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Thinking (about Procurement) Fast and Slow with Daniel Kahneman (Part 2) [Plus+]

Our last article introduced Daniel Kahneman’s brilliant “Thinking Fast and Slow” book, which explains how our thought processes work. He is a psychologist, but won the Nobel Prize for economics as his work explained how humans really think and behave, which turned out to be quite differently to how that was treated in classical economic theory.

Does Procurement Need a PMO? Best Practices and Tools for Project Management [Plus+]

A number of us at Spend Matters originally came from a consulting background where the project management office (PMO) function is an essential component of larger projects, especially around systems implementation or large-scale procurement and sourcing projects impacting a wide range of functions and individuals across a company. As background on the topic, Wikipedia defines a PMO as “a group or department within a business, agency or enterprise that defines and maintains standards for project management within the organization.”

Analytics at the Core of P2P and E-Invoicing: Basware’s Transformative Effort [PRO]

For many P2P providers (aside from those with robust spend analysis modules that extend beyond GL and invoice-centric analysis), analytics has been a bolted-on afterthought. It’s included in the solution as a standard set of reports, or it’s an inexpensive – yet often somewhat useful – add-on buried in the price sheet. Regardless, analytics are historically of secondary concern and certainly not a selling point to users, who are more interested in the process, workflow, processing, routing, validation, matching, integration and other components of the e-invoicing and eProcurement applications. Analytics? Just give me some reports.

Thinking (about Procurement) Fast and Slow with Daniel Kahneman [Plus+]

Procurement has very little in the way of scientifically proven best practice, and not really very much even in terms of academic underpinning to what we do day-to-day. That is in part because many key procurement activities appear highly subjective and are linked to behavioural skills and issues, which are harder to analyse and study than fact-based actions. Such “soft” activities include negotiation, relationship management, and even arguably risk management.