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Leveraging supplier innovation requires initiating a focused business dialogue with suppliers in order to gain the most out of their capabilities and creativity. Relying solely on internal processes can blind a business to the opportunities and resources available in the wider market and result in setbacks that allow competitors to gain an upper hand.
When your procurement department acquires the capability to optimise spend management, balance quality and cost, and leverage supplier innovation simultaneously, it generates competitive advantages for your company.
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