Myth #3: Online Research To Choose Vendors/Solutions Is Sufficient – Part #2 (Lesson 10)
So why do so many projects keep on failing?
Clearly, despite having easier access to more information than anyone ever imagined, buyers are not better informed to make the decisions that lead to successful digital transformations.
So let us consider what is actually happening in this hyper-informed buying world.
‘To err is human’
Any research that has been obtained through digital channels is combined with other sources of information and experience from all those involved in the buying process, including:
- Products and services that they, or others, have used before elsewhere.
- Projects for other non-related products and services.
- Selections of other non-related products and services.
Ultimately, however scientific and thorough this buying process is, it is operated by humans. And humans are subject to an absolutely staggering 188 cognitive biases that are likely to influence the decision-making process.
I wonder just how often cognitive bias results in the wrong supplier being chosen, the wrong approach being planned, and the same warning signals ignored?
Forgiveness may be divine, but it is better not to need it in the first place.
Some biases seem, on the face of it, to be relatively innocuous. However, these biases are actually dangerously insidious, because they introduce complacency that can cost your organisation – and reputation – dearly.
I have been involved in many sourcing and procurement efforts over the years, so I have seen the whole gamut of skillsets. These range from mid-sized organisations with little or no experience procuring enterprise solutions, to very large enterprises with what seems like a small army of people involved in the process.
I have also been invited to join projects at various stages along the sourcing and procurement journey; before, during, and after key decisions have been made.