Elevating Business Diversity: How EMSDC Partners with Corporates for Success
By: Tricina Cash, Executive Vice President of EMSDC
In the ever-evolving landscape of corporate partnerships and procurement, the distinction between supplier diversity and business diversity has become a pivotal focus for organizations aiming to create a more inclusive and impactful ecosystem. The Eastern Minority Supplier Development Council (EMSDC) stands out as a key player, partnering with its corporate members to champion this transformative shift.
Understanding the Difference: Supplier vs. Business Diversity
While supplier diversity has long been a cornerstone of corporate social responsibility, business diversity takes this concept to a higher level. Supplier diversity primarily revolves around sourcing products and services from a variety of suppliers, often from underrepresented communities. On the other hand, business diversity encompasses a broader strategy that goes beyond procurement, seeking to overhaul relationships, perspectives, and strategies across all levels of a corporation.
EMSDC: A Catalyst for Change
The EMSDC has emerged as a leading advocate for business diversity by collaborating closely with its corporate members. Through a multifaceted approach, EMSDC is transforming the way corporations approach diversity in their operations:
1. Thinking Bigger: EMSDC encourages its corporate partners to expand their horizons. Beyond seeking diverse suppliers for individual projects, corporations are urged to envision how these suppliers can become long-term collaborators, fueling innovation and growth.
2. Optimizing Procurement: Supplier diversity often centers on compliance, but business diversity takes it a step further. EMSDC works with corporate members to help them integrate diversity into their procurement strategy holistically, aligning with their business goals.
3. Strategic Business Relationships: EMSDC fosters an environment where corporations rethink their relationships with diverse businesses. This means treating them as strategic partners rather than just vendors, driving mutual success.
4. Scaling Diversity Internally: EMSDC assists corporate members in upscaling supplier diversity practices within their own organizations. By applying the principles of supplier diversity at various levels, companies can create a more inclusive culture that resonates throughout their workforce.
5. Elevating Scope and Impact: Business diversity encourages companies to consider diversity not only in supplier selection but also in decision-making boards, C-suite positions, and across all functions. EMSDC collaborates with its corporate partners to create comprehensive diversity strategies that permeate every facet of their operations.
Conclusion
The shift from supplier diversity to business diversity represents a paradigmatic change in the way corporations approach inclusivity. EMSDC’s partnership with its corporate members exemplifies how this shift can be effectively implemented. By thinking bigger, optimizing procurement, fostering strategic relationships, scaling diversity internally, and expanding the scope of impact, EMSDC and its partners are contributing to a business landscape that not only champions diversity but also– thrives because of it. Through collaborative efforts, these champions of business diversity are setting a new standard for corporate excellence in the 21st century.
Read “PEOPLE, PLANET & PROFIT Business diversity: Supplier diversity for a new era. Business diversity reframes supplier diversity as a strategic business imperative at the core of ESG strategy” to learn more.
The mission of the Eastern Minority Supplier Development Council (EMSDC) is to stimulate and support economic development with minority-owned businesses throughout Pennsylvania, Southern New Jersey, and Delaware, in an effort to initiate growth and opportunity through Supplier Diversity channels. As an affiliate of the National Minority Supplier Development Council (NMSDC), we certify and connect MBEs with member corporations that are committed to supplier development and want to purchase their products, services, and solutions.