In a business context, innovation is the ability to conceive, develop, scale and deliver new products and services.
When you think of innovation what springs to mind? Artificial intelligence, genealogy, electric cars, and touch screen glass are just some of the key 21st century innovations. And what are these innovations born out of? The top reason is crisis, maybe not what you expected to hear? The second reason is that, as humans, we don’t have a settling point, we have a constant itch to evolve our world, there is very little in our world that goes untouched by ingenuity.
The evolution of the procurement function is mirroring new realities in the public and private sectors. External factors that are accelerating the need to transform come from ESG, regulation & assurance, providing solutions to complex problems, exponential increases in data consumption, supply chain resilience, and digital transformation.
Procurement work downstream needs to be more pervasive to increase upstream effectiveness
Garner predicts one-third of interactions will interact with generative AI. Tasks that can take hours, days, or even weeks can be completed with a higher degree of autonomy whilst being aligned with human goals.
When I'm working with V4 clients, some of the questions I want to understand are – 'what internal or external factors are accelerating your procurement transformation?' and 'what is your motivator for digital transformation?' Starting with these questions helps me to shape a future state design which delivers more, achieves more, and saves more.
Let's be honest, there has to be a ROI, I'm asked to find savings, make savings, and keep the savings. GenAI can definitely help with this in the crucial external factors mentioned above.
This week I attended a Symposium at the Tower of London I’ve listened to experts from Accenture, PWC, KPMG, Authentic Innovation, Ecovardis, Nextwave, and Ivalua and from companies on the GenAI journey such as Yodel, Hiscox, and ISG. What I have learnt from these organisations, that I can take to V4’s clients and new clients, is that while resources are important, innovation is not about money.
It’s about people, ideas, and leadership. It’s about understanding clearly the unmet needs that we want to target (be that resolving a problem, or improving value for money) by listening, collaborating, looking at outputs and working together.
On transformation projects, where we are engaged to deliver specifically needed or desirable technology, the main purpose of its implementation is to increase the efficiency and effectiveness of the buying teams.
At V4 we are committed to supporting our clients with expertise in emergent technologies and their implementation in the public sector. Get in touch with us today to see how we can support your next change and transformation project.
