As more and more organizations look for more impactful ways to measure and market the impact of their small business utilization programs. They must find new approaches to drive the "S" of their ESG (Environmental, Social, and Governance) initiatives. The new process is Supply Chain Equity Management (SCEM).
Fortune 1000 businesses recognize that their organizations have a role in creating and maintaining racial and gender socio-economic equality. Why? As it relates to for-profit companies, racial and gender wealth inequities influence consumer confidence, increase stakeholder pressure, and enable negative competition, lower employee performance, and enhance the risk for the organization. Thus, they develop procurement goals, leverage tools, and procure goods or services from a diverse group of traditional and historically underrepresented business owners that mirror their health, safety, environmental, social, and governance principles.