Supplier-sourced innovation offers new approaches to tackle risk and resilience, ensure supply or uncover alternate solutions in critical categories, re-engineer and remove inefficiencies from business processes, and drive competitive advantage through new products or services. Most critically, it is the fastest way to support the transformation to sustainable business growth.
Given that supplier innovation is typically faster to market and more cost-efficient than home-grown ideas, it’s no surprise that many enterprise organisations are turning to their supply base to address their biggest challenges. But sourcing, governing, and scaling external innovation is notoriously complex. That’s why we built Vizibl’s Supplier Innovation Hub.
Standardise, accelerate, and forecast supplier-led innovation, all on one platform, all Vizibl. Build a global supplier innovation pipeline, reduce proof of concept duplication, implement consistent processes, and launch new products and services to market faster. Track ROI in real time across your innovation pipeline and get full visibility into revenue contribution, project speed, and costs. Keep senior stakeholders informed through regular automated reporting, and identify innovation trends to optimise resource allocation and ensure innovation projects are delivered on time and on budget.
40% reduction in duplication of innovation projects in 6 months through better supplier innovation management.
Externally sourced innovations are commercialised 40% faster than home-grown ideas.
Grow more quickly
Average 196% EBIT growth of companies that regularly innovate with suppliers vs. companies that don't at all.
Supplier Innovation Hub provides one central location to source, develop, manage, & measure supplier innovation. Customisable initiatives, opportunities, stage gates, and projects allow full freedom to define the nature of the problem statements you submit to suppliers and permit a broad variety of responses, ensuring you can effectively capture innovation from your supply base, triage opportunities, and track from ideation to realisation. Whether you’re seeking innovative solutions on how to better manage a particular category, through to open sourcing transformation for sustainability to reach Net Zero across your global operations, Innovation Hub facilitates and systematises the supplier innovation process.
Regardless of your individual business challenges, source ideas and solutions from your relationships by posing problems directly to suppliers with Vizibl's Initiatives feature.
Invite suppliers to submit their ideas and solutions to your challenges through Opportunities forms, with pre-formatting options to ensure you get the detail and rigour you need.
Bring your team together to prioritise the opportunities that will drive the most impact for your business, with a formalised review process to drive standardised governance.
Turn triaged opportunities into fully-fledged Projects in Vizibl, allowing you to work collaboratively with suppliers and partners to track and prove ROI.
The next great idea could come from anywhere. Pose problem statements to existing suppliers and partners, or invite third parties to submit innovative solutions through external submissions.
Get full visibility into your innovation pipeline, remove duplication of effort, and increase success rate and speed of conversion by managing POCs in Vizibl.
Vizibl’s Innovation Hub provides a systematic way to source innovation, triage ideas, and increase conversion rates from ideation to measurable results, enabling you to more effectively source, manage, measure, and prove the value of supplier innovation. Get the datasheet to learn more.
“Collaboration with suppliers and startups is at the heart of our innovation and growth strategy.”
- Ninian Wilson, CEO, Vodafone Procurement CompanyRead Vodafone's story