More and more Procurement professionals and their organisations recognise the potential of game theory
TWS Partners and CIPS survey on the application of game theory in Procurement
How prominent is game theory and how many Procurement organisations already use it? What is needed to apply game theory? Is the application within Procurement limited – and are there applications beyond Procurement?
Upon the launch of their knowledge partnership, CIPS (Chartered Institute of Procurement & Supply) and TWS Partners conducted a global survey on the application of game theory in Procurement. The survey investigated the current level of awareness for the topic and degree of application.
Key findings of the survey include:
- Game theory is widely known: 80% of the participants have come across game theory before
- Game theory creates added value: 90% of all users are convinced that game theory can contribute to their success
- Game theory is becoming more and more popular: although only 9% of the participants use game theory today, every other respondent thinks that’s going to change soon
- Game theory is broadly applicable: 80% of the respondents confirm that the methodology can be used even for medium and highly complex commodities
- Larger sourcing volume, higher degree of application: 6% of the respondents who work in companies with a sourcing volume USD <1bn apply game theory vs 24% in companies with a sourcing volume USD >1bn
See all results and learn more about the value game theory can add!