How INNOVO Works
INNOVO is a new way for companies of all sizes to do business. It offers savings to any organisation that buys (all sectors: private, public and non-profit). It also makes it easier for companies who sell virtually any goods and services to other organisations (B2B). INNOVO is free to both Buyers and Suppliers.
Buyers make it easier for Suppliers to sell to them by telling Suppliers when they are ready to buy. Buyers buy together with other Buyers from the same Supplier generating economies of scale. This enables the Supplier to efficiently sell unsold wasted spare capacity. The Supplier can also use INNOVO to make savings on its own procurement. the efficiency savings are shared among the buyers, the suppliers, nominated good causes and INNOVO.
How does INNOVO work?
ABC Corporation wants to replace its office chairs and has posted a request on INNOVO to that effect. Chairs-4-U used to spend 15% of its turnover on advertising and recently cut that to 5%. They see on INNOVO that ABC Corporation wants to buy new office chairs.
Chairs-4-U responds to ABC’s request, offering them cashback INNBATE of 3% of the negotiated price. This cashback rises to 5% if they buy 200 chairs and to 7% if they buy 300. Chairs-4-U can afford to do this because the sale has arisen without their having to spend anything on marketing activity.
ABC puts in an order for 120 chairs and is looking forward to a 3% INNBATE.
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Then DEF Corp posts a request for 100 chairs. That means Chairs-4-U has sold 220 chairs and can increase the INNBATE it offers to both ABC and DEF to 5%. And then GHI Limited posts a request for 90 chairs, taking the total to 310 and earning all three companies a 7% INNBATE. Chairs-4-U is still making a greater margin than it would if it had been spending the full marketing budget and has sold 310 chairs to new customers. The buyers are happy because they have all achieved a future discount of 7% reduction on the price of their next purchase.
- ABC posts a request on INNOVO saying it wants to buy 100 office chairs
- Chairs-4-U (C4U) offers ABC cashback (an INNBATE) of 3% if they buy at least 100 chairs now, and more if they buy more. This cashback is funded by the saving in marketing costs
- DEF sees the listing on INNOVO for chairs qualifying for an INNBATE of 3% of the negotiated price and expresses its interest
- C4U offers a 5% future benefit to DEF, and also applies that 5% INNBATE to ABC
- GHI sees the listing on INNOVO for chairs with a 5% INNBATE and expresses its interest
- C4U offers a 7% INNBATE to GHI and applies the same 7% INNBATE to ABC and DEF
…this means you’ve increased your profit by 30% (from 10% to 13%)
…while giving a better price to your buyer, efficiently selling your wasted spare capacity, and even giving to good causes
…and, if you start using INNOVO for your own procurement, it could mean more Profit, or the potential to create even more attractive INNBATEs
Here are some additional Case Studies on How INNOVO Works