Innovation is the process of translating an idea or invention into a good or service that creates value or for which customers will pay. In business, innovation often results when ideas are applied in order to further satisfy the needs and expectations of the customers. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need.
Why is this even relevant to Procurement as Procurement Innovation is being considered as a Contradiction in Terms? Businesses traditionally expect that, on the basis of past success, there is an entitlement to the future. These companies will perish on that philosophy and culture, and so will the buyers. We must stay relevant and drive relevance through our value delivery
As A. Mills so pointedly says: “There are two things you must do … the first is you must accept and wholeheartedly embrace the fact that the world around you – …- is in a constant state of change. The second is you must commit yourself to constantly reinventing and renewing the business so that it can constantly deliver relevant value to the market.
From being relevant in the world around us, to bringing innovation relevance through constantly reconnecting and reinventing the value proposition at the center of the business, procurement is ideally placed to be the value translators and facilitators for this continuous journey towards everlasting success.
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