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It's Time To Get Serious About Generating Innovation With Your Leading Service Providers
SVM Professionals are in a unique position to lead co-innovation efforts. The unique skills of understanding business requirements, matching providers to stakeholder needs, and driving outcomes make you ideally suited to address a new ecosystem of innovative service providers. But yesterday’s knowledge and skills will not be sufficient for SVM pros to lead tomorrow’s business innovation demands.
Your Business Needs To Access New Sources Of Innovation
A common — and long-standing — complaint among clients is that their service providers don’t innovate; they only do what they’re specifically told to do. The irony is that in most industries, being responsive to your needs and delivering exactly what you ask for would be considered wonderful. But in the IT services marketplace, doing what’s asked has become table stakes. Clients need — and providers want to deliver — real, sustainable innovation. Yet major gaps still exist between service provider innovations and client expectations.
Service providers, of course, are eager to market their innovative offerings to clients. They compete in a market filled with scrappy upstarts and cloud-based competitors — and they strive to differentiate offerings based on their innovation potential. They are offering new services related to cloud, mobility, big data, and analytics — capabilities that could indeed be essential to your company’s business strategy.
But accessing and managing innovation from third parties involves taking on new risk. It requires your organization to rethink traditional services relationships, invest in stronger vendor governance, and make important business-altering decisions. Addressing these risks is essential to the evolution of sourcing — and something your executive leadership expects. That’s why it’s time to get serious about generating innovation with all of your leading services providers. It’s time for Sourcing & Vendor Management (SVM) Professionals to take the lead in delivering services innovation.
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