Supplier, Are You Innovating Enough?
Regarding innovation from suppliers, latest survey conducted among senior managers in UK clearly shows the increasing trend of innovation for growth and improvement in their business. Of course, innovation is essential, particularly as we are living in fast-paced world where time is a sacred commodity. Read more to find out and what you as the suppliers can do the same to your company.
Innovation: creating new ways to do things, finding solutions to problems encountered, and basically thinking ‘outside of the box’. Radical approach is expected, as long as it improves the efficiency of your business and the bottom line of the company’s performance – all in order to keep the prospects interested.
Areas to Create Innovation From Suppliers
Relationship with suppliers is still tops the list in potential areas for innovation, simply because building a long term-sustainable relationship and in tune with the company’s goals creates a two-fold benefits.
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Currently, there are five key areas if you as the supplier wants to revolutionize:
- Reducing risks in supply chain management
- Automation
- Introducing technology for better collaboration
- Sourcing suppliers for product innovation. And of course,
- Supplier relationship management
Solutions for Innovation
And technology plays a key role when it comes to innovation – focused in supplier-related issues, such as automation, information and contract management – all intended to save money, time, and labour as much as possible, as well as to have innovative solutions right up to resolve any problems before they become significant.
Still, procurement is not really definitive if they want to be the innovator and lead the group with ideas that challenging the norm or perhaps be in a like-minded people to make a revolutionary movement.
To become innovators: right business relationships, finding and nurturing a new set of skills and have ideas that can break within the system is what you need to have.
*Kindly take note, that while we strive to keep the information here as correct as possible, it should be treated for general purposes only. Read more on our disclaimer page here.
