Simplifying US Federal Diverse Spend Reporting

Simplifying US Federal Diverse Spend Reporting

Build and Expand a Diversity Program Across the Workplace, Marketplace, and Supply Chain

It’s that time of year when all US Federal suppliers are breathing a sigh of relief at having submitted their 2022 diversity reports.  While it may feel like a much-deserved moment of rest, it is also an excellent time to consider how to simplify this process for next year. Take advantage of the fresh memory of where the bottlenecks, delays, and pain points were in the process. Also, a good time to consider how the current program needs to account for shifts in US Federal goals and overall diversity strategy trends.

The US Federal Government is the largest global consumer of goods and services. It spends close to $600 billion each year. The Biden-Harris Administration committed to a goal of increasing the share of this spend that goes to small, disadvantaged businesses (SDBs) to 15% by 2025. This represents a 50% increase from the prior portion. In addition to this focus on direct contracts with SDB, the US Federal Government has contractual obligations with their suppliers to meet specific tier 2 diverse supplier spend. Healthcare and pharmaceutical companies have been long-standing diversity spend champions due to these contractual commitments. The US Federal Government continues to set the bar for diverse spend across almost all industries.

Given many industries rely on US Federal work, Supplier Inclusion & Diversity Programs are now common, but many organizations continue to struggle with finding appropriate diverse vendors, aligning expectations and goals with new diverse vendors, and tracking certification updates and spend. iQuantum Diversity can help organizations get a formal program started or help achieve that next level of maturity and effectiveness.

  • Government Reporting – generate US Federal Government reports with ease
  • RFx Concierge – meet vetted and matched diverse suppliers
  • Discovery – search for diverse suppliers based on desired criteria including diversity certification, location, supplier category, and more
  • Catalog Ordering – purchase common supplies from diverse suppliers
  • Economic Impact Analysis – show positive diverse spend impact

Current diversity strategies now transcend workplace inclusiveness, marketplace, and supply chain. It’s important to determine how best to drive efficiency and effectiveness in your diversity program to meet your goals and maximize your economic impact.