“Supplier diversity is not only the right thing to do, it’s a smart business strategy that helps us to bring our purpose to life for our clients, teammates and stakeholders.”
– William H. Rogers, CEO – Truist
Fast Fact: Croixstone Consulting was invited to attend this week’s Truist Tier2 Supplier Diversity Business Summit in Charlotte, NC. As a woman-owned professional services firm and a nationally-certified Women’s Business Enterprise (WBE), Croixstone was excited to participate in this dynamic event. Croixstone was represented by the firm’s CEO, Patti Weber, and Ed Ritter who leads the firm’s Risk & Compliance practice.
About Truist: Headquartered in Charlotte, Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist is a top 10 U.S. commercial bank with total assets of $555 billion as of June 30, 2023.
Truist and Supplier Diversity: Truist recently reported that its engagement with small, minority, women, and veteran-owned businesses led to over $1.7 billion in contributions to the U.S. economy and sustained more than 11,978 jobs. Last year, Truist purchased $870 million in products and services from diverse business in the US. The company’s total spend with small and diverse suppliers increased by 38.7% from 2021 to 2022.
Benefits of Supplier Diversity: In addition to being the right thing to do, there are sound commercial reasons for companies to create supplier diversity programs. Harvard Business Review cited the following benefits in an August 2020 article:
- 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;
- By providing more sourcing options, inclusiveness can make supply chains more resilient and agile – an increasingly important advantage in these uncertain times;
- The “feel-good” factor associated with diversity programs can also burnish a brand.
