Game theory empowers procurement
TWS Partners and CIPS survey on the application of game theory in Procurement
How many Procurement professionals know about game theory – and how well? Has the overall knowledge increased in the past twelve months? Who already applies game theory in Procurement and what prevents others from doing so? What benefits do Procurement professionals see in the application of game theory?
After a successful first year of their knowledge partnership, the Chartered Institute of Procurement & Supply (CIPS) and TWS Partners conducted their second survey on the application of game theory in Procurement. The survey examined trends in terms of knowledge and application as well as national differences.
Key findings of the survey include:
- Knowledge of game theory is widespread
88% of Procurement professionals have at least a basic knowledge of game theory (an increase of 10%).
- Application of game theory is growing fast
40% of the participants apply Game theory in Procurement, compared to just 9% in 2017.
- Game theory is less prevalent in the UK
Only 24% of UK participants apply game theory in Procurement, compared to 41% of the participants from Germany, Austria and Switzerland
- Game theory is more likely to be applied in larger companies
62% of the Procurement professionals who use game theory work in companies with more than 10,000 employees.
- Game theory increases bargaining power
93% of the participants believe that game theory improves the bargaining position with suppliers.
- Game theory enables organisations to gain a competitive edge
85% of the respondents confirm the application of game theory helps companies to gain an advantage over competitors.
- Game theory empowers Procurement
98% of the respondents are convinced that game theory turns Procurement into a value driver.
Get all results and learn more about the value game theory can add!
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