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 10,000 Small and Diverse Supplier Tier 2 Engagements, we are confirming that our products and services have helped clients track 17,687 Diverse engagements (no duplicates across any customers) in 2018. We are proud of our current pace, already surpassing our 2020 goal by almost double completing 170% in the first year, and look forward to doubling and even tripling this number next year.
For our commitment, we aim to utilize the UniTier platform to track the Tier 2 reports, in which, at least 10,000 small and/or diverse suppliers will be included across all reports.
What does this means?: Total Tier 2 small and/or diverse suppliers reported by Tier I Primes to their customers will be tracked for this goal.
How does this benefit the industry?: We believe that, in addition to providing spend data, understanding the number of suppliers utilized to obtain these dollar amounts is just as important (e.g. within the industry, it is important to understand if organizations are spending money with 10 or 100 suppliers to hit $1 million in Tier 2 Spend).
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.