Realizing a more progressive business strategy often comes down to thinking about the management of any organization. In a world marred by disruption, the value of working with a diverse company is absolute with 30% of organizations actively pursuing diversity programs, including diversity among technology suppliers, reports Marina Mayer of Supply & Demand Chain Executive. And more companies are turning to women in the supply chain to find success. In fact, this is part of what's setting the stage for the next supply chain revolution. Meanwhile, Intelligent Audit, now led by CEO Hannah Testani, is certified by the Women's Business Enterprise National Council (WBENC) as a tier 1 diversity spend supplier. Such a recognition naturally invokes the need to create a more diverse business structure that can think outside of the box. Let's take a closer look at how partnering with a WBENC-Certified business can improve operational efficiency and yield strong benefits.
As noted by the US Chamber of Commerce, minority businesses have created more than 4.7 million jobs over the past 10 years and grown to comprise 50% of new businesses as well. Such economic strength and prowess tend to accompany core tax benefits. Some states may allow a minority-owned business to reap certain tax benefits and other incentives. Many of these programs operate on the state level, but there are additional incentives through the small business act of 1953.
For example, Georgia offers income tax credits for organizations that work with minority-owned businesses. In other words, today's shippers and supply chain leaders could realize potential tax savings simply by working with a company like Intelligent Audit beyond the typical savings of working with a world-class freight audit and IT provider.
Another benefit of working with a WBENC-Certified business is even stronger. Organizations that partner with such organizations and women in the supply chain tend to have stronger ROI values then there male-led counterparts. While exact statistics vary based on industry, vertical, regional differences and beyond, overall ROI rates for working with a business owned by the women in supply chain management tend to easily surpass 100%. That alone is enough of a talking point to increase shareholder support for working with more women in supply chain circles. Is an exceedingly simple principle and can help organizations realize more profitability throughout the age of everlasting disruption.
Take a moment to think about all the obstacles and hurdles throughout the supply chain that traditionally capped women in supply chain management to a finite and one-off position. Change is difficult, but the women in supply chain management over recent decades have thought tirelessly to overcome these hurdles, and part of that means getting creative and thinking outside of the box to figure out solutions that have been overlooked. Minority-owned businesses have had to work two, three, or four times as hard as their counterparts to achieve the same level of success, but that level of success is not a threshold. Instead, it is only the beginning, and minority-owned businesses tend to yield a stronger ROI by creating a faster turnaround time on core projects and continuously adding value. It is all about the need to fulfill a promise to do just as well as the traditional leadership could and amplify it.
In recent years, many companies have undertaken additional environmental, social and governance (ESG) goals. While sustainability remains among the top hot topics in this realm, social and governance changes to corporate structures are driving companies to invest in more diverse partnerships. That includes investing in women-owned and minority-owned businesses. In the supply chain, this trend is largely evident by retailers that have committed to additional diversity programs, encouraging more women in supply chain management and traditionally masculine roles. The simple reality is that the supply chain is evolving and becoming a more welcoming place for all peoples, and companies are actively pursuing an investing in that vision.
As noted by The Hackett Group, "by 2025, companies expect a more than 50% increase in their diversity spend goals, with an average target of 13% of their spend dedicated to companies across a wide range of under-represented diversity groups. While the list can vary globally, most organizations include one or more of the following categories: minority-owned, women-owned, veteran-owned, service-disabled veteran-owned, historically underutilized business-zone located businesses, LGBTQ-owned businesses, and indigenous businesses."
Partnering with a WBENC-Certified business is much easier than many realize. It's a designation that's widely discussed and can help your organization achieve more meaningful cost reductions and overall profitability, and Intelligent Audit now carries this designation too. It's time to stop living in the past and become a next-generation supply chain by turning to women in supply chain management organizations like Intelligent Audit to find new ways to cut costs, build more value and create a more diverse transportation network. Connect with Intelligent Audit to get started today.
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