We’ve come a long way in the way we communicate with each other, as evidenced by a recent conversation I had with a friend who is a bit older than me:
Sean: Dave, are you familiar with a form of media known as “radio”?
Dave: It sounds familiar…
Sean: Well, there is this piece of equipment that is NOT connected to the internet….
Although methods of communication have undergone step changes, we have a great deal more work to do with the way we do contracts and supplier relationships generally. There is a good blog post on the commitment matters blog that explains how contracting needs to adapt. I remain skeptical of any claim that there is greater volatility in markets now than in the past (one of the ways in which we are often “fooled by randomness“), however, the best part of the argument in the blog post describes a very common situation – the mistake of attempting to be precise in the face of uncertain outcomes.