In a study of over 200 UK-based procurement, supply chain and finance professionals - 92% of respondents say they are highly dependent on their suppliers. Therefore, when it comes to innovation, organisations must rethink how they approach supplier relationships.
As companies outsource an even greater share of their business, suppliers have grown in importance. Focusing on driving down costs simply isn't sustainable, UK businesses must priortise supplier collaboration to help fuel innovation. For example, much of the innovation in the aerospace market comes from suppliers rather than traditional aerospace firms. As the reliance on suppliers and the pace of innovation rises. UK organisations must do more to overcome the transactional nature of supplier relationships or risk losing favour with the most innovative partners.
procurement and supplier management is less digitally mature than other departments, such as marketing, human resources or accounting.
of UK businesses agree that innovation is being blocked as a result of a focus on cost reduction.
Read the full report to:
- Understand the importance of unlocking supplier-led innovation and go beyond cost focus.
- See how the lack of supplier collaboration can directly impact on business growth & profitability
- How Ivalua has helped 100s of global brands (Meritor) to increase efficiency