Businesses more reliant than ever on suppliers as the pace of innovation increases, but two-thirds view their relationships as primarily transactional
Research from Ivalua, a global leader in spend management cloud solutions, has shown that two thirds (67%) of UK businesses say innovation is being blocked by a focus on cost reduction. This comes at a time when pressure is growing on businesses to develop new, innovative products, faster and at a lower cost. In fact, 51% of UK businesses say the number of products or services they launch has increased in the last 12 months, indicating that pace of innovation is on the rise.
The research, conducted by Vanson Bourne on behalf of Ivalua, found that 60% of UK businesses say they consider the role of suppliers important when it comes to driving innovation. However, less than a third of UK businesses say that they always collaborate with suppliers on new innovations. Furthermore, 64% of UK businesses view their relationship with suppliers as primarily transactional, with more than half (55%) saying that cost savings are more important than driving innovation.
“The pressure is on for businesses to innovate at pace, so collaborating with suppliers to use their industry expertise to develop new products and services has become vital,” commented Alex Saric, smart procurement expert at Ivalua. “The majority of UK businesses (92%) say they are now highly dependent on their suppliers, so when it comes to innovation, companies must rethink how they approach supplier relationships. The more innovative suppliers are in a position where they can now pick and choose who they work with. As a result, UK businesses need to ensure they are appealing partners to work with. This means moving away from supplier relationships that only focus on negotiating lower prices, which can financially stress suppliers and cause them to think twice about working with cost-focused organisations.”
Visibility, risk and poor data hindering supplier collaboration
Encouragingly, more than two thirds of businesses (69%) believe achieving innovation and cost savings are not mutually exclusive. While this is achievable, there are some major barriers that UK businesses need to overcome to collaborate effectively with suppliers, such as: a lack of understanding around supplier capabilities and strengths (35%), security risks (30%), poor data quality (28%) and a lack of incentives for suppliers to become a supplier of choice (27%).
“Effective collaboration with suppliers requires UK businesses to take a smarter approach to procurement, so they can understand supplier capabilities and strengths, assess risks and recognise opportunities. This allows businesses to collaborate deeply on new products or services, unlocking maximum innovation from their supply base,” added Saric. “Procurement must refocus to foster, rather than block, innovation. Not only will this allow UK businesses to innovate at pace, but it also fosters collaborative partnerships that speed up innovation, rather than always asking suppliers to cut costs.”
To download the full report, “It’s not all about the money – why moving beyond cost can help businesses unleash supplier-led innovation”, please visit: https://info.ivalua.com/uk-supplier-led-innovation.
APPLE PAY COMING TO CURVE CUSTOMERS ACROSS EUROPE
Offering an Easy, Secure & Private Way to Pay
Curve, the Over-The-Top banking platform that consolidates multiple cards and accounts into one smart card and even smarter app, today brings its customers Apple Pay, which is transforming payments with an easy, secure and private way to pay. With Apple Pay on iPhone, Apple Watch, iPad and Mac, customers can make fast and convenient purchases in stores, in apps and on websites.
Curve simplifies and unifies the money management experience for customers with its unique ability to consolidate all bank cards into a single card and transfer transactions up to two weeks after a purchase was made with its go-back-in-time functionality. As soon as a customer sets up their Curve Mastercard with Apple Pay, it will work instantly with all cardholders’ bank and cards linked to their Curve app.
The launch of Curve for Apple Pay means that customers can now leave their wallet behind, spend more freely without any limit on most in-store transactions and still benefit from Curve’s unique supercharged features, such as 1% instant cashback, the ability to travel in time and change the account that you spent with, and great foreign exchange rates at millions of places around the world.
Security and privacy are at the core of Apple Pay. When you use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorised with a one-time unique dynamic security code.
“We are thrilled to announce Apple Pay is here for all European Curve customers” said Diego Rivas, Curve’s Head of Product-OS. “Curve’s integration with Apple Pay is a magnificent addition to Curve’s unique money management features, superbly complimenting Curve’s commitment to simplifying and unifying people’s financial lives and enabling even more ways for customers to pay with one of the most rewarding and feature-packed personal finance products on the market.” added Rivas.
Apple Pay is easy to set up and users will continue to receive all of the rewards and beneﬁts offered by Curve.
With iPhone and Apple Watch, customers can pay with Apple Pay in stores, restaurants, taxis, vending machines and many more places. When shopping in apps or on the web in Safari with Apple Pay, there’s no need to manually fill out lengthy account forms or repeatedly type in shipping and billing information. Every Apple Pay purchase is authenticated with just a glance or a touch with Face ID or Touch ID, or a device’s passcode.
2019 was a pivotal year for Curve, in which it closed its series B funding round in July, valuing the business at a quarter of a billion dollars. The all-your-cards-in-one business also broke records in September, becoming the fastest UK startup in history to raise £4M in crowdfunding on Crowdcube. After initially smashing its £1M target in under five minutes it closed out the record breaking round at just under £6M. The Curve card is issued by Wirecard.
For more information on Apple Pay, visit: http://www.apple.com/uk/apple-pay
MILLENNIALS REACH FINANCIAL ROBO-ADVICE TIPPING POINT
Research shows millennials embrace robo-advice but trust in financial advisors remains high
New research today suggests that a technology tipping point has been reached for affluent millennials when it comes to managing their money – with many stating that they are more comfortable taking investment advice from a robo-advisor than a financial advisor.
The research by law firm Michelmores LLP into affluent millennials with more than £25,000 worth of investable assets, highlights that this finding is more pronounced among younger millennials – with 60 per cent of those born in the 1990s showing a preference for using robo-advisors, compared to half (49%) of those born in the 1980s.
Not only is youth a prevalent factor, but so is millennials’ degree of wealth. The more wealthy the millennial, the more likely they are to lean towards robo-advice – 61 per cent of millennials with £75,000 or more in investable assets agree that they would prefer to take advice from a robo-advisor compared to half (50%) of those with £25,000 – £74,999 worth of investable assets.
This is not to say that financial advisors have lost traction amongst millennials; more than four in five (85%) affluent millennials say that they trust financial advisors generally to some extent.
Commenting on the emerging trend, Richard Cobb, Private Wealth Partner at Michelmores LLP, said: “The number of millennials with money to invest and assets to protect is growing. Our research among millennials backs up a pattern we see emerging through clients; that millennials are fast embracing advancing technologies.
“While their trust in financial advisors remains strong, this demographic is likely to embrace advice from varying sources. Affluent millennials are increasingly comfortable using technology to manage their money, believing that it gives them a greater degree of control than using other investment management methods while enjoying the agile investment benefits technology offers.
“This is far from the end of traditional financial advisors though as we are increasingly seeing new clients looking for hybrid support, with face-to-face professional advice supported by real-time reporting technology to help achieve their investment goals. The relationships financial advisors have with their clients facilitate an in-depth understanding of their needs and challenges – robo-advice simply isn’t there yet.
“As affluent millennials become wealthier and more directly engaged with their money, the financial and legal sectors have an opportunity to evolve their offerings to differentiate themselves from online platforms while communicating their value-add services. This will allow clients to benefit from the efficiencies that new technologies can offer, as well as receive more complex and ‘holistic’ professional advice in person.”
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