Procurement of Innovation (POI) is the process of acquiring new and improved goods, services, or technology through a competitive and transparent process. It involves identifying, evaluating, and selecting suppliers that can provide innovative solutions to meet an organisation’s needs and objectives.
POI is essential for organisations to stay competitive and achieve their goals. It is of paramount importance for organisations to continuously innovate in order to stay ahead of the curve and meet the evolving needs of their customers.
Procurement of Innovation is a vital part of an organisation’s overall strategy, as it enables companies to stay ahead of the competition by continuously introducing new and improved products and services. This, in turn, leads to increased market share, higher revenues, and increased customer satisfaction. In addition, innovation can also lead to cost savings and increased efficiency, which can help organisations to increase their bottom line.
POI also plays a crucial role in the development of new technologies and products. By working with external partners, companies can access cutting-edge technologies and expertise, which can help them to develop new products and services that meet the needs of their customers. This can be especially beneficial for small and medium-sized enterprises, which may lack the resources to develop new technologies in-house.
However, it is important for organisations to approach the procurement of innovation with a strategic mindset. In order to ensure that their investments in innovation lead to real results, companies need to carefully identify their objectives and priorities, and then select the right partners and technologies to achieve them. This requires a clear understanding of the market, the competition, and the organisation’s own strengths and weaknesses.
In addition, companies also need to have a robust procurement process in place to ensure that they are acquiring the right products and services at the right price. This includes developing a clear and transparent procurement policy, and engaging in competitive bidding processes to ensure that they are getting the best deal possible.
In this regard, the PROCEDIN project will accelerate the Procurement of Innovation in a specific domain covering two critical areas of innovation – Circular Economy and Green Mobility. The consortium will leverage existing resources and its members’ extensive, pan-European professional networks, and initiate new provisions, to enhance and mobilise POI motivation, knowledge and skills.
By mapping the complex landscape of growing expertise, experience and learning infrastructure, and relating resources to the varied needs of different stakeholder archetypes (defined by organisation type, the extent of POI experience, etc.), key gaps in provision will be identified and addressed. Particular attention is paid to promoting enduring access and increased uptake of POI guidance and learning resources for buyers and vendors, and to building leadership capacity for driving and embedding innovation through strategic procurement.
In conclusion, the procurement of innovation is essential for organisations to stay ahead of the curve and meet the evolving needs of their customers. By working with external partners, companies can access cutting-edge technologies and expertise, which can help them to develop new products and services that meet the needs of their customers. However, it is important for companies to approach the procurement of innovation with a strategic mindset, and to have a robust procurement process in place to ensure that they are acquiring the right products and services at the right price.
Follow the PROCEDIN Project in its 2-year-long journey of driving profound and systemic change, as well as scaling the procurement of innovation adoption!