By Joshua Maley, CEO Theorem - Minority Business Owner (MBE)
For decades, companies have worked toward a fairer workplace that better reflects the communities they serve, not just through targeted recruitment strategies, but also their supplier diversity programs.
Representation in business has a meaningful impact on racial, societal, and economical inequalities, and organizations want to do more and show their impact—but don’t always have the visibility or tools they need to feel confident that their goals are being met and shared.
That’s why we’ve designed new features that highlight the diversity of providers available through Theorem.
We know representation is a priority for many of the law firms and in-house legal departments looking to engage with new technology vendors. Businesses clearly want to ensure their outside counsel align with their goals and are actively seeking out new legal services providers who act on those commitments. At Theorem, we’re dedicated to ensuring our #legaltech ecosystem is a place where all professionals can compete on a level playing field and have opportunities to do incredible work. We’re putting the market in #legaltech marketplace!
Here’s a look at how these enhancements can help move your company forward.
Better visibility into business diversity on Theorem
Supplier diversity is an intentional commitment by an organization to find vendors that are majority-owned (at least 51%) by one or more individuals from groups that are traditionally underrepresented in business.
We have deep appreciation for clients who are committed to diversifying their vendor sourcing practices and want to help you reach your goals. To boost visibility into the vendors you work with and close the gap between intent and action, Theorem is making it easier to quantify/qualify procurement decisions:
● We’ve redesigned the profiles of U.S.-based vendors so vendor teams can recognize diversity-related certifications they’ve obtained.
● We’ve revamped search so companies can filter for diversity-certified businesses.
● We’re allowing in-house departments to quickly assess a firm’s supplier diversity based on their technology stack
Our initial launch allows vendors to provide business-level diversity certifications and receive a badge on their listing(s):
● Minority-owned, certified through National Minority Supplier Development Council (NMSDC)
● Woman-owned, certified through Women’s Business Enterprise National Council (WBENC)
● U.S. veteran-owned, certified through National Veteran Business Development Council (NVBDC)
● Disability-owned, certified through Disability:In
● LGBTQ+-owned, certified through National Gay & Lesbian Chamber of Commerce (NGLCC)
Subject to change*
For consistency and veracity, many corporate policies require diversity certification. Our current efforts use widely recognized U.S.-based third-party certifications—and we’re looking to expand this effort to include global practices in the future. Theorem does allow businesses to self-identify.
The business case for vendor diversity and inclusion
Making representation a priority when choosing your service providers isn’t just about social responsibility. It can also boost an organization’s ability to adapt, innovate, and access the talent they need as they increase their total addressable market.
In an article for Harvard Business Review, supply chain management experts used interviews and analysis to highlight why embracing diverse opinions, perspectives, and experiences can be so powerful:
“An inclusive procurement strategy widens the pool of potential suppliers and promotes competition in the supply base, which can improve product quality and drive down costs. And by providing more sourcing options, inclusiveness can make supply chains more resilient and agile—an increasingly important advantage in these uncertain times.”
Find the diverse talent you need for your next #legalinnovation initiative on Theorem today.