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Economic Impact Analysis

What impact does your supplier diversity program have on jobs, wages, taxes, and more?

 

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Economic impact is, in its simplest terms, the impact that doing business has on the economy. In the case of your supplier diversity program, it is a measurement of how doing business with small and diverse companies generates revenue and income, how it creates jobs, and how that activity impacts the local and national economy.

If you’re only sharing direct spend dollars with your stakeholders, then you’re missing a significant part of the story. It's important to show the ripple effect of investments made in diverse suppliers, which is where an economic impact analysis (EIA) comes in.

An EIA examines the effect of an event or activity—in our case, doing business with small and diverse suppliers—on the economy in a specified area, ranging from a localized region to the entire country. The four primary effects your supplier diversity program can have on the economy include:

Output Effect

A measure of revenues generated by small and diverse suppliers from being within your supply chain. In other words, your direct spend.

Income Effect

A measure of total personal income generated with small and diverse suppliers within your supply chain as a result of doing business with you.

Employment Effect

A measure of the number of jobs created by small and diverse suppliers to support business growth as a result of doing business with you.

Tax Effect

A measure of federal, state, and local business and personal taxes that are supported through your supply chain activity.

 

We offer two solutions to measure your Economic Impact. Both solutions were built to efficiently and accurately quantify your company’s overall economic impact.

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Economic Impact Summary Reports

Capture your economic impact through a CVM-crafted C-Suite brochure report. On an annual or quarterly basis, receive an executive level summary report that displays your overall community impact, breaking it down by diversity and industry category along with geographical insight.

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Online Economic Impact Reporting Solution

An unlimited access online reporting portal with customer-specific dashboards. Includes historical data, industry breakdowns, tax impact, jobs created and overall impact on a national and state basis. Use the online portal to pull reports at-will and for any purpose.

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