In today’s competitive market it is critical to improve your time to market. To create/design new products lean towards suppliers for support and to foster innovation.
Developing a strong supplier base with the right expertise and design knowledge can offer significant benefits:
- Reduce internal R&D and investment costs
- Minimize uncertainties by using supplier’s technical and market expertise
- Re-focus on core activities by outsourcing non-core activities
- Access new markets and customers
Finding the right supplier is challenging as future expectations and products are unknown. Building a strong and trusting supplier collaboration is crucial, thus, establishing clear guidelines and performance measures will enhance your probability of success, for example:
- Clear definition of targets and milestones
- Performance indicators agreed by all parties
- A clear risk and responsibility framework
- IP management process
Suppliers can be a great asset for timely innovation and design. Fostering frequent communication, nurturing innovation and providing insightful feedback will encourage suppliers to go beyond the typical buyer/seller relationship.
Our team of advisors is here to guide you!