Thinking Fast & Slow in Purchasing

In this article, our own Tal Kotler evaluates the signficant impact of fast and slow thinking on procurement.

Purchasing teams are responsible for making critical decisions related to buying goods and services for an organization. These decisions can have a significant impact on the success of the business, both in the short and long term. However, purchasing teams are at a disadvantage because they can fall prey to the cognitive biases associated with the way humans think, known as fast and slow thinking.