On June 13th, the Greater Boston Chamber of Commerce held its 3rd Annual Pacesetters Supplier Diversity Award Ceremony, recognizing leaders in the Commonwealth advancing supplier diversity within their companies and throughout the Greater Boston area.
David Cho, Chief Procurement Officer, was recognized as the Pacesetters’ Champion of the Year.
President Meehan expressed his pride in the University's achievements, stating, "David and the entire team have worked tirelessly to improve the University's overall procurement operation, with a key focus on increasing supplier diversity and driving efficiency and effectiveness. Since we hired David as the University's first CPO in 2019, our annual spending with diverse suppliers has doubled. We've accomplished this while leading an Efficiency & Effectiveness (E&E) program that is on track to save more than $120 million."
How did UMass get here?
In 2019, UMass embarked on a journey to centralize the University's purchasing processes. This shift not only achieved cost-saving but also allowed for better tracking and influence over how funds are allocated. Through policy change and processes that encourage supplier diversity and tier 2 spending, UMass has significantly enhanced its economic impact and support for marginalized communities.
In FY19, diverse suppliers accounted for 5.5% of UMass's spending. Today, we have nearly doubled to 10%, representing $102 million, with projections reaching 11% by the end of the current fiscal year.
During his acceptance speech, David shared, “Obtaining contracts is a form of obtaining access to economic empowerment, where owners from historically underrepresented communities can obtain the tools, the IP, the encouragement that they are wanted and needed – that’s where UMass is headed to serve.”
David also spoke about what the award represented: "This award is recognition for this remarkable UMass team that encompasses everyone from procurement to our office of general counsel, IT, Academic Affairs and across administration and finance and, most importantly, our campus partners. In other words, this takes a flippin’ village once our leadership made the call to action."
Congratulations to David Cho, UPST, and the entire UMass community! Our efforts help solidify UMass as a leader in supplier diversity and economic inclusion within the Commonwealth.
