Life Science Research Solutions, Products, and Resources VWR will support you from the latest life science products to the guaranteed purity of organic building blocks. Afternoon Coffee: November PMI registers seventh consecutive month of growth US Supreme Court hears suit on child labor in cocoa supply chain Medius announces partnership with Changepond : Oliver Harris said : Indeed, RPA is the primary factor and an entry-level strategy to digitally transform your business e.A strong, vibrant research and development group is the lifeblood of all industries.Demystifying the role of technology in supply chain finance: Blockchain : Riya Kaif said : Insightful article on the role of blockchain technology in supply chain finance.Procurement in Practice: Sustainability - Getting from the pledge to action at Bayer : Fabian Lampe said : Having worked for Bayer and Unilever I really must say that the pledge and the ambition is bold and.E-procurement as a strategic weapon - With BuyerQuest acquisition, ODP preps for war in omnichannel B2B : Jason Busch said : From an antitrust standpoint, I wonder if this makes ODP + Staples look like less of a competitor by.Finally, Graduating Lawyers are Considering a Profession That Benefits Society: Procurement : just a dude said : I'm a former in house counsel who drafted and negotiated tech contracts (just like your example), an.Who knows – better ask the crowd what they think!ĭavid Rajakovich is Vice President of Online Operations at Positive Purchasing So prediction markets could be the coming thing. The essence of crowd wisdom is that each individual makes up their own mind what they think on their own.Ī useful spin-off benefit is that it’s the kind of management exercise that can be used to involve people in their organisation – asked to give their assessment of some vital issue for the company, they are sure to feel a sense of pride and ownership of the outcomes. It’s also important that participants are not conditioned or prompted in any way - by you or by each other. The important thing is to make sure you have as many people as possible involved and that they come from a diverse range of roles in terms of seniority and geography. It can be done online or with good old-fashioned pencil and paper. The good news is that setting up a prediction market need not be an elaborate exercise. Predictions like these, clearly, can be worth millions to a company, and an approach that promises greater accuracy must be worth pursuing. Best Buy used it to accurately predict gift card sales leading up to the Christmas shopping season.
#Galton b2b software
It seems that an internal prediction market at Hewlett-Packard predicted printer sales more accurately than traditional processes, and a similar market designed by a large engineering firm correctly predicted that there was very little chance the company would complete a software project on time. The approach has been used by several companies. So what? Well, for procurement people the prediction markets approach could mean, for example, forecasting demand in the market place so that you can adjust production and the volume of bought-in goods and services accordingly – with the obvious benefits in terms of inventory and capacity. The approach goes way back to the early 20 th century when British scientist Francis Galton collected up the entries in a “guess the cow’s weight” competition at a country fair - and was startled to find that the average figure came to just one pound above the correct answer. “Even if most of the people within a group are not especially well-informed or rational, it can still reach a collectively wise decision”. “Groups do not need to be dominated by exceptionally intelligent people in order to be smart,” he wrote.
It says collective wisdom is more likely to prove accurate than expert analysis. This is the theory of “prediction markets”, developed by American guru James Surowiecki in his book The Wisdom of Crowds. The results, according to the latest thinking, could prove surprisingly accurate.
Gather together as many as possible in your organisation and beyond – everyone from the receptionists to your suppliers to the senior managers – and ask them what they think. That’s the accepted wisdom.īut there’s another way worth considering.
If you want to know how the future will look, commission some analysis and expect closely-argued forecasting based on scientific research. here) a few times in the context of their education and training services. We’re pleased to have a guest post from David Rajakovich of Positive Purchasing, who we've mentioned recently (e.g.
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