Lockerbie Demonstrates How Supplier Diversity Increases Profitability

PASSAIC, N.J., Nov. 14, 2023 /PRNewswire/ -- Lockerbie & Co., a leading consulting firm, is proud to announce its continued commitment to supplier diversity and how it has contributed significantly to the profitability of their clients. As a company that values diversity and inclusion, Lockerbie recognizes that supplier diversity is not just a social responsibility but also a strategic business advantage.

Lockerbie has made significant strides in developing supplier diversity programs as a service offering for our clients looking to increase profitability. Here's how supplier diversity has led to increased profitability for our clients:

1. Access to a Wide Range of Talents and Skills: By partnering with a diverse pool of suppliers, our clients gain access to a broader spectrum of skills and expertise. This has led to innovative solutions, improved product quality, and increased efficiency, ultimately benefiting the bottom line.
2. Increased Market Share: Supplier diversity has helped our clients tap into new markets and customer segments that were previously untapped. By aligning with suppliers who understand and cater to various demographics, we expand market share and increase the customer base of our clients.
3. Enhanced Reputation: Consumers today value diversity and inclusion in the companies they support. Our clients' commitment to supplier diversity enhances their reputation as a socially responsible and inclusive organization, attracting customers who want to align with such values.
4. Cost Savings and Competitive Advantage: Supplier diversity has also driven cost savings for our clients. Competition among diverse suppliers has led to more competitive pricing, allowing our clients to reduce procurement costs while maintaining quality.
5. Compliance and Risk Mitigation: Diverse suppliers often bring a wealth of knowledge about different markets and regulations. This has helped our clients across several industries navigate complex regulatory environments more effectively, reducing compliance-related risks.

Stephanie Lokker, CEO at Lockerbie & Co., stated, "Our commitment to developing supplier diversity programs is not just about checking boxes; it's about recognizing the tangible benefits it brings to our clients. We believe that a diverse supplier base is essential for their growth, innovation, and long-term success."

Lockerbie & Co. continues to champion supplier diversity initiatives for our clients by actively seeking out and engaging with diverse suppliers, providing them with opportunities for growth and development, and fostering an inclusive business environment.

For more information about Lockerbie & Co. and our supplier diversity services, please visit www.letsgetstrategic.com.

Contact: sales@letsgetstrategic.com

SOURCE Lockerbie & Co.