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Rethinking the way industrial products are purchased

Aug 13, 2021

Learning Objectives

  • Companies should strive to put the highest-value components into their factories and plants, with a premium on reliability.
  • Industrial purchase decisions often suffer as a consequence of individual and group decision heuristics, like risk aversion.
  • Compared to an older “consolidated” strategy, a more modern “specialized” purchasing strategy may offer large advantages.

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