Procuring for Innovation
A couple of weeks ago, we brought in the author and blogger, Vinnie Merchandani, to deliver a session focused on procurement innovation at the Procurement Leaders executive conference in Chicago. Vinnie author of the “Deal Architect” blog and The New Polymath, which examines “compound-technology innovations” and how leading companies and modern “da Vincis” are innovating by combining disparate technologies.
Vinnie’s overall message was to harness innovation wherever it emerges, and for procurement that means from key suppliers. In fact, generating, finding, and leveraging innovations from suppliers requires taking risks and experimenting when partnering with suppliers. The session generated the most interactivity of any session I attended, because this message certainly challenged the audience of procurement executives, who are traditionally wired (and asked to) minimize risk and uncertainty.
Vinnie’s suggestion to adopt “both-and” thinking to encourage and leverage innovation within key supplier relationships will be something that distinguishes strategic procurement operations going forward. This theme is taking root from multiple directions, for example it is echoed in Kate Vitasek’s terrific book Vested Outsourcing.
I’m really looking forward to Vinnie’s next book The Technology Switch Hitter, here’s a quick update from Vinnie on it.
Thanks, John – nice to spend time with you and team. IQN is helping customers diversify and innovate their talent strategies – look forward to hearing more from you. My research for the Switch Hitter book shows enterprises will need a very different set of skillsets in near future.