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Published in:
2020 | OriginalPaper | Chapter
Innovation: Finding the Right Partners
Authors : Wolfgang Schnellbächer, Daniel Weise
Published in: Jumpstart to Digital Procurement
Publisher: Springer International Publishing
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Abstract
The importance of innovation has gone up on the CPO agenda, mostly driven by shorter development cycles, lower value generation, and growing dependency. Not surprisingly, when asked about their top objectives, CPOs rank innovation second, right after cost reductions. According to the Institute for Supply Management, companies that leverage their suppliers’ innovative power outperform their peers in top- and bottom-line performance, achieving twice the EBIT, a 5–10% COGS reduction, and a 7–10% revenue boost driven by lower product cost, faster time to market, and higher prices realized.