Strategic Sourcing: Why it's important.

Leveling the playing field. This is a term we’re using a lot at FIG. It’s also a term that over the last nine months has become a standard phrase for corporate America. But let’s talk numbers, shall we? The spirits industry alone generates over $82 Billion dollars a year. That’s just spirits! Vodka, Gin, Rum, Tequila - basically, the usual suspects. And less than 4% of that revenue is generated by disadvantaged businesses. (BIPOC, disabled, veterans and LGBTQ) Less than 1% is generated by women-owned businesses. This is what FIG means by “leveling the playing field.”

If corporations don’t actively decide to purchase from these suppliers, it will take over 150 years for that 4% to reach 10% and another 50 for that 1% to reach 5%. Those numbers don’t sit well with us. Perhaps because we’re a woman-owned business or because we’re black-owned business. But the truth is that we know how hard it is to work your ass off and compete in a world that chooses not to see your talent.

This is why strategic sourcing is a solid solution. Corporations make the decision to commit a percentage of their purchasing budget to disadvantaged suppliers. These companies then have the chance to prove they’re just as good as the big players by generating sales for the buyers and creating an opportunity for long-term growth. This is also an actionable solution for diversity and inclusion initiatives. It’s a win-win.

And that is why at FIG, we’ve developed a targeted strategic sourcing program that creates mutually beneficial relationships between supplier and corporate partner. Learn more about our program and mission to change the beverage industry!