Supplier-Enabled Innovation (SEI) has the potential to revolutionise what chief procurement officers and their functions do, while, at the same time, provide a significant competitive boost to the organisations they serve.
The concept, at least, is simple. By tapping into the capabilities and innovations of the supplier community, procurement is able to dramatically increase the volume of research and development work being done on behalf of their organisations. Internal stakeholders who are looking for solutions to relevant problems, or who are busy trying to gain market share, should be tapping into this asset regularly and systemically.
They rarely do, and if they do it’s far more likely to be ad-hoc, one-off engagements which are embarked upon to solve a particular issue at a particular point in time. Procurement, however, has a significant opportunity to become the orchestrator of this activity, putting in place the required processes and tools that allow their organisations to remain permanently plugged in to innovations that emerge from the supplier ecosystem.
Our SEI Compass study provides a framework for how CPOs can begin to systemise and formalise their approach to SEI. In so doing, it will help to map out what is likely to define the future of our function.
To find out more, or to request a copy of the study, please complete the contact form and we’ll be in touch.
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