Survey finds 69% of procurement professionals considered themselves pivotal to business innovation
Procurement is at the heart of many business innovations but as a follower rather than a leader, according to Wax Digital’s new Procurement Innovation Pathway report.
Of the 100 UK senior procurement professionals surveyed 69% considered themselves pivotal to business innovation with 80% expecting to be so in the future.
Yet while 76% said that they are involved in a range of business innovations only 27% are leading those innovations.
86% of respondents said they wanted to be a part of all ongoing product innovations and service developments in the future – not only those within the procurement function.
However, a risk-averse nature and emphasis on collaborating may be holding back procurement from taking a position of leadership in innovation, the research found.
Respondents ranked having a clear business vision (42%), reacting quickly to the market and customers (33%) and reviewing and improving business processes (32%) as top factors associated with business innovation.
But only 20% cited a willingness to take risks and 19% a high investment in R&D for example, factors the report said were traditionally more innovation-related.