Supplier.io, the market-leading provider of supplier intelligence solutions, just released its 2024 Supplier Diversity Economic Impact Report, showcasing how partnerships with small and diverse suppliers are fueling economic growth and creating jobs worldwide.
The analysis reveals $168 billion spent directly with these suppliers generated a total economic impact of $303 billion, underscoring the far-reaching power of inclusive procurement. The report also celebrates companies that are setting new standards in responsible sourcing with the second annual Supply Chain Diversity Excellence Awards.
“At Supplier.io, we believe that empowering businesses with advanced supplier intelligence not only enhances their operational resilience but also significantly mitigates risks,” said Aylin Basom, CEO of Supplier.io. “Our platform provides critical insights that drive efficiency and innovation, enabling companies to find and invest in small and diverse suppliers. This approach helps build stronger, more reliable supply chains. Consequently, it supports robust economic growth and job creation globally. Through our Supply Chain Diversity Excellence Awards, we honor organizations that demonstrate an outstanding commitment to these principles, thereby enriching the global marketplace through informed and inclusive procurement practices.”
The companies featured in Supplier.io’s 2024 Economic Impact Report, including this year’s Supply Chain Diversity Leaders, collectively supported more than 710,000 direct jobs and contributed $60 billion in direct wages through their investments in small and diverse suppliers. These purchases created a ripple effect, supporting over 1.4 million jobs and driving $105 billion in total income when factoring in direct, indirect, and induced economic impacts – demonstrating how every dollar spent with small or diverse suppliers generated $1.80 in broader economic value. Supply Chain Diversity Leaders by Economic Empowerment levels include:
- 40K+ Jobs: CVS Health
- 20K+ Jobs: Cummins, JPMorganChase & Co., Pacific Gas and Electric Company (PG&E)
- 10K+ Jobs: Cencora (formerly AmerisourceBergen), Eaton Corporation, Exelon Corporation, Health Trust Purchasing Groups, Southern California Edison Company, Truist
“Cummins continues to impact job creation from working with Tier 1 suppliers,” said Helena Hutton, Senior Director of Global Responsible Sourcing at Cummins. “This impact on local communities continues to develop stability with our suppliers and their suppliers in turn. We are proud of the 20,000 jobs created just in this year.”
This year, the Supply Chain Diversity Excellence Awards also introduces a new category honoring companies that achieved significant growth, supporting at least 50% more jobs year-over-year. American Water, State Street and Point32 were recognized for this award.
“We are honored to receive the Supplier Diversity Champions award from Supplier.io, recognizing the significant growth and impact of State Street’s Supplier Diversity Program,” said Chris Stanley, Global Head of Supplier Diversity at State Street. “This is a testament to our commitment to fostering economic empowerment and driving meaningful change through inclusive procurement practices. Being acknowledged as one of the top programs growing impact in the U.S. is both a validation of our efforts and an inspiration to continue advancing opportunities for diverse businesses. This award reflects the collaborative efforts of our team, our partners, and our diverse suppliers, who together make this progress possible.”
View the 2024 Economic Impact report here. For insights into key trends and strategies for supplier diversity and procurement in 2025, register for Supplier.io’s webinar with CEO Aylin Basom and Chris Sawchuk from The Hackett Group here.
To learn more about how Supplier.io can demonstrate your program’s impact on the communities you serve, visit www.supplier.io and request a complimentary demo today.