Community Forum – Do you host supplier innovation fairs?

2.  Our company holds an annual supplier day where we bring suppliers to a central location along with many company leaders to present our company strategy, goals and objectives, etc.  We go over supplier expectations and give out awards, etc.  This has not traditionally involved spurring innovation or asking them to provide us with their latest technology, etc.  That has typically been done one on one with suppliers.

3.  It takes a lot of planning up front. But we have hosted this type of gathering for at least 10 yrs. Our suppliers and vendors look forward to it and it does allow for broader learning in a company that can be siloed. I don’t believe there is a cost to the company as the participating companies are willing to pay for space within our local convention center.

4.  Yes, we host an annual innovation fair that focuses on internal innovation mostly.  It does engage the external suppliers usually with a speaker or a limited period of time where they can make a demonstration. However one of the challenges is promoting and displaying the internal innovations to support internal cross-collaborations without compromising the intellectual trade secrets by allowing external partners to participate.

The major limitation is how much time and resources it takes to set up the fair, have the fair and then track the outcomes/benefit of the innovation fair.

5.  This is something we do regularly both at a global and local level.  They have been very successful especially where we are seeking to partner and leverage ‘common good’ research projects.  Best practice is where your ‘end users’ are closely involved so that we clearly match needs to identifying technologies and paths forward.

Do not make them too big – scatter gun approach is not ideal, targeted selected suppliers is more effective so pre-work is important.  Consider fee charging external entities to eliminate entities that are not serious.  Plan well ahead do not do on short notice because key people are usually busy and need lead time to get on their calendars.  Consider recording for wider sharing to those who may not attend on the date.

6.  It will take plenty of planning, coordination, and advertising for words to spread. One challenge for us is that we actually had two fairs in two locations within a three-month period. That is too much for our suppliers to handle at times.

7.  These events can be an effective mechanism to convey a deeper message regarding customer needs to the supplier and open up channels of dialog between entities.  Follow up and follow through on ideas offered or developed is essential. Responses should be timely and proper expectations should be established beforehand.  Think carefully about handling of key suppliers and use opportunities to show special attention to important relationships by involving senior leadership.