Published  9 MIN READ

Embracing Supplier Diversity: Treasury Lessons from Facebook and GSK

By focusing on the diversity and inclusion elements of external relationships within the supply chain, corporates can create additional value and efficiencies. Here, treasurers are being urged to ‘roll up their sleeves’ and get involved in this potentially transformative process. 

With diversity and inclusion (D&I) now well established on the corporate agenda, and companies continually improving representation at board level and within senior management, businesses are turning their attention to promoting D&I externally.

Tom Lutz, Senior Vice President, Chief Procurement Officer, at U.S. Bank comments: “What corporations are waking up to is that ‘doing’ diversity, equity and inclusion well takes the entire organisation – and it takes the entire supply chain.” He continues: “It’s not only about the money that you spend, it’s about the relationships that you build, develop and cultivate, it’s about the networks that you create. Our neighbourhood of Minneapolis and Saint Paul is home to a number of corporations including 3M, UnitedHealth Group, Target, and Medtronic, all globally known organisations, and as we work with the diverse supplier community, we can – and are – creating development opportunities as a result of this collaboration.”

Tom Lutz
Senior Vice President, Chief Procurement Officer, at U.S. Bank