Diversity Forum is an opportunity for large organisations to gain supplier diversity insights to share with internal procurement teams and to hear lessons learnt from some of the world’s leading corporations who are already placing supplier diversity as a key performance indicator.
Join us on 17th November at IBM London and help push the issue of supplier diversity forward. Get your ticket today.