Do You Support Second Tier Sourcing?

August 10th, 2022

You should be asking all small suppliers if the qualify as a Second Tier Sourcing Option.

 

 

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

You should be asking smaller suppliers if the qualify as a Second Tier Sourcing Option.

Companies should let their customers know if they are a minority owned, partially owned, woman owned or veteran owned business. Many companies plans call for supporting these types of businesses so why not let them know. SafeSourcing is a veteran owned business.

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.

SafeSourcing is an eprocurement company that operates across multiple industries. As such we have specific experience in almost any commodity, service or capital related spend including software and development costs. Our SafeSourceIt™ Global Supplier Database is an often-used to assist companies in finding vendors that are Second Tier, please contact a SafeSourcing customer services associate.

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