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Economic Development
Understand your markets and stakeholders more deeply to hone demographic alignment, unlock new growth, stay compliant, and reduce risk.
Explore our Case Studies:
Economic Development
Understand your markets and stakeholders more deeply to hone demographic alignment, unlock new growth, stay compliant, and reduce risk.
Explore our Case Studies:
Regional Economic Development Organization
Scenario
Regional economic development org focused on overcoming the racial wealth gap through building an ecosystem of diverse suppliers for Tier 1 companies
Client Challenge
CEO of economic development organization is focused on overcoming the racial wealth gap and socioeconomic challenges in the region by collaborating with Tier 1 enterprises to “re-shore” their suppliers with diverse businesses. Organization and its member companies need rich diversity data on the region and nationally to execute on its strategy and provide ongoing analytics to track performance across the ecosystem.
EQ Solution
Rich data and AI-powered analytics will enable each company to evaluate its current supplier portfolios from a demographic standpoint and begin recruiting diverse businesses into the ecosystem. Furthermore, EQ’s platform will enable each company and the regional development organization to track progress for a fraction of the $1M+ cost of building a bespoke system.
A dashboard that optimizes decision making
Procurement portfolio
Profile of current spend on suppliers expressed as an impact portfolio, with detail on diverse businesses (e.g., MWOB, SDVOB) as a portion of total spend, payroll impact on diverse employees, median income vs. industry avgs in region.
Actionable insights
Evaluate opportunities to expand supplier diversity by understanding availability by geo/ industry/ company size and devise a plan for focused recruitment with economic development partner.
Impact tracking
Evaluate socioeconomic KPIs across the region as the program achieves change with Tier 1 enterprises, evaluating impact on employment, pay equity, home ownership, and other health-wealth metrics.
Turn insights into action and impact!
Quantify portfolio
understand current state economics and impact.
Devise strategy
for each corporate member based on targeted procurement from > to ratio.
Track dynamically
by member and collectively across the ecosystem.