SUPPLIER DIVERSITY: WHY IT MATTERS, AND HOW IT LEADS TO INNOVATION

By: Evan Lucyk

At Bit Service, we talk a lot about diversity, and more importantly, why we make it such a top priority for our company. Providing excellent service and support for the community regarding the technical aspects of manufacturing and customer care is essential to us, and we are equally dedicated to supporting diversity and inclusion initiatives. . Resources are available to locate and contact Indigenous owned and operated businesses through the Saskatchewan Chamber, creating an efficient way to develop new and valuable business relationships.

There are so many reasons why supplier diversity is integral to the success, and holistic wellness, of your company. The benefits of supplier diversity even extend to the surrounding community and beyond. We explain a few of the advantages, including how supplier diversity can lead to innovation.

MAKES BUSINESS BETTER

This is a no-brainer. Think about it: No matter what business you are in and whatever you produce, your customer base is more than likely comprised of a diverse mixture of people and corporations. Companies with business practices and frameworks that reflect this diversity show that they are keenly aware and care about staying in tune with their customers’ needs and making products for them—as that changes and evolves.

When customers see a dedication to supplier diversity, they are more likely to support a company over those that do not place supplier diversity among its core principles. Not only will a company benefit by elevating its brand, but it will better the local community by contributing to its economy and overall health.

REVEALS CORE VALUES

Consumers are no longer watching to see if a company is incorporating diversity into its framework—they are demanding it. As the demographics of our population continue to shift daily, companies need to get on board and embrace that adopting diversity and inclusion are vital in creating a healthy corporate culture. And as folks are watching, what we do will reveal who we are—and what we value—as a company. At Bit Service, we are proud to be active in several partnerships that reflect our dedication to diversity, among which includes our work with the Indigenous Engagement Charter of the Saskatchewan Chamber, which we explore in further detail here.

IGNITES INNOVATION

Innovation is often inspired by the various business partners and suppliers you work with. So, logically, it goes to reason that if you have a diverse supply base of partners who are coming to the table bringing a wide array of different ideas, perspectives, backgrounds, and experiences, your company will benefit.

Peter Kiriacoulacos, Chief Procurement Officer of Comcast NBCUniversal, sums it up well in his statement praising the positive impact potential of supplier diversity: “Our Supplier Diversity Program has exposed Comcast and NBCUniversal to an entire vendor marketplace that we might never have identified before. These exceptionally talented partners have unique and niche skills that have helped us develop new products, marketing campaigns, business strategies, and more. […] These partners have truly made our business better.”

If you want to learn more about how Bit Service incorporates supplier diversity into our own corporate framework, Contact us today.