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By Hervé Legenvre, PhD EIPM
Previously I wrote a post on our recent research project that shows that purchasing is delivering value to the business.
Part of this research also shows that one question Most Business leaders will face in the future is “Where should we look within our business ecosystems for new opportunities to create value?”
Purchasing Executives offer a daring answer to this question. They acknowledge that today most of their focus in on existing suppliers. But they believe that in the future, to create value for the business they will need to look beyond the obvious. They will need to further explore the ecosystem and engage with:
This makes a lot of sense from a business point of views and this is a great sign that purchasing is increasingly thinking creatively!
That being said; this will also require changing the way people look at business ecosystems:
This is exciting time. And we will continue to monitor closely the progress of this profession and the best practices they use to make this happen?
Find out about our research: http://www.eipm.org/research/observatory/
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By Hervé Legenvre, PhD EIPM
We have recently compeleted a comprehensive research project on how purchasing helps to create and capture value.
I am starting a series of posts on this topic.
Overall, our findings show that companies which have outstanding financial and commercial performance excel in the following 3 Imperatives:
They involve the purchasing organization in gathering unmet needs.
Step by step a purchasing organization can win its seat at the table where decisions are taken. It becomes closer to clients and gains opportunities to anticipate market changes and contributes to building competitive advantages.
They look for innovation opportunities within their supplier ecosystem.
65% of the companies we have surveyed, believe buyers will be increasingly expected to engage with Tier 2, Tier 3 suppliers, new players and start-ups. Furthermore a new set of practices are currently being developed and refined in order to access innovation opportunities in the ecosystem.
They involve suppliers in innovation projects.
Best performing companies display high levels of collaboration with key suppliers especially on innovation projects that aim at increasing efficiency and at minimizing risks. Other innovation projects tend to call for a wider mix of existing and new players. This goes well beyond product or technology innovation.
Find out about our research: http://www.eipm.org/research/observatory/
Next Posts: Exploring the Ecosystem!
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