Second Tier Sourcing

April 12th, 2022

How does your company achieve minority owned spending goals?

 

Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc.

Second Tier Sourcing is a procurement policy that is used by various Fortune 500 corporations. This is a practice of rewarding suppliers for attempting to achieve minority-owned business spending goals of their customer(s).

The program was created by the Chrysler Corporation in 1993 and now extends throughout the Fortune 500. In 2005, Toyota set a goal of 10% for their suppliers and holds an annual matchmaking event to help their suppliers achieve those goals.

The SafeSourcing Supplier Database with over 450,000 suppliers contains the information necessary to support your minority-owned supplier search criteria.

If you’d like to learn more about how SafeSourcing goes about holding your supply chain accountable, please contact a SafeSourcing customer services associate

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