Business have 2 main things that cannot be separated, supply and demand. As company operate their business, they also develop relationship with suppliers to support business activity. The suppliers learn the company’s business and often get better understanding in detail and about the industry itself. In return, its often for them to innovate and bring new ideas that will benefit; this is what is called Supplier Innovation.
Supplier innovation can be defined as working with suppliers with initiative to innovate and generate profitable growth. The idea and innovation would contribute to the development of core business to offer effective and efficient problem solving. In future, implementing these innovation will considered as strategic business model to drive value creation.
Customer can benefit the impact of supplier innovation by generating valuable insight and capabilities of supplier which have better understanding of the market and expertise in their customer’s business and strengths. Some of the key benefits are:
- Create and develop better product/service based on previous take away
- Low internal research and development cost
- Bring added value to customer
- Potentially increase company’s revenue
Challenges in Supplier Innovation
Maintaining successful supplier development is a challenging task. For many company, this implementation requires a culture shift, which could merge several business activity and create an additional task in the process.
In procurement perspective, the changes made in supplier driven innovation go against the cost-out of everyday sourcing activity. The additional cost might occur during the day-to-day discussion between supplier and management, it needs to be minimized to ensure an effective collaboration on supplier driven innovation. On the basis of creating value and profit, both supplier and customer should adhere to cost reduction policy and procurement efficiency. Meanwhile, procurement also need to educate the supplier on how they will benefit from investing their energy, time and money on this occasion.
Innovation Consulting Role in Supplier Development
Innovation consulting are likely to be classified as professional business advocates that can assist company to shift into innovative idea, business goals and clear management planning. With their expertise and specialization in core business management, their role could extent to the financial budgeting, procurement planning and supplier development.
With the current fast moving and more demanding business, its more relevant that Innovation consulting present a great help for companies to scale up and diversify their core business activities. In addition, their extensive assistance help company to maximize their objective and minimize failure.
Innovation Consulting will bridge the gap between supplier innovation and development to provide clear-decision on which room to improve. Moreover, the relationship with supplier will remain great and these consultation could help driven supplier’s initiative to innovate towards company’s business activity.
Reurge, as a design and innovation consulting firm, follows the standards of creating a wide range of innovative thoughts and the board systems, which empowers its customers to meet their business goals.
It is the critical thinking and ability to address difficulties through inventive thoughts that make us one of the most effective innovation consulting firms in the worldwide market.
The Operational Excellence Consulting has become a dynamic field, diverse and complex in the last several years, especially when it comes to innovation.
The directions are clear, that every medium to large consulting firm have made acquisition of operational excellence towards business partners, which makes tiny gap between them in the industry market.
The output of the consulting service may differ, some would make huge success and other would not give significant impact.
Its unquestionable that every company would need an Innovation Consulting Firms Chicago to assist their business initiatives.Outsourcing for Operational Excellence ConsultingPrimarily, consulting firm helps companies to provide key initiative, insight to external factors for their current business condition.
Hence, there's still a lot of hidden advantage of outsourcing operational excellence consulting to discover.
This could loosen up time for company owner and staff to focus on their core business.
The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.The Electromagnetic Weapons Market is valued at USD 509 million in 2021 and is projected to reach USD 1,282 million by 2026 at a CAGR of 20.3%.
The key drivers propelling the growth of the global electromagnetic weapons market is the defense of terrorist attacks, chemical, biological, radiological, and nuclear materials so that civilian lives and the national security of a country can be preserved.
The Asia Pacific region will dominate the market due to the growing investments in electromagnetic weapons solutions.The electromagnetic weapons market includes major players Lockheed Martin Corporation (US), Raytheon technologies (US), Northrop Grumman Corporation (US), Honeywell International (US), Thales Group (France), Rheinmetall AG (Germany), BAE Systems (UK), Elbit Systems (Israel) and QinetiQ Group (US) and others.
These players have spread their business across various countries includes North America, Europe, and Asia Pacific.“Based on product type, the lethal weapons segment is projected to grow at the highest CAGR during the forecast period.These lethal products, mainly focused for military application, include rail gun, electromagnetic bombs (e-bombs), plasma cannon (electrothermal accelerator), microwave gun, navy laser cannon, gun-launched guided projectile, automatic shotguns, and several others.
Huge investments are being made in the R as well as demonstration and testing of lethal electromagnetic weapons“Based on platform, the Naval platform segment is projected to grow at the highest CAGR during the forecast period.
Department of defense of the US and Canada are involved in the development of technologically advanced electromagnetic weapons platforms such as high energy lasers and high-power microwaves, which drives the market growth.
Ningbo Tongyi Metalwork Co., Ltd. founded in 1995, is located in the important port city in Ningbo, China.
As a professional China brass door handles manufacturers and brass door handles suppliers.
The company is committed to developing brass door handles and other high-end household hardware products, adopting brass as the primary raw material.
Its products are well received by the market with the exquisite craftsmanship, classical, and fashion style.
The company has successively established cooperation relationships with many internationally renowned hardware companies and has become an important supplier in China.The prime reason for the rapid development of Tongyi is its quality management, innovative styles, and training of technical talents.
Guided by the values of quality first and innovation orientation, the company has reaped many invention patents and utility model patents and has stood out among a large number of homogeneous enterprises with its innovative strength.
Professional services firms comprise of services for various domains consisting of finance, healthcare consulting, expert network services, market research services, business consulting, and others.The professional services industry comprises of the top consultants who are responsible for delivering advice and solving the problems of other industry professionals with quality results within the stipulated timeframe.The United Kingdom country is one of the biggest employers for the professional services sector.
The adoption of artificial intelligence in the digital age is allowing every professional service firm to achieve its business targets with increased efficiency, cost reduction, high profits, and improved customer experience.
An expert survey shows that 23% of the businesses worldwide have incorporated AI into their operations and products/services offerings.
63% of the professional's services experts said that the pressure to deliver quality service at a reduced cost required them to implement AI.Demand by the end clients of professional services firms for more efficient, cost-effective services, and value-added services is enforcing them to adopt AI in their daily operations.According to an estimate by an expert network firm, AI has the potential to boost their rate of profitability by an average of 38% by 2035, which will lead to an economic boost of USD14 Trillion for approx.
16 industries in 12 economies by 2035.
An industry expert estimated that the spending on AI in professional services is expected to record a CAGR of 28.9% with a value of USD318.1 Mn in 2019 to USD1,884.7 Mn by 2025.AI is not a disruptive innovation for the professional services industry but all other industries too and is foreseen to be significant disruption and become essential in the future.The Big 4 firms have stated experimenting for the adoption of AI for their enhanced services.
