Strengthening Minority Business Participation
Last month, the National Minority Supplier Development Council (NMSDC) and the Institute for Supply Management (ISM) announced a significant partnership aimed at increasing minority business enterprise (MBE) participation within both U.S. and global supply chains. This collaboration underscores NMSDC's ongoing commitment to boost supplier and business diversity, with a targeted goal of elevating the total revenue of its certified MBEs to a remarkable $1 trillion by the end of the decade.
Goals of the Partnership
The partnership is designed to implement several key activities focused on enhancing the opportunities for MBEs. These activities include:
Promoting Partnerships
One of the primary initiatives is to promote MBEs alongside corporate partners, both domestically and internationally. This approach is aimed at cultivating innovative strategies that accelerate business growth across the global marketplace, while simultaneously advancing the shared objectives of both organizations.
Fostering Economic Growth
Another objective is to grow the community of NMSDC-certified MBEs, fostering wealth creation particularly in underserved communities. By enhancing the capabilities and networks of these businesses, the NMSDC and ISM aim to empower minority partnerships.
Engaging in Collaborative Initiatives
The two organizations intend to engage in a variety of collaborative efforts. This includes hosting joint events, educational programs, seminars, and workshops that bring together their diverse memberships. Significant participation from ISM at events such as the NMSDC Annual Conference & Exchange and Business Diversity Leadership Summit is anticipated, along with NMSDC's active presence at the ISM Conference.
Enhancing Opportunities
An important aspect of this partnership is the engagement of diverse memberships from both organizations. This collaboration is aimed at enhancing opportunities for MBEs with both public and private companies, as well as various governmental institutions. Furthermore, sharing best practices and valuable insights is paramount to fulfilling the mission and vision of both NMSDC and ISM.
Access to Top-tier Training
“As we strive to further advance supplier diversity, it is crucial that our supply chain professionals have access to ISM’s exceptional training resources. This partnership empowers supply chain leaders to cultivate MBE growth and establish direct connections with diverse suppliers, contributing to a more inclusive economic landscape for all,” commented NMSDC CEO and President Ying McGuire.
Celebrating the Partnership
The formal recognition of this partnership took place during a memorable MOU signing event at the 2024 NMSDC Annual Conference & Exchange, which attracted professionals invested in diversity and inclusion within the supply chain.
Contact Information
Minority entrepreneurs and corporations interested in exploring this partnership and its benefits are encouraged to reach out to NMSDC’s senior director of MBE services and global partnerships, Jetheda Hernandez, directly at jetheda.hernandez@nmsdc.org.
About ISM
The Institute for Supply Management (ISM) stands as the first and largest not-for-profit professional supply management organization globally. Established in 1915, ISM has cultivated a community of over 50,000 members across 100 countries. Over the past century, ISM has made significant contributions to supply management and purchasing through exceptional education, certification, leadership development, and research initiatives. Thousands of professionals have achieved ISM's prestigious certifications such as the Certified Professional in Supply Management (CPSM) and the Certified Professional in Supplier Diversity (CPSD), showcasing a commitment to advancing the field of supply management.
About NMSDC
Founded in 1972, the National Minority Supplier Development Council (NMSDC) is dedicated to serving a broad spectrum of systematically excluded communities of color, aspiring to transform access to wealth-building opportunities. NMSDC’s impact extends beyond supply chain interests; it strives to empower minority entrepreneurs in achieving upward mobility and participates in fostering a diverse American economy.
Frequently Asked Questions
What is the purpose of the NMSDC and ISM partnership?
The partnership aims to enhance minority business participation in supply chains and promote diversity in business growth.
How will this partnership benefit minority entrepreneurs?
Minority entrepreneurs will gain access to resources, training, and opportunities for collaboration with larger corporate entities.
What events will be a part of the partnership?
There will be joint events, programs, seminars, workshops, and meetings aimed at enhancing supplier diversity.
What is the target revenue goal for MBEs?
The goal is to achieve a combined revenue of $1 trillion for NMSDC-certified MBEs by the end of the decade.
Who can I contact for more information about the partnership?
Individuals interested can contact Jetheda Hernandez, NMSDC’s senior director, via email.
