Today’s executives see great benefits from their partnerships with diverse, minority firms. As one of those firms, Computech Corporation has developed DiversityTraX to provide a robust and cost-effective solution for companies to manage their diversity spend and for minority companies looking for new opportunities.
Our executive team has served in leadership positions on various Diversity Councils nationwide, and having been on both sides of the spectrum, we understand how it feels to be a Prime Supplier AND a Tier 2 Suppler. We have turned this knowledge into the technical platform called DiversityTraX; an easy to implement and use software product and service that will track and manage a company’s diversity spend and the essential reporting.
What is Supplier Diversity and the Supplier Diversity Program?
Supplier Diversity is a strategic business process with the intent to provide minority companies an equal opportunity to become suppliers to major corporations across the United States and Canada. It is a voluntary initiative by many Fortune 500 companies to ensure they include suppliers of diverse backgrounds in their supply chain. The program helps them capitalize on the opportunity for competitive advantage and community engagement that comes from working with a broad range of diverse suppliers.
A Supplier Diversity Program is a proactive business effort that encourages the use of diverse suppliers including; minority-owned, women owned, veteran owned, LGBT-owned, disabled veteran owned, historically underutilized business, and small businesses as defined by the Small Business Administration (SBA). Though not directly correlated with supply chain diversification, implementing a program to increase the use of these suppliers will enhance a company’s supply chain diversification.
Supplier Diversity Programs recognize that acquiring products and services from previously under-used suppliers helps to sustain and progressively transform a company’s supply chain and a community. Using a product like DiversityTraX helps capture the activity of the diversity spend and records the transactions with diverse suppliers that helps to quantitatively reflect the demographics of the community in which a company operates.