Procurement Matters: Innovation and Procurement

Why do organisations seek to innovate, and in particular, why is the Procurement function so interested in tapping-in to supplier’s innovative capabilities?

This is mainly because 70% of a typical company’s Cost of Sales is in products and services sourced from external suppliers and providers. That’s where tomorrow’s innovations are coming from.

In this short video, I take a high-level view of why organisations need to innovate and where procurement professionals ought to be concentrating, if they’re going to capture the most impactful innovations from the best suppliers.

 

For those who may not have seen the first video in what will be a short series on Supplier-Enabled Innovation, here’s the link to it below.

Please don’t hesitate to comment or get in touch. In the meantime, thanks for taking the time.

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