Bad Buying

by Peter Smith

In this hilarious, fascinating and insightful expose, industry insider Peter Smith reveals the massive blunders and dodgy dealings taking place around the world as private companies and public sector bodies buy goods and services. A recent report showed that over 90% of procurement projects fail. So, why are so many billions wasted on ineptitude, mismanagement and, in some cases, fraud?

By turns an entertaining account of some of the worst procurement scams in history and also a resounding lesson in how not to operate,  Bad Buying  offers clear and practical advice on how to avoid embarrassing mistakes, minimise needless waste and make sound, strategic procurement decisions on your next initiative.

Genres: Economics, Business

336 pages, Paperback

Published October 8, 2020

About the author

Peter gained an MA in Mathematics and Management Sciences at Cambridge University, then joined the Mars Group and held a number of procurement roles there before becoming Procurement Director (CPO) successively for Dun & Bradstreet Europe, the Department of Social Security, and the NatWest Group. He is a Fellow and was 2003 President of CIPS (the Chartered Institute of Procurement and Supply) and has served as a non-executive director of two large public sector organizations and a growing private firm. He worked as a consultant for some years, advising major government and private sector organisations, then from 2010 -18 was Managing Editor of Spend Matters UK/Europe, read daily by thousands of procurement professionals.

His first co-authored book, “Buying Professional Services”, was published by the Economist Books in June 2010; his second book, A Procurement Compendium, was published in September 2019, with another book will be published by Penguin Business in late 2020.

Reviews

[Nicky Chalabi · Rating 3 out of 5]

This book has an engaging title; however the content is mediocre. It covers some brilliant and hilarious examples of various cases such as fraud, corruption etc. Nevertheless, the author does not provide specific suggestions, rather generic advices based on his experience. I agree with the author that technology will impact heavily and reduce current issues that we face when it comes to purchases and budgeting decisions, supplier selection, fraud, corruption etc. However, we already see some technological advancements, but governments, large organisations and companies are not ready to embrace them. In addition, I don't believe that stringent approval processes could be a solution, especially when we are moving towards the decentralised world.

[John Dolan · Rating 5 out of 5]

Business books can be a little, well, dry, and those on the topic of procurement especially so. Peter Smith’s ‘Bad Buying’, however, bucks this trend. Eminently readable, the book successfully walks the tightrope between suiting the specialist yet being of interest to a more general audience. Written with a light and witty touch, the author runs through the various stages of successful (and unsuccessful) buying, dealing with both nitty-gritty practicalities and strategic issues. Some of his case studies of incompetence and fraud are jaw-dropping, and a sly humour is at work throughout ‘Bad Buying’. I struggle to think of another business book I’ve read that is peppered with so many amusing asides and musical references (I spotted nods to ‘Guys and Dolls’, Bowie, Queen, Pink Floyd, and many others).
IMHO, this should be required reading for not only professional buyers but those who have to manage them, and indeed, interact with them: in short, anyone in any business who wants to avoid some serious pitfalls and optimize the performance of their operation. I have been ploughing through business books (sometimes reluctantly) for over forty years, and this is one of the seriously good ones. Read it with a pen and paper handy so you can jot down the key points and ideas for later – as well as make a note of the amusing anecdotes to keep your friends entertained. The final section of ‘Bad Buying’ sets out ten principles for good buying; but please don’t be tempted to skip to the end, or you’ll miss some treats.
Highly recommended.

[Kim Olsson · Rating 5 out of 5]

I found this a great read - lots of interesting and diverse real life case studies, clearly defined chapters by topic and practical advice for better buying. I would recommend, especially anyone new to buying or procurement.

[Mbachi Thindwa · Rating 4 out of 5]

A well-written and highly informative book for those interested in procurement governance, particularly in positioning procurement at a strategic level to support organisational competitive advantage and value creation.

[Thomas Creedy · Rating 3 out of 5]

Helpful but too long.

[Grebbie · Rating 3 out of 5]

If you know, you know. Published 2020.