What Procurement Teams Can Learn from “The Wisdom of Crowds”
Today’s procurement systems are not as sophisticated as they should be, as they fail to incorporate basic tenets of human psychology.
What do we mean by this?
As of now, the primary means of surfacing suppliers in the course of a search selection remains very arbitrary – qualify the suppliers then pick the lowest price. This process does very little to ensure the quality of the supplier and does not reflect what other business teams’ experience with the supplier might have been.