Progress 2020 is a formal partnership between supplier.io, Diversity Reporting Solutions, and Supplierty News to incorporate achievable goals and metrics to quantify the corporate benefits of supplier diversity and small business programs. For many years, organizations have promoted the need to support small and diverse businesses yet have never established an industry-wide project plan to expand upon a market worth well over $100 billion in annual spend.
Today, our team at Progress 2020 is releasing the status on one of our Five Commitments to help improve the supplier diversity and small business industry.
As it pertains to our goal of assisting customers in discovering at least $1 Billion in previously unidentified spend with small and diverse suppliers in there current supply base, we are confirming that our products and services have helped clients identify $600 million throughout 2018. We are proud of our current pace, already hitting 60% of our goal in the first year, and look forward to completing and exceeding our expectations of $1 Billion by the end of 2020
For our commitment, we aim to utilize the supplier.io Data Enrichment service to help customers find at least $1 billion in lost spend with small and diverse suppliers in current supply bases
What does this means?: Previously unaccounted small and/or diverse businesses located within a customer(s)’ supply chain will be identified with attributed total spend recorded.
How does this benefit the industry?: We believe that many, if not all supply chains are currently purchasing from small and/or diverse suppliers. Our objective is to identify all qualified small and/or diverse businesses not currently recognized, to help supply chain programs better understand their current supplier diversity and small business standing. This, in turn, can help a corporation develop an effective supply chain strategy for their circumstance.
Over the next 2 years, we are committed to engaging organizations and individuals within the supplier diversity and small business community to accomplish the goals set forth. Our goals are purposefully specific and measurable to create a sustainable foundation within the industry for future growth. We believe all goals included in our commitments can be completed by December 31st, 2020.