Supplier Diversity is the intentional inclusion of historically underutilized businesses in a company’s supply base to achieve innovation; cost reduction; and revenue growth objectives. This may include businesses owned, operated and controlled by: ethnic minorities, women, LGBT, veterans, disabled and others.
For many years, supplier diversity was thought of a social program that was about doing the right thing. Now with consumers knowing more than ever about the brands that they buy, they are demanding that corporations demonstrate that they embrace diversity. Supplier diversity has become an important business strategy that provides an avenue for:
Capital One is committed to making supplier diversity an integral part of the way we do business---creating mutually beneficial relationships with certified diverse owned businesses. We seek to identify and encourage diverse businesses to compete for our commodities and services throughout the Capital One enterprise. The goal of our program is to include qualified diverse enterprises in every sourcing opportunity. In addition, on projects that are awarded to non-diversity suppliers, we expect these suppliers to demonstrate their commitment to a diverse supply base by including diversity business partners when opportunities exist. We have a team of associates dedicated to establishing relationships with diverse suppliers in the communities where we operate.
Capital One utilizes several approaches to identify certified diverse suppliers that can complete for our opportunities. We leverage organizations that seek to advocate for and to connect diverse suppliers. As corporate members, we have access to databases that supplement our face-to-face interaction at various events.
A certified diverse supplier demonstrates to an independent organization (non-profit, government), that their business is at least 51% independently owned and operated. In the case of a publically owned business, at least 51% of the stock must be owned by one or more diverse owners. Eligibility for certification is typically established through a combination of screenings, interviews, and site visits.
Certification is an important tool that authenticates that a supplier is owned, managed, and controlled by a qualifying diverse group. National organizations such as National Minority Supplier Development Council (NMSDC), Women’s Business Enterprise National Council (WBENC), National Gay & Lesbian Chamber of Commerce (NGLCC), and US Business Leaders Network (USBLN) offer certification services that we leverage.
While certification is not required to do business with Capital One, we strongly recommend certification so that the supplier can become part of our Supplier Diversity program. If a supplier is not certified, we do encourage them to become certified with one of our partner groups.
We accept certifications from organizations that have a process that is rigorous and that is well documented. The certification process must require a supplier be 51% owned and operated by an individual that is ethnic minority, woman, disabled, veteran or LGBT. The process should include an onsite visit for verification and annual re-certifications. Any agency that meets these standards will be accepted as a viable certification source.
We promote diversity growth in Capital One's supplier base through the following process:
Work with sourcing to identify upcoming, non-production and production procurement opportunities.
Identify qualified, diverse suppliers to participate in upcoming procurement opportunities.
Screen identified diverse suppliers to determine whether a match exists between suppliers' capabilities and business requirements.
Refer the identified suppliers to sourcing to be included in the request for information (RFI) process.
Based on the information received, sourcing will then review and make a decision to include you in the request for proposal (RFP) process. This process will allow you to view in detail the scope of the project and submit a bid for work.
If you are already registered, your profile has been received, and if there's any opportunity for your product or service, you will be contacted. Please note that you can and should keep your company's profile updated with current information at all times.
No. Registration provides us with your company's vital information so that we can match your company to potential opportunities. You will be contacted should an opportunity become available which matches your company's product or service offering.
If your company has not been contacted for a potential procurement opportunity, either the opportunity has not yet occurred, we do not have a need for the product/service your company provides, or a match between your company's product/service and our procurement needs has not been identified.
We will go through a screening process with a representative of your company to determine whether a match exists between capabilities and business requirements. If a match exists, we will host a meeting between your company and the commodity manager for your product/service. If we determine your company's capabilities are aligned with our business requirements, your company will be invited to competitively bid for a business award.
Capital One believes that suppliers who are diverse or suppliers who subcontract work to diverse suppliers are a great asset to Capital One. Capital One's Second Tier Suppliers are subcontractors and/or suppliers used by a Capital One preferred supplier to provide products and/or services under their Capital One contract.