MBN USA

October 25, 2022

UnFollow View Profile Send Message Copy Link

UnFollow View Profile Send Message Copy Link

Margo J. Posey - 2022 Global Supply Chain Diversity, Equity and Inclusion Hall of Fame

Q: When and why did you become a champion for supplier diversity and minority business development?

A: Becoming a champion for minority business development is not generally something you wake up and decide to do. My career journey of insurance, banking and corporate relations did not expose me to minority business inclusion. 

As a small-business owner, I was introduced to supplier diversity by my corporate client who wanted to justify the reporting of supplier diversity to [human resources] from procurement. My task challenged me to research and review corporate supplier-diversity initiatives nationally — on structures and reported success. 

I began to understand the impact supplier diversity can have within an organization and on our communities, economy and nation. I had the opportunity to take the helm of the Dallas/Fort Worth Minority Business Development Council, and I have not looked back.

I have used my skills and influence over the years to help craft advocacy messaging that implores corporations, public agencies, public representatives and minority-owned businesses to utilize [minority business enterprises (MBEs) in their supply chains and business units. 

I have met amazing individual business owners and supplier-diversity professionals that make my work worthwhile. It’s more than the right thing to do; it is the financially sound business imperative that builds businesses and grows our economy. 

Q: What do you see as the greatest challenges and opportunities for MBEs?

A: The greatest challenge for MBEs is still getting a seat at the table or creating their own table. Despite the intense publicity by corporations surrounding the George Floyd murder and the push for more supply-chain diversity and corporate contract inclusion, utilization of MBEs in sustainable, profitable areas of the supply chain is exceedingly challenging.

Advocacy groups like D/FW MSDC and the newly codified permanent [U.S. Department of Commerce] Minority Business Development Agency must work together to push for identification of areas of opportunities early enough in the process so MBEs can plan, act and react. 

Once areas of opportunities have been identified, MBEs must be willing to transition into these more profitable pockets through alliances, partnerships and joint ventures. This transition means an investment in themselves, their teams, their processes and competitive innovative solutions. 

We must all be intentional and accountable in our actions to support and help build billion-dollar minority-owned businesses. Building minority business wealth benefits and strengthens our entire economy and nation.

Q: What must MBEs do to participate in emerging technologies like artificial intelligence, Internet of all things (IoT), metaverse and the globalization of supply-chain delivery?

A: As the world changes and the emphasis grows surrounding recent technology, MBEs must prepare to participate. They must ascertain knowledge in the growing areas of technology — AI, IoT, metaverse, globalization, etc. The Infrastructure Investment and Jobs Act — a once-in-a-generation investment — will rebuild America’s roads, bridges and rails; expand access to clean drinking water; ensure every American has access to high-speed internet; tackle the climate crisis; and advance environmental justice. 

Technology will play a huge part in ensuring innovation and efficiencies in the delivery of products, services and infrastructure competitiveness. MBEs must be integrated and utilized within these opportunities. 

Additionally, MBEs must take advantage of educational opportunities, mentoring programs and industry-specific programs that will connect them with the required technologies. Also, MBEs must bid on opportunities as they become available. Failing to win a bid provides insight on weaknesses but — more importantly — factors to win future bids. 

Lastly, MBEs should be vocal and visible. Attend events, conferences and industry forums that can help grow knowledge, opportunities and relationships. There are numerous MBEs currently in the technology space. My job is to help them identify and connect to areas of opportunities that will solidify their positions in this space.

Q: What would you like your legacy to be as a champion of supplier diversity?

A: The Dallas Fort Worth Minority Supplier Development Council began a 1%-Plus MBE spend utilization initiative in 2022. The impetus for this initiative was a study commissioned by the Michigan Minority Supplier Development Council and conducted by supplier.io Inc., which indicated it will take minority-owned businesses 333 years to achieve revenue equity with white-owned businesses in the U.S. at the current rate of growth. By increasing spend with MBEs by 1%-plus over the next 15 years, we can reach racial economic parity. We do not have 333 years to get things right.

With a renewed emphasis on racial equity and supply-chain inclusion during the last two years, D/FW MSDC decided now is the time to update its strategic direction. I would like my legacy to be one that sees this initiative flourish locally, grow nationally and vigorously meet the 15-year goal. 

To learn more about the DFW MSDC, visit dfwmsdc.org.