Qu’est-ce que l’innovation en matière d’approvisionnement et comment pouvez-vous l’utiliser efficacement dans la gestion des fournisseurs?

A combination of the Executive team, a knowledgable IT and Sourcing team, all of them eager to move forward and provide and look for new solutions for the company is fully require. Innovation require company resource such as: people commitment, time, money, to focus on problem statements to put projects on the table. Talent, product offering and opportunities are out there already. The key is to have everybody engage and On the same boat to foster the best ideas to come up and materialize them.

In addition to digital transformation, ESG awareness, collaboration, and adapting to market conditions, consider leveraging data analytics to optimize decision-making and uncover new opportunities. Expanding supplier diversity can drive innovation and resilience, while automation and AI streamline tasks and enhance strategic capabilities. Investing in talent development and advanced risk management practices helps navigate uncertainties and identify innovative solutions. Embracing sustainable practices aligns with corporate values and offers long-term benefits. Adopting customer-centric approaches and collaborative technologies further fosters innovation and improves procurement effectiveness.

Technology adoption is also crucial, as leveraging emerging technologies like blockchain or AI can enhance transparency and efficiency. Furthermore, sustainability innovation involves integrating environmental and social responsibility into procurement practices, driving long-term value and aligning with corporate values. Each type of innovation can significantly enhance procurement effectiveness and competitive advantage.

“In recent years, procurement departments all over have been focusing their spending on sustainability,” wrote McStay. “It is critical that your procurement executives can trend forecast, meaning that they must be able to foresee the next major social trends in order to make the proper decisions to keep your brand up-to-date and relevant.”

How far your company is today? or how long ago you work for a company pushing forward and investing in procurement innovation projects? @Exiros a Techint company, managing negotiations, contracts, buying transactions and basically supply chain to support Ternium and Tenaris needs. Developed a software capable to pull-in SAP requisitions and specs to transfer it into an e-action, this tool also gathered the quotation data, put them into a matrix comparison and to suggest the award decision based in cost. I am curious, where are they today! On the flip side, is not hard to believe that way too many companies are still processing RFQs vía e-mail. So, the question is… where does the cost break even point is, to start an automation journey?

Procurement innovation refers to the application of new technologies, processes, and strategies to transform the procurement function and create value. To use it effectively in vendor management, leverage innovative solutions like AI-powered analytics, blockchain, and cloud-based platforms to streamline processes and improve collaboration. Implement category management and agile methodologies to develop tailored vendor strategies & encourage continuous improvement. Adopt a flexible approach to stay ahead of market trends, and prioritize supplier diversity, sustainability, and social responsibility. This way you can optimize vendor relationships, reduce costs, and drive business growth while mitigating risks and enhancing overall performance

Today there are way too many tools that might help Sourcing and procurement, since AI tools to reach out suppliers with specific capabilities. Business Intelligence and Data Analitics tools to create Dashboards to prioritize and create strategies. Market trend and business intellengence reports providing Market test Information as a benchmark for your needs. Bots and auto-filters to address low and tail spend needs. Tools to manage contracts giving you different kind of alerts depending the company needs Punch-out catalogs, vending machines, and some other tools that integrated MRO supply chain can offer. In general terms it depende where is the bleeding point to find a particular solution.