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Innovation as an internal practice will only ever deliver short-term progress. To drive real value through innovation programs, organizations need to branch out and involve every part of their broader business network.

Delivering change through the insights in your supply chain.

Wazoku has a proud history of enabling organizations to build a joint innovation ecosystem. These spaces allow suppliers, customers, and partners to effectively come together and solve the biggest problems and explore the most exciting opportunities for the shared benefit of all.

It’s impossible to master joint innovation without engaging your entire supply chain. From suppliers, to customers, to industry partners: having a space where all these insights come together in the name of progress allows businesses to create progress at scale.

Cultivating this joint innovation ecosystem that views collaboration as an everyday practice won’t happen overnight. However, with McKinsey reporting that joint innovations are “typically commercialized 40% faster than home-grown ideas”, the benefits of joint innovation – as an extension of your culture of innovation – are undeniable.

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The key benefits of joint innovation include:

Reduced costs

Greater insights informing innovation allows businesses to identify ideas that work – as well as those that don’t – much faster. This means you only invest in solutions that go somewhere, bringing down wasted costs in innovation.

Shared risk

Giving every part of your supply chain a seat at the table means that it’s in everyone’s best interest to find innovations that drive real change. This not only reduces the overall risk of innovation but shares it across more areas.

Greater intelligence

By opening innovation up to more voices, the pool of intelligence used to make decisions, generate ideas, and evaluate potential solutions multiplies greatly.

Future opportunities

Joint innovation drives stronger working relationships between all parts of the supply chain which, in turn, makes future collaborative opportunities more appealing to everyone.

Unlock value

Supplier DNA

Global banking organization Barclays has a super defined ‘Supplier DNA’. The business understands that running specific Challenges to the right type of talent within its supply chain can unlock value that wouldn’t be possible otherwise. To find out how your business can do the same, contact our team today!

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Cross-Sector Innovation Webinar with the MoD

In this webinar, Director of Customer Innovation Bea Schofield sits down with Stuart Laws, Assistant Head of the Defence Innovation Directorate for the Ministry of Defence, to discuss the value of cross-sector Innovation. Watch the video to learn frameworks, advice, barriers to look out for, and some real-world case studies where Joint Innovation Challenges have delivered workable, innovative solutions.

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Join hundreds of business around the world that are already innovating with Wazoku