Supplier Diversity is a proactive business process that seeks to provide suppliers equal access to purchasing opportunities. It promotes supplier participation reflective of a company's diverse customer base and the diverse business community. It also enables the company to develop new markets, new customers, and new talent in diverse communities. Vision: A growing portfolio of viable, competitive and truly diverse suppliers that provides WarnerMedia with a compelling competitive advantage in the markets that it serves. Mission: To develop a growing portfolio of viable, competitive businesses owned by certified minorities, non-minority women that will enable WarnerMedia to increasingly utilize a supplier base which truly reflects the diversity of its customer base.
The Business Case:
• Any company that expects to do business in this millenium has to understand the demographics of its customer base.
• The Minority population is the fastest growing segment in the US - projected to be at 50% as early as 2020.
• Minority and women consumers are also the fastest growing segments in the US marketplace and they are loyal customers.
• Minority and Woman-owned businesses represent a significant and growing portion of the economic pie.
• Companies that embrace diversity and establish early success in this arena will have a competitive advantage in the future marketplace.
What we stand to gain: New Sources of Supply, Cost Savings, Customer Loyalty, and Goodwill.
The following business types qualify for our supplier diversity process: Minority Business Enterprises (MBEs) MBEs include businesses that are certified by an WarnerMedia approved agency to be at least 51% owned, operated and controlled by a minority individual or group. In the case of publicly owned businesses, at least 51% of the stock must be owned by minority group members. Minorities include persons of color who are Asian Pacific Americans, Sub-Continent Asian Americans, African Americans, Hispanic Americans and Native Americans. Foreign-owned firms operating in the U.S. are not included in these categories. Non-Minority Women Business Enterprises (WBEs) WBEs include businesses that are certified by an WarnerMedia approved agency to be at least 51% owned, operated and controlled by a non-minority woman or group of non-minority women who are U.S. citizens. In the case of publicly owned businesses, at least 51% of the stock must be owned by non-minority women.
Supplier Certification is a process whereby businesses are verified as legitimate businesses owned by minorities and non-minority women.
WarnerMedia accepts and approves certification provided by various third party organizations including the National Minority Supplier Development Council (NMSDC), Women Business Enterprise National Council (WBENC), National Association of Women Business Owners (NAWBO), and various federal, state and local agencies.