Why Embracing Innovation Makes Good Business Sense

There has never been a more pressing time to embrace business innovation.

Innovation comes in many forms, and in this white paper Gill considers three distinct areas:

1. Cost

Innovative approaches to reengineering below the line costs offers the potential to drive cost reduction whilst protecting the resilience of your suppliers. In addition, conversations with counterparts with complimentary skills can achieve cost breakthroughs.

2. Market Offering

Responding innovatively to changing consumer behaviour patterns and the ways in which these consumers can be reached, offers the potential for renewed business success.

3. Social Value

Innovative approaches to adding social value will resonate with consumers. Businesses should consider their social value contribution in addition to traditional measurements of success.

To conclude, Gill proposes that procurement functions are uniquely placed to leverage the benefits of innovation within the supply chain due to its network of business relationships and role as gatekeeper for external spend. Gill recommends practical steps that procurement practitioners can take to position their company to benefit from business innovation.

Why Embracing Innovation Makes Good Business Sense
Time for Change: Why Embracing Innovation Makes Good Business Sense

Version: 1.0
Published: July 10, 2020

 

The aim of our white papers is not only to provide useful insight, but also to provoke thought and discussion around key procurement topics. Please leave a comment in the box below to share your thoughts. Or share your business innovation thoughts by creating a new topic on our Community forum

Gill has extensive experience in indirect procurement, including value creation, outsourcing and off-shoring contracts and leadership across a diverse range of categories.
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