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TRENDS BEYOND THE SPEND
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. Diverse spending is highly concentrated, which may be a risk: 80% of companies spend less than 5% with diverse suppliers, and the top 10 diverse suppliers receive 17% of all diverse spend.
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 more than 27% spend and in high tech achieving over 18%.
A survey by Gartner and the Association for Supply Chain Management found that size does matter: 44% of supply chain organizations with more than $5 billion in revenue had formal diversity, equity and inclusion (DEI) targets.
The number dropped to 25% for large companies with $1 billion to $5 billion in revenue, 31% for medium companies down to $100 million, and just 10% for those with less than $100 million in revenue.
Over 16 million households now saving $500 million per month, thanks to the Affordable Connectivity Program (ACP) Vice President announces over $175 million for Minority Serving institutions to connect more young Americans with affordable, high-speed internet.