Collaborate to Innovate
Creating strong relationships with partners and suppliers is an important part of what makes a company successful in its innovation efforts. The key to keeping those strong relationships is when information flows freely, trust is established and loyalty remains intact.
Part three of the Forbes magazine series on types of innovation models, partner/supplier innovation, is thought of as a necessity to be successful in today’s environment. Not only is it just a partnership, but the sharing of data information is key to the success. The article highlights partnership examples such as Walmart sharing inventory data and store level sales with P&G to improve forecasting and minimize inventory turnover, and L’Oreal hosting an event with its suppliers in order to gain insight into the suppliers’ needs and challenges.
Cherry Bekaert has benefited from this type of collaborative process by partnering with the National Center for the Middle Market, enabling us to keep a pulse on the key business trends driving innovation, capital investments and expansion, and to directly benefit our clients and the business community. This type of proprietary thought leadership is a key facet of our THInc practice that serves the innovative needs of clients in the Technology, Health and Industrial sectors.
As the article notes, “By opening up information and innovating with suppliers and partners both parties will win. Suppliers and partners will be able to provide better products and services that customers are asking for…”