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Innovation Sourcing - The Suppliers’ Perspective

This article explains how leading companies are engaging in innovation from a unique perspective — that of their suppliers. The research examines the strategies and approaches that should be put in place to accelerate and realize supplier innovations that lead to competitive advantage.

By ·

Innovation of products and services has become an increasingly important strategy to achieve competitive advantage. Cisco, IBM, Philips, Procter & Gamble, and Whirlpool, to name just a few leading companies, have identified innovation as a critical strategy that will enable their future growth and profitability.

Prominent academics C.K. Prahalad and R.A. Mashelkar argue that, following the severe economic downturn, innovation is making a comeback as a high priority corporate strategy. However, traditional approaches to and views about innovation are changing dramatically. “Open innovation” is one strategic approach being implemented by rms across multiple industries. Procter & Gamble popularized the open innovation approach through its “Connect + Develop” efforts, whereby it established a goal of attaining 50 percent of its revenues through external innovations over a five-year period.

Open innovation maxims include:

• Smart people work at other companies as well as our own.

• External R&D can create considerable value and internal R&D enables capture of some of the value.

• Research does not have to originate internally for a company to profit from it.

• Those that make the best of both internal and external ideas will win.

• Companies can profit from others using their intellectual property (IP); at the same time, they should buy others’ IP whenever their own business model can be advanced.

Within this changing environment, CAPS Research undertook pioneering research aimed at answering a fundamental question: What supply strategies can be used to identify, select, and effectively collaborate with suppliers to accelerate and achieve supplier innovation?

The primary source of data was 77 in-depth interviews with innovation leaders in worldwide companies from the automotive, industrial manufacturing, electronics, food and beverage, and telecommunications industries as well as their key suppliers. The research focused on identifying innovation opportunities and companywide approaches to achieving supplier innovation. Extensive interviews were conducted with key leaders representing innovation, engineering, technology, sales, product development, and purchasing from both purchaser and the corresponding supplier functions.

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Access the complete issue of Supply Chain Management Review magazine featuring
this article including every word, chart and table exactly as it appeared in the magazine.

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By ·

Innovation of products and services has become an increasingly important strategy to achieve competitive advantage. Cisco, IBM, Philips, Procter & Gamble, and Whirlpool, to name just a few leading companies, have identified innovation as a critical strategy that will enable their future growth and profitability.

Prominent academics C.K. Prahalad and R.A. Mashelkar argue that, following the severe economic downturn, innovation is making a comeback as a high priority corporate strategy. However, traditional approaches to and views about innovation are changing dramatically. “Open innovation” is one strategic approach being implemented by rms across multiple industries. Procter & Gamble popularized the open innovation approach through its “Connect + Develop” efforts, whereby it established a goal of attaining 50 percent of its revenues through external innovations over a five-year period.

Open innovation maxims include:

• Smart people work at other companies as well as our own.

• External R&D can create considerable value and internal R&D enables capture of some of the value.

• Research does not have to originate internally for a company to profit from it.

• Those that make the best of both internal and external ideas will win.

• Companies can profit from others using their intellectual property (IP); at the same time, they should buy others’ IP whenever their own business model can be advanced.

Within this changing environment, CAPS Research undertook pioneering research aimed at answering a fundamental question: What supply strategies can be used to identify, select, and effectively collaborate with suppliers to accelerate and achieve supplier innovation?

The primary source of data was 77 in-depth interviews with innovation leaders in worldwide companies from the automotive, industrial manufacturing, electronics, food and beverage, and telecommunications industries as well as their key suppliers. The research focused on identifying innovation opportunities and companywide approaches to achieving supplier innovation. Extensive interviews were conducted with key leaders representing innovation, engineering, technology, sales, product development, and purchasing from both purchaser and the corresponding supplier functions.

This complete article is available to subscribers only.
Click on Log In Now at the top of this article for full access.
Or, Start your PLUS+ subscription for instant access.

Not ready to subscribe, but need this article?
Buy the complete article now. Only $20.00. Instant PDF Download
.
Access the complete issue of Supply Chain Management Review magazine featuring
this article including every word, chart and table exactly as it appeared in the magazine.


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Latest Whitepaper
Third Party Risk: Too Close for Comfort
You’ve got a handle on many of the potential supply chain "disrupters" that can paralyze your business. But the real risk is embedded in areas you may have overlooked.
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From the December 2017
This is a comprehensive guide to services, products and educational opportunities targeted specifically to supply chain professionals. As with years past, we’re also featuring several articles we trust will offer food for thought in your supply chain throughout the coming year.
Transportation Trends: The last mile, history repeating
Economic Outlook: A Complex and Uneven Scenario for Global Supply Chains
View More From this Issue
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