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 tracking $20 Billion in Annual Spend with Small & Diverse Suppliers at a Tier 2 Level, we are confirming that our products and services have helped clients record $7.9 Billion throughout 2018. We are proud of our current pace, already hitting 39.5% 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 UniTier platform to help customers track $20 Billion in Annual Spend with Small & Diverse Suppliers at a Tier 2 Level
What does this means?: Total Tier 2 small and/or diverse supplier spend reported by Tier I Primes to their customers will be tracked for this goal.
How does this benefit the industry?: We believe that providing a streamlined solution to record Tier 2 spend for Corporations looking to track diverse and/or small business spend with their Tier I suppliers will 1) decrease reporting times, 2) improve the quality of submissions, and 3) increase the capability of supplier diversity and small business program growth.
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.