The impact of cognitive biases on procurement: how to minimise errors and achieve better procurement outcomes

If you’re undertaking a procurement from a panel, how many suppliers should you approach? More, or less, than three? What if the very suggestion of an arbitrary number like this could influence your decision, regardless of whether you knew you were being influenced?

Cognitive biases – situations where our minds make systemic deviations from rationality and are subject to improper influence – can impact procurement decisions both on a conscious and unconscious level.

Understanding what these biases are, and how to put in place systems to counter their impact, can enhance procurement decision-making. From market research to contract drafting, through to tender evaluation and supplier selection, making reasonable and defensible decisions is essential to good procurement outcomes.

In this presentation, Sean King and Twoey Jones will take you through some of the most common cognitive biases that can impact the procurement process – and what you can to minimise their impact.

ACT Legal Practitioners CPD: 0.5 points
(Core Area 3 – Professional skills)

CIPS: 0.5CPD CPD hours

Presenters:

Sean King
Co-Founder

Twoey Jones 
Advisor

Sean King
Co-Founder

Twoey Jones 
Advisor