Supplier Diversity Program & Policy Statement
As sourcing and procurement expert practitioners, we have experienced first-hand the value of more diverse and inclusive supply chains. The benefits are numerous and include the following:
- Supply chains that are more open and inclusive of a broader supplier pool leads to increased competition for the goods and services we source
- Small and diverse businesses are a source of new ideas and insights that often lead to new innovations in products, services and processes
- Small and diverse businesses provide access to new markets that drive revenue growth
- Diverse suppliers also deliver economic impact in local operating markets in the form of jobs creation and growth
Supplier Diversity by the Numbers
Despite numbering half of all U.S. firms and a significant portion of jobs growth, Minority- and Woman-owned (MWBE) businesses represent approximately 7% of all revenue generated annually. That’s right! Of the $30 trillion generated annually by all firms, MWBE’s only account for a miniscule 7%. Even just a small shift in this imbalance represents a huge opportunity to drive positive change in the world. This is precisely why Supplier Diversity is so important to Corporate America and society at large.
Here at Insight Sourcing Group (ISG), we are fortunate that we get to contribute toward this important effort both through our client work via our Supplier Diversity Practice & Center of Excellence as well as through fulfillment of our internal procurement needs for goods and services.
ISG Supplier Diversity Objective
We strongly believe that promoting diversity strengthens our entire Firm and value the importance of maintaining a supplier base that is reflective of the diverse populations of the communities in which we operate. As North America’s leading procurement consulting firm, ISG is in a unique position to not only promote diversity internally, but also to help connect diverse suppliers with client needs and to help clients build and/or enhance their own supplier diversity programs. It is the policy of ISG that Diverse suppliers shall have an equal opportunity to be included in our sourcing and procurement processes. Our key objectives are as follows:
- Actively seeking certified diverse suppliers.
- Ensuring the inclusion of diverse suppliers as a part of our strategic sourcing and procurement processes.
- Communicating the value of supplier diversity both internally and externally to all stakeholders.
- Leveraging our supplier diversity to meet our client’s supplier diversity requirements.
Program Participant Qualifications
To participate in ISG’s Supplier Diversity Program, a business must be at least 51% owned, operated and controlled by member(s) from one of the following targeted enterprises or other businesses recognized by the SBA:
- Minority-owned Business Enterprise (MBE)
- African American
- Native American
- Women-owned Business Enterprise (WBE)
- Veteran-owned Business Enterprise (VBE)
- Lesbian, Gay, Bi-sexual and Transgender (LGBT)
In the context of client engagements, ISG has the ability to adjust these criteria to match a client’s Supplier Diversity guidelines and recognized qualifications.
To help ensure that our bidding opportunities reach all eligible diverse businesses, ISG works in conjunction with and accepts third-party certification from the following organizations and councils:
- Affiliates of the National Minority Supplier Development Council (NMSDC)
- Affiliates of the Women’s Business Enterprise National Council (WBENC)
- National Gay and Lesbian Chamber of Commerce (NGLCC)
- Certification from additional city, state, or Federal agencies may also apply
To participate in the ISG Supplier Diversity Program, a company must have a current third-party certification from one of the above organizations. If a company is not currently certified, but eligible for certification, we will help connect to the appropriate resources to initiate the certification process.
In the context of client engagements, ISG has the ability to adjust these criteria to match a client’s Supplier Diversity guidelines and recognized certifications.
Frequently Asked Questions
If you meet the diverse supplier requirements and would like to register a a potential vendor, complete the form here.
Supplier Diversity Commitments
- ISG is committed to increasing the commercial opportunities for Diverse Suppliers. All firm employees involved in the selection, evaluation or approval of suppliers and contractors share the responsibility of administering the policy.
- ISG, when issuing RFPs or soliciting bids for goods and services, will make every effort to include at least one Diverse Supplier in every sourcing opportunity.
- Existing major suppliers shall be asked to report their performance with respect to their own supplier diversity programs. ISG characterizes this as second-tier Supplier Diversity.
- ISG’s commitment to Supplier Diversity is not philanthropic, nor does it contradict the application of existing purchasing goals, policies and procedures. The award of opportunities to Diverse Suppliers will be based on their relative competitiveness, the value of their offerings and their demonstrated performance. No minimal thresholds or targets have been established under these guidelines. In ISG’s client engagements, clients are responsible for award decisions.
Key Focus Areas
Tracking and Reporting – monitoring and reporting our progress toward achieving our supplier diversity goals and objectives with a strong emphasis on continuous improvement.
Training and Education – helping to ensure that employees in decision-making positions throughout our organization understand ISG’s supplier diversity principles and commitment.
External Outreach Activities – seeking diverse suppliers through active involvement with national and regional minority business development organizations (NMSDC, WBENC, etc.) and participation in matchmaking, supplier development and procurement events.
Second Tier Program – working with key ISG prime suppliers to achieve supplier diversity at multi-tiered levels within our supply chain.
What We Buy
Here are some examples of the products and services purchased internally by ISG: