Companies must constantly innovate to stay ahead of the competition. In a ‘buy not build’ world, innovation hinges on having access to the “right suppliers” and the “right subjects” at the “right time.” Finding the right suppliers and setting out appropriate legal and operational frameworks takes time. How do you achieve all that when your schedule is already full? In this article, we explain how digital leaders are getting ahead with Co-Creation Campuses.
Companies need to connect with partners who possess specific expertise and solutions to respond to their unique challenges. However, many companies struggle with precisely this – they have a limited ability to tap into a diverse pool of cutting-edge solutions and the specialized
knowledge required to bring them to life.
This lack of access presents a significant obstacle to effective innovation. IT teams, for instance, may lack the dedicated manpower or time required to exhaustively research useful solutions. Additionally, internal R&D can become siloed, missing out on the wealth of knowledge and fresh
perspectives that external partners can bring to the table. This limited scope can stifle the creativity needed to spark innovation. Furthermore, the financial burden of development falls solely on the company’s shoulders, magnifying the risk associated with projects that might not come to fruition.
Today, procurement and IT professionals must cast out into the marketplace, attend plenty of events and hear a procession of podcasts to learn about the game-changing innovations useful to their business. This exploration all takes time; time that many CPOs and IT leaders don’t presently have. But what if you can turn the model of how innovation exploration works? That’s what we’re doing with Co-Innovation Campuses. As an alternative to sending your senior executives out into the marketplace to explore innovation opportunities that may (or may not) exist, we coordinate curated subject-matter-focused events that bring knowledgeable and expert co-innovation suppliers to you.
Internal R&D is a Closed Competition
For decades, the driving force behind innovation has been internal R&D departments. Companies have dedicated significant resources to in-house teams tasked with creating, developing, and testing new ideas. While this approach has yielded undeniable results, it also comes with inherent limitations that can hinder a company’s ability to truly thrive.
One of the most significant challenges with traditional R&D is the issue of limited resources. IT teams have frequently lacked the manpower or dedicated time to comprehensively research every potential solution. This can lead to missed opportunities, as valuable options might simply fall outside the scope of their internal research.
Furthermore, the siloed nature of internal R&D can significantly hamper research efforts. By relying solely on in-house expertise, companies risk overlooking the wealth of knowledge and fresh perspectives that external partners can offer. Cutting-edge solutions developed by outside parties or innovative approaches from often go missed, hindering the potential for new ideas.
Finally, the traditional approach places a significant financial burden on companies. The entire development process, from initial concept to final product, rests on their shoulders. This translates into increased risk. Should a project fail to meet expectations, the company bears the brunt of the financial losses incurred during the R&D phase.
The Power of Partnerships
It’s clear that a new approach is needed, one that leverages the power of collaboration to overcome these challenges. Partnering for innovation is this new approach. This involves creating collaborative relationships with external entities, such as established businesses, suppliers, startups, and research institutions.
One of the most significant benefits of partnering for innovation is access to a diverse pool of expertise. Each partner brings a unique set of skills and knowledge to the table. As a result, by partnering with a company that specializes in that area, you can gain immediate access to a team of experts who can not only contribute their knowledge but potentially offer existing solutions that fit the bill.
A McKinsey report found that 71% of executives believe that collaboration between businesses and external partners is essential for successful innovation.
Collaboration also allows companies to tap into an increased resource pool. Companies can leverage each other’s strengths, maximizing the potential for success. A smaller company with a ground-breaking concept, for instance, can partner with a larger organization that possesses the
manufacturing and distribution infrastructure to bring that concept to market. This combined effort allows both parties to achieve their goals more efficiently.
Perhaps most importantly, partnerships share risk. The financial and developmental burden is no longer shouldered solely by one company. This allows for a more balanced approach. Partners share the potential rewards, but also the potential setbacks, creating a more secure environment for innovation.
Finally, collaboration can dramatically accelerate innovation cycles. By working together, companies can tap into existing solutions and the expertise of their partners. Instead of reinventing the wheel, they can leverage existing knowledge and technology. This translates into quicker time-to-market for new solutions and a competitive edge.
Gartner found that organizations that leverage external innovation partnerships see a 30% increase in the speed of innovation.
Introducing the Co-Creation Campus
USTECH DIGITAL has developed an innovative approach to combat these challenges that we call Co-Creation Campuses. A company (probably sponsored by the Chief Procurement Officer), specifies a series of innovation areas they are interested in exploring, supported by senior officers. Then, USTECH DIGITAL coordinates an online virtual event (using a modern interactive platform) and acts as a co-host to identify and approach pre-vetted partners in its network that bring expertise and solutions to fruition.
Co-creation Campuses provide a dynamic space where IT teams can interact directly with a vast network of pre-vetted suppliers, all within a streamlined and efficient virtual environment. This leads to faster innovation cycles, access to a wider range of solutions, and significantly reduced risk for IT teams.
A collaborative spirit lies at the heart of our approach. Our Co-creation Campuses, built on the Remo virtual platform, provide a dynamic space for companies to connect with a vast network of pre-vetted suppliers. Here, IT teams can explore a diverse range of solutions that eliminate the time-consuming process of traditional vendor selection, allowing teams to efficiently connect with the partners who best suit their needs.
Suppliers can showcase their solutions through interactive presentations, live demonstrations, and virtual booths brimming with detailed information. This allows IT teams to gain a comprehensive understanding of each offering, starting meaningful conversations and potential partnerships.
The Co-Creation Process in Action
Here’s how it works:
Step 1: Identify Your Needs – IT teams begin by exploring the virtual campus, identifying specific challenges or areas of interest. Within the campus, you can easily locate booths showcasing relevant security solutions from a variety of pre-vetted suppliers.
Step 2: Connect with Potential Partners – Once you’ve identified relevant suppliers, you can initiate conversations directly through chat functions, schedule video meetings, or download
detailed information about each solution. This allows you to quickly assess which suppliers best align with your needs.
Step 3: Collaboration and Innovation – Here’s where the power of co-creation comes into play. IT teams can work directly with suppliers to potentially refine existing solutions or even co-develop entirely new ones that perfectly address their unique challenges. During the Campus event, Seeker stakeholders outline their ambitions while Solver contributors pitch their value and solutions. This creates a 2-hour vibrant innovation discussion tailored to the innovation ambitions of the hosting company.
For suppliers, the Co-creation Campus provides an unparalleled opportunity to connect with a vast network of potential clients. They can showcase their solutions directly to interested IT teams, maximizing their market exposure and streamlining the sales cycle. For IT teams, the cocreation campus offers efficient access to a large pool of qualified suppliers, eliminating the need for expensive and time-consuming research. This allows them to quickly identify the right partners to address their specific challenges, accelerating the innovation process. In short, the co-creation campus fosters a win-win scenario for both suppliers and IT teams.
Final Thoughts
The future of innovation is undeniably collaborative. Through co-creation partnerships, companies can reignite their innovation and USTECH DIGITAL is here to help. Our Co-creation Campuses provide the perfect platform for collaboration, empowering both customers and partners to achieve their innovation goals together.