Innovation versus cost savings. It’s a frequent battle played out not only in procurement departments but departments across an organisation. In the current climate where short termism prevails, it’s often a case of downplaying long term goals, and sometimes innovation can fall into this category.
Our recent procurement survey found that 56% of respondents preferred a supplier that had a strong track record opposed to one that could offer innovation. While innovation topped the list of secondary considerations, just one in twenty would place this at the top. Why is this?
With an interview with Richard Beaumont, former CPO at Co-op Bank and Rolls Royce and Dana Rosu, marketing, media and events procurement specialist at Philips, it explores these key themes:
– The push for innovation
– Why isn’t procurement prioritising innovation?
– How do you put a value on innovation?
– The Philips approach
– Five key learnings