How do you encourage long-term innovation with your suppliers?

2 Co-create and co-innovate

The second step to encourage long-term innovation with your suppliers is to co-create and co-innovate with them. You need to involve your suppliers in your innovation process, from ideation to implementation. You can invite them to participate in brainstorming sessions, workshops, hackathons, or pilot projects. You can also share your data, feedback, and insights with them, and ask them to do the same. By co-creating and co-innovating with your suppliers, you can leverage their expertise, creativity, and diversity, and generate more value for both parties.

3 Recognize and reward

The third step to encourage long-term innovation with your suppliers is to recognize and reward their contributions. You need to acknowledge their efforts, achievements, and learnings, and provide them with positive and constructive feedback. You also need to reward them with fair and transparent incentives, such as price premiums, volume guarantees, preferential treatment, or recognition awards. By recognizing and rewarding your suppliers, you can motivate them to keep innovating and improving.

4 Learn and improve

The fourth step to encourage long-term innovation with your suppliers is to learn and improve together. You need to monitor and measure the outcomes and impacts of your innovation projects, and identify what worked and what didn't. You also need to share your learnings and best practices with your suppliers, and ask them to do the same. By learning and improving together, you can foster a continuous improvement culture and a growth mindset that can sustain innovation.

6 Challenge and inspire

The sixth step to encourage long-term innovation with your suppliers is to challenge and inspire them. You need to stimulate their curiosity, creativity, and ambition, and push them to think outside the box and explore new possibilities. You also need to inspire them with your vision, values, and purpose, and show them how their innovation can make a difference for your customers, your business, and your society. By challenging and inspiring your suppliers, you can ignite their passion and potential for innovation.