Using your suppliers’ network to boost innovation

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:

  1. Reduce internal R&D and investment costs
  2. Minimize uncertainties by using supplier’s technical and market expertise
  3. Re-focus on core activities by outsourcing non-core activities
  4. 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:

  1. Clear definition of targets and milestones
  2. Performance indicators agreed by all parties
  3. A clear risk and responsibility framework
  4. 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!


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