IT giant Intel has announced a commitment to spend $100 million with women-owned businesses around the world over the next three years. The announcement was made at the 2017 Global Citizen Festival in Hamburg, Germany, alongside IBM and Pfizer, who made similar commitments.
IBM, Pfizer and Intel have collectively committed to source $300 million through their supply chains from women-owned businesses. According to Intel, inclusive sourcing in its supply chain can help to foster economic empowerment within underrepresented minority groups.
“Diversity and inclusion are critical underpinnings to our constantly evolving culture at Intel. They accelerate our ability to consistently innovate and drive the business forward. Supplier diversity adds tremendously to our competitive advantage while stimulating growth in a global marketplace,” said Barbara Whye, Chief Diversity and Inclusion Officer and Vice President, Human Resources, Intel.
Earlier in 2015, the company had made a commitment to increase spending with diverse suppliers to $1 billion annually by 2020. It claims that it is integrating supplier diversity throughout its procurement processes so that diverse-owned businesses will have greater opportunity to compete for business.
Furthermore, it is also sponsoring diverse entrepreneurs around the world to attend special educational programs focused on helping diverse businesses. There are currently 18 countries included in Intel’s global diverse supplier program.
In January 2015, Intel set a goal to reach full representation of women and underrepresented minorities in our US workforce by 2020. The company committed $300 million to support this goal and its broader goal of improving diversity and inclusion in the entire technology industry.