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IBM Supplier Connection helps America’s small businesses gain access to large company supply chain spending so they can grow and create new jobs. This free service offering small businesses “one-stop shopping” is powered by the IBM SmartCloud and streamlines the procurement process for both buyers and suppliers. More than 3,500 small companies already are connected to nearly 30 large-company buyers through Supplier Connection. In 2013 alone, participating corporations spent more than $1.5 billion with small businesses registered on Supplier Connection.
Last week, IBM was pleased to meet with President Obama to discuss his SupplierPay initiative to speed payments to small businesses, and contribute our expertise on building healthier supply chains and strengthening relationships between small and large businesses. The President’s SupplierPay initiative recognizes the importance of small business to the nation’s economy. The initiative calls upon large enterprises to provide financing help to their small suppliers and to pay them faster so they can grow and create more jobs.
In addition to IBM, the White House has enlisted 25 companies from the beverage, finance, health care, manufacturing, retail, technology and other sectors to commit to paying their small suppliers faster. With small businesses employing 50 percent of America’s workforce and creating nearly two-thirds of new jobs in the U.S., helping them gain access to major accounts and collect the funds they need to operate and grow is essential.
Firms that connect with large company supply chains grow revenues by an average of 250 percent, and increase their workforces by an average of 150 percent within two years. Now, with Supplier Connection and President Obama’s SupplierPay initiative, small businesses have an even better chance to break into new markets and consistently receive the working capital they need to invest, expand and hire.
Stanley S. Litow is IBM’s Vice President of Corporate Citizenship & Corporate Affairs and President of the IBM International Foundation.
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