Open innovation is a hot topic for Procurement today. CPOs have heard the word many times and often talk about it, but without always knowing how powerful of a tool it can be or what transformation it entails for the Procurement function. Harnessing the power of Open Innovation elevates and gives visibility to Procurement within the organization. By offering CPOs a way to contribute to growth, Open Innovation initiatives extend the functions’ influence on their organizations’ key strategic topics.
Procurement plays an increasingly important role in helping R&D collaborators set up the right ecosystems and the right partnerships, that will allow us to generate future innovations.SVP of a Pharmaceutical Company
Over time, Procurement will develop into an innovation and serendipity pole, core to the company’s development strategy. This Open Innovation mindset must become embedded in the organizations’ DNA to the point where every employee starts thinking to themselves, “We are all innovators”.
Read our full report on how in today's market, Open Innovation is becoming a growing necessity for CPOs in tackling current Procurement challenges and in better meeting CEOs’ expectations of tomorrow.