Posted on : 2023-02-24 03:29:59
Article : Good evening, Friday- Management TASK 231- Companies can unlock more value in their supplier diversity programs by including higher-growth sectors and promoting diversity across the business ecosystem. Global organizations are more focused on Women Owned Business organizations as their diverse suppliers.
Companies can unlock more value in their supplier diversity programs by including higher-growth sectors and promoting diversity across the business ecosystem. Diversity helps to create better workplaces and to support higher performance and social advancement. For business growth and business operations expansion it is usual that more of MNCs look for the needed market information through MR consultancies before taking the decision of investment for expansion activity in the chosen market zone. Similarly, few years back Strategy was offered an assignment for a client wherein we were asked to work on their need of diversity suppliers for the procurement as well as operations in Middle East. The client is a fem health care products company from western world and wanted to associate with Women Owned business organizations in Middle East.
Company understands that Women business enterprises are deemed to be better business partners as a diverse supplier due to the fact of consideration that they are more likely to work towards controlled, profitable growth with relatively little interest in merely positioning themselves for lucrative exit. They often prefer to re-invest business profits over equity investment to scale sustainably. In fact aside from these moral and ethical arguments, there are sound commercial reasons for creating supplier diversity programs.
In practice an inclusive procurement strategy widens the pool of potential suppliers and promotes competition in the supply base, which can improve product quality and drive down costs. And by providing more sourcing options, inclusiveness can make supply chains more resilient and agile — an increasingly important advantage in these uncertain times. Diverse suppliers can turn on a dime and are now considered for contracts that they would not have been otherwise due to the imperative for flexibility. one example of how that flexibility has helped during the pandemic: Minority businesses drew on their expertise in formulating and manufacturing hair products to create their own line of hand sanitizers and multi-purpose disinfectant cleaners.
Our client had an apprehension on the Women Owner business entrepreneurs willing to work as their suppliers in Middle East as the region being pure Islamic countries and may have lots of restrictions on women education, employment and business enterprising following Sharia law. In our market study for the client, we have referred our coverage on existing women owned business enterprises of Middle East region more so on Saudi Arabia WOBs which made our client to commence his operations with WOB groups successfully.
Our expressive view was- every country and region have their laws and regulations but when the world is progressing with gender equality and encouraging women empowerment, it is natural that for global business growth and prosperous progress every country will follow the suit to encourage their citizens irrespective of gender.
Please comment your perceptive views on WOBs in Middle East region with few examples before we present ours on Good Morning Monday management solution for TASK 231 post on 27th Feb 2023.
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