Strategy

Herbert Simon: “Economic Man” and “Bounded Rationality”

Posted: 05/05/2017 - 19:57

Herbert Simon explored the intersection of philosophy, science, politics, economics and a range of other fields and called into question the traditional idea that “economic man” acts rationally. Simon, who was a long-time professor at Carnegie Mellon University, received the Nobel Prize in Economics in 1978. Simon’s diverse research ranged across the fields of cognitive psychology, cognitive science, computer science, economics, management, philosophy of science, sociology, and political science; he helped lay the foundation for behavioral economists around the world.

TOP TEN: Opportunities and Legal Risks Considerations When Embracing New Technologies

Posted: 05/05/2017 - 19:54

The opportunities

For organisations that are looking to strengthen their position in established industry sectors, adopting new technologies may provide the opportunity to: 

1. Demonstrate innovative thinking to customers 
Proving to customers that your organisation is committed to continually improving the manner in which it conducts its business by adopting new technologies should lead to better customer awareness of your business and a stronger reputation for customer service. 

Is procurement the key to unlocking innovation within organisations?

Posted: 04/22/2017 - 02:10

Depending on your business sector, the department you work in or your job function, innovation means different things to different people. Procurement professionals may view innovation as a long-term strategy, given the tremendous potential for delivering efficiencies and cost savings over time, while other business functions may see it differently. Their interest might be focused on enhancing performance and processes, delivering slicker workflows or increased speed to market.

Cognitive solutions: beware the black box and big promise

Posted: 04/13/2017 - 22:42

In a maturing market, buyers are becoming increasingly aware that the umbrella term “intelligent automation” comprises a broad spectrum of functionality, ranging from teachable bots that execute repeatable and scripted tasks, to more advanced cognitive tools that apply pattern recognition and language processing capabilities to analyse data, make decisions and learn from experience.

Software-Defined Networking (SDN): the future of networking?

Posted: 04/13/2017 - 00:20

Over the past two decades, networking has been severely limited: it simply could not keep up with new demands from businesses in an increasingly digital world. However, that is all about to change thanks to the creation of software-defined networking, or SDN. Part of an ongoing wave of “virtualisation” in the IT industry, SDN allows people (particularly businesses with large IT systems) to control network behaviour through a handy piece of software, instead of having to go into the network infrastructure and alter things manually.

How retailers can drive sustainable savings through strategic sourcing

Posted: 04/11/2017 - 23:42

Growing economic uncertainty has seen many businesses look to procurement for a means to increase savings and ultimately drive growth. This is especially true in the retail industry where common issues include mounting costs, struggling suppliers, increased competition and expanding supply chains. On top of this, savings must be achieved without affecting the quality of the end product or customer experience.

‘Long-termism’: as crucial in talent management as in wider business strategies

Posted: 04/07/2017 - 19:57

Commentators have long debated the extent to which ‘short-termism’ (the concentration on short-term objectives for immediate profits) in business impacts both individual organisations and the wider economy. According to recent research, however, companies deliver significantly improved results when leaders manage with long-term strategic goals in mind and resist pressure from investors to focus excessively on meeting short-term financial targets.

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