Companies on average spend 3.6% with certified diverse suppliers—with a best-in-class average of 9.1%—and 7.5% with small and diverse suppliers, which highlights the importance of looking at consistent data, according to a supplier.io survey. Meanwhile, 80% of companies spend less than 5% with diverse suppliers, and the Top 10 diverse suppliers receive 17% of all diverse spend.
“Accurate and detailed benchmarking is critical to help us all get better and grow our supplier diversity programs. Detailed analysis and actionable insights identify a number of ways organizations can improve, building on the successes of peers across industries,” says Aylin Basom, supplier.io CEO. “We’re thrilled to share our first annual Supplier Diversity Benchmarking Report, which analyzes actual spend and empowers companies to tap into new opportunities to make meaningful improvements in supplier diversity.”
From PR Newswire:
- Specific industry results vary from half the overall industry average to more than double. The highest average spending is seen in energy (9%) and high tech (8%) and the lowest in retail (2.1%) and food and beverage (1.6%). Top-performing companies are seen to more than double their industry average, with top performers in energy achieving 27.8% spend and in high tech achieving 19.2%.
- Companies in construction (9%), admin and support services (8.6%) and educational services (8%) achieve the highest spend on specific products and services with diverse suppliers, whereas companies in arts, entertainment and recreation, healthcare and manufacturing present the greatest opportunity to invest more in commodity areas.