Supplier diversity programs have been a hot topic for some time now. While the need for minority-owned and diverse supplier programs at most companies has only recently begun to take shape, the growth has been astronomical. In fact, a study done by CAPS Research states that 71.79% of organizations expect their total supplier diversity program spend to increase greatly within the next two years. ('Measuring Supplier Diversity Program Performance', March 2012)
Even though support for diversity programs has been rising, there is still some hesitancy from businesses to develop them. This reluctance is often due to inaccurate perceptions regarding the value they can offer a company, but these myths are often easy to debunk.