CIPS L6M8 - Innovation in Procurement and Supply Latest 2024 Graded A+

CIPS L6M8 - Innovation in Procurement and Supply Latest 2024 Graded A+ Supply chain integration Supply chain integration requires the procurement professional to develop strategic collaboration with key supply chain partners and understand customer requirements. Behaviours to enhance innovation Pellathy identified 3 key behaviours that affect how individuals engage with each other: 1, Task behaviours - how an individual executes tasks of their role 2, Organisational citizenship - the quality of a person's interpersonal actions and to challenge change while accommodating others 3, Counterproductive work behaviours - challenging individuals Early Supplier Involvement Supplier Involvement is the result of cooperation between suppliers and the organisation at the product conceptualisation stage. Suppliers will need to determine the extent to which they are willing to invest in working with organisation on innovation and procurement & supply Supplier Involvement Supplier involvement is essential for improving supply chain effectiveness and contributes to managing the tensions between cost, time and quality. Innovation councils Innovation councils provide a governance structure which can be used to coordinate and maximise innovation throughout the supply chain, coordinating concurrent innovation efforts across multiple stakeholders within the organisation. Supplier forums & associations Gaining access to diverse perspectives gives the procurement professional access to different world views, information & ideas that can help to drive the development of innovation in the procurement and supply function and the supply chain. Supplier forums & associations Provide the opportunity for the procurement professional to meet with other professionals who may be able to offer a new perspective on a particular challenges or opportunities. Professional associations offer access to research, training courses, resources, peer networks and discussion forums.. this exposes the procurement professional to current thinking, market changes and technical and practice changes. technology transfer The organisation can enhance its business operations by combining innovation to develop new products with technology transfer to secondary supply partners for existing products. technology transfer Technology transfer can affect the breadth of distribution avenues , opening up new market places and opportunities for an organisations products and services Data Analytics As of 2016, only 28% of organisations ahd incorporated a big data initiative and 85% did not have the IT capacity to maganage a database of a petabyte Advanced analytics The subsets of Advanced analytics: 1, Descriptive analytics - dashboards for ad hoc reporting i.e. what happened? 2, Predictive analytics - Real-time & historical data to make predictions based on probability i.e. forecasting using Alogorythims & machine-based learning 3, Prescriptive analytics - Utilises predictions based on data i.e. scenario analysis, game theory, simulation