There has never been a more pressing time to be embracing innovation in Business. Innovation comes in many forms, and in this white paper Gill Smallman, Senior Managing Consultant at Barkers considers three distinct areas:
- 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.
- 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.
- 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.
Download our latest White Paper for more detail, as author Gill Smallman considers these three distinct areas.
