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Customer and Supplier Balance Netting Topical Essay Form

Customer and Supplier Balance Netting Topical Essay Form

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- When a business in the US diversifies its supply chain, it can decrease risks, broaden its customer base, and address a staggering $44 trillion racial equity gap. But there are challenges involved. My name is Frank Palmer, and this is my Impact in Sixty. BCG worked with a US-based multinational to help it direct $1 billion into diverse suppliers, including $100 million in black-owned businesses. For a large company to increase supplier diversity, a central difficulty is finding qualified businesses with sufficient capabilities and scale. With this project, we focused on not just spending money with diverse businesses but on helping those companies to grow. This included formal mentorship agreements in which smaller diverse suppliers were paired with established suppliers as part of longer-term alliances. It's an approach that looks beyond fiscal transactions, investing in communities longer term. And that's my Impact in Sixty.

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