Set up for success

Before approaching the market

Buying innovation means investing significant time and resources in the Discover phase to define the objectives of the buying project and ensure the procurement approach supports them.

Things might be more complex

Buying innovation often involves a multi-stage sourcing strategy and using a problem statement to approach the market. While these approaches are possible under current procurement processes, they are more challenging than usual because the sourcing of the end solution remains uncertain. Tackling this uncertainty requires some approaches that are unfamiliar or rarely used by procurement officers and approvers. That’s why it’s important to align key people on what to expect from the start of the buying project to minimise surprises or conflict down track.

With complexity comes greater risk

Considering procurement late in a project can be a risk to successful project outcomes. Engaging the market, narrowing down solutions or running tests and trials directly with one or more suppliers without planning for implementation at scale could be the best approach in some circumstances. Making uninformed decisions about the scale stage can lead to rolling back successful pilots. It can also lead to more unplanned market approaches, project slippage, erosion of forecast benefit and market perceptions of unfairness.

This guidance will help set your innovation buying project up for success. It helps you decide if you want to scale, explore the best tactics, align your buying team and shape a market-facing challenge.