PSEG Courting Diverse Suppliers
NJ energy company seeks to increase spend with MWBEs
PSEG is working to expand its knowledge of diverse suppliers in an effort to increase the amount of business it awards this group. Minority- and-women-owned business enterprises (MWBEs) are encouraged to register their company with PSEG via the company’s new supplier diversity website, http://suppliers.pseg.com.
In 2007, PSEG spent approximately $125 million with certified MWBEs. This year the company is aiming to increase the number of goods and services procured from diverse suppliers to $130 million, or 10 percent of its overall spend.
“Small and diverse businesses provide ideas and perspectives reflective of the diverse marketplace thatserve,” said David Frank, PSEG’s vice president of supply chain management. “It is often the small supplier that can help us better see the big picture.”
As PSEG continues to make supporting these firms a priority, its supply chain management group continues to drive strategies geared toward increasing MWBE spend and expanding the company’s diverse supplier base.
PSEG recently introduced an on-line supplier management registration system designed to match potential suppliers with procurement needs across the company. The new database allows employees easy access to supplier information and a list of products and services they provide. To date, over 1,500 suppliers have registered online, and 25 percent of those businesses are minority- or women-owned firms.
“PSEG is proud of its commitment to supplier diversity and views it as a value-added way of doing business, as well as being a good corporate citizen,” Frank said. “Our efforts are a critical part of creating opportunities for economic growth in the communities we serve.”
PSEG has spent more than $1 billion with MWBEs over the last decade.
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