Supply Chain Management Review
Many corporate boards in the US are working to increase their engagement with suppliers owned by Black people, women, and other underrepresented groups. Spending on diverse suppliers rose an average of 54% between 2017 and 2020, according to Coupa, a company specializing in business spend management.
The pool of diverse suppliers has also grown substantially. Minority-owned businesses—a large subset of the base of diverse enterprises—make up 18% of all US businesses, according to the US Census Bureau’s latest Annual Business Survey.