Source : Procurement Leaders
For the third consecutive year in a row automotive giant Ford has exceeded its goal of sourcing 10% of its US production and non-production purchases with suppliers from a diverse background.
In 2011 Ford spent $5.08bn with tier-one minority owned suppliers, an increase of 34% from 2010 when the company spent $3.8bn.
In addition to this Ford spent a further $1.06bn with supplier owned by women, which represented a significant increase on the $866m spent with these suppliers in 2010.
Tony Brown, Ford group vice president for global purchasing, said "Our commitment to minority suppliers remains a top priority.
"At Ford, we believe a diverse supply base provides an opportunity to gain a competitive advantage in a constantly changing multicultural global economy," he added.
Ford are also making significant progress with its Joint Technology Framework (JTF), a programme aimed at improving suppliers technical expertise.
"Diversity is a business imperative at Ford Motor Company and we believe having a diverse supply base helps Ford harness the best innovative technology and cutting-edge ideas," said Brown. "The Joint Technology Framework initiative is in line with the overall vision and mission of our Supplier Diversity Development programme and Ford’s vision to Go Further."