Embrace supplier innovation as a strategic imperative, and embark on a journey towards innovation excellence and collaborative success.
In today's challenging and rapidly evolving business landscape, supplier innovation is not only a key driver of competitive advantage and sustainable growth for many organisations, but also a critical lever in helping organisations remain relevant in response to changing business or consumer demands.
Supplier innovation refers to the process of harnessing the creativity, expertise, and resources of external suppliers to develop new products, services, or processes. It represents a strategic approach to tap into external knowledge and capabilities, thereby enhancing competitiveness and fostering long-term partnerships. To deliver against key goals in an increasingly challenging business landscape, enterprise organisations are turning to their supply chain to source innovative ideas and solutions. By tapping into expertise from existing supplier relationships, or forging partnerships centred around joint innovation, businesses can more effectively address their own business challenges.
Supplier innovation comes in many forms, from small incremental improvements up to category-transforming innovations. While many enterprises traditionally focus on internal R&D for innovation, forward thinking businesses have been tapping into the power of supplier innovation for a while now. Yet, despite the potential benefits, many organisations struggle to effectively engage with suppliers around innovation initiatives. This playbook aims to provide a comprehensive guide for procurement organisations who are embracing supplier innovation for the first time, in order to help them to leverage the practice effectively. It serves as a roadmap, offering guidance on best practices, strategies, and implementation methodologies.
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