As U.S.-based companies extend their reach beyond our country’s shores, Supplier Diversity Program Leaders are being challenged to think critically about how their programs impact underutilized businesses across the globe.

According to Goldman Sachs, U.S.-based S&P 500 companies earn 33% of their revenue and 40% of profits from outside of the U.S. Similarly, the U.S.-based companies have seen a shift of sources of supply overseas.

Let’s cut right to the chase: The United States is the global leader in supplier diversity. 

One of the key acknowledgements of our supplier diversity programs is that there is a pool of suppliers out there full of untapped potential because they do not have access to the same opportunities that their majority-owned counterparts do. Five decades of work towards equality and equity for the United States-based diverse suppliers is paying off, allowing us to focus on an even bigger picture: global supplier diversity and the enormous potential of diverse suppliers outside the U.S.

Before we deep-dive into this topic, here are a few questions you need to ask yourself with respect to your company’s supplier diversity initiatives: 

Authored in collaboration with Ben Winter, Head of Growth & Marketing at Fairmarkit

supplier.io and Fairmarkit are excited to announce our official partnership. Over the last two months, we have had the pleasure to work closely to identify an opportunity to impact supplier diversity programs. Through our collaboration, we are committed to driving corporate spending to diverse vendors.