{"id":7384,"date":"2019-02-07T09:37:05","date_gmt":"2019-02-07T17:37:05","guid":{"rendered":"https:\/\/blog-prod.qad.com\/blog\/?p=7384"},"modified":"2022-08-03T10:30:26","modified_gmt":"2022-08-03T17:30:26","slug":"behavioral-economics-reasons-for-moving-to-the-cloud","status":"publish","type":"post","link":"https:\/\/www.qad.com\/blog\/2019\/02\/behavioral-economics-reasons-for-moving-to-the-cloud","title":{"rendered":"The Behavioral Economics Reasons for Moving to the Cloud"},"content":{"rendered":"

[vc_row][vc_column][vc_single_image image=”7385″ img_size=”full”][vc_column_text]Behavioral economics combines the study of psychology with the analysis of the decision-making behind an economic outcome, such as the factors that play a role in a consumer\u2019s decision to buy one product over another. Just over a year ago, <\/span>Richard Thaler<\/span><\/a> won the Nobel prize for his work in the field of Behavioral Economics. He posited that while traditional economists believe humans behave rationally, humans actually exhibit a number of logical fallacies in their behavior and decision making. It doesn\u2019t take a genius to see that people are irrational, but Richard Thaler was a genius for identifying and defining many fallacies, allowing us to find ways to combat them by \u201c<\/span>nudging<\/span><\/a>\u201d people in the right direction. <\/span><\/p>\n

Thaler\u2019s \u201cnudge theory\u201d has contributed to improvements in public policies around the globe. \u00a0One of the most well-known examples is that of organ donation. In the US, which has an \u201copt-in\u201d organ donation system, there\u2019s a vast shortage of organ donors. Spain, in contrast, has an \u201copt-out\u201d system and is the world leader in organ donation. The \u201copt-out\u201d system works because of status quo bias; people tend not to change default options. <\/span><\/p>\n

Sometimes our default behaviors and thinking habits can get in the way of achieving the best possible outcomes. Here are four fallacies that could be affecting your decisions when it comes to <\/span>ERP selection<\/span><\/a>.<\/span><\/p>\n

The Ikea Effect<\/span><\/h2>\n

Are you reticent to move off of current solutions because your team made them? You might be experiencing the <\/span>Ikea Effect<\/span><\/a>. Investing labor into something leads to inflated valuation. Experiments show that value assigned to self-made goods is on par to value assigned to expert creations. Some believe it\u2019s attributed to the positive feelings from completing a project.<\/span><\/p>\n

Sunk Cost Fallacy<\/span><\/h2>\n

You\u2019ve spent 10 minutes in line at the grocery store, when another register opens. You stay in your current line because you\u2019ve already put in the time, but going to the new register would have been faster. The essence of this fallacy is that people will continue doing something they have invested in, even when there are better solutions, because they\u2019ve already invested so much. If this sounds familiar to you, you might be guilty of the <\/span>Sunk Cost Fallacy<\/span><\/a>.<\/span><\/p>\n

Status Quo Bias<\/span><\/h2>\n

People prefer for things to stay the same by doing nothing, even when transition costs are small and the importance of the decision is great. The problem with the status-quo is that while a person or company can choose to stay the same, the world changes more and more rapidly, especially in our age of rampant innovation. It\u2019s not a winning strategy. Is your status-quo really working, or are you guilty of <\/span>Status Quo Bias<\/span><\/a>?<\/span><\/p>\n

Ambiguity Aversion<\/span><\/h2>\n

People tend to favor the known over the unknown. When choosing between two bets, we are more likely to choose the bet for which we know the odds (even if the odds are poor) than the one for which we don\u2019t know the odds. We\u2019ve all heard the phrase \u201cBetter the devil you know than the devil you don\u2019t.\u201d That might be a wise strategy in some aspects of life, but when it comes to an ERP strategy, your solution should never be \u201cthe devil.\u201d If this sounds familiar, you may be experiencing <\/span>Ambiguity Aversion<\/span><\/a>.<\/span><\/p>\n

Whether just one of these sounds familiar or all five, you\u2019ll want to make the best decision possible when selecting a <\/span>cloud ERP<\/span><\/a> solution. Good isn\u2019t good enough! If you recognize any of these fallacies on your team, please leave a comment below. We\u2019d love to hear from you!<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_single_image image=”7385″ img_size=”full”][vc_column_text]Behavioral economics combines the study of psychology with the analysis of the decision-making behind an economic outcome, such as the factors that play a role in a consumer\u2019s decision to buy one product over another. Just over a year ago, Richard Thaler won the Nobel prize for his work in the field of […]<\/p>\n","protected":false},"author":36,"featured_media":7385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[182,199],"tags":[678,673,9,674,677,676,675],"class_list":["post-7384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-manufacturing-trends","tag-ambiguity-aversion","tag-behavioral-economics","tag-cloud-erp","tag-richard-thaler-nudge-theory","tag-status-quo-bias","tag-sunk-cost-fallacy","tag-the-ikea-effect"],"yoast_head":"\nThe Behavioral Economics Reasons for Moving to the Cloud | QAD Blog<\/title>\n<meta name=\"description\" content=\"Behavioral economics combines the study of psychology with the analysis of the decision-making behind an economic outcome, such as the factors that play a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.qad.com\/blog\/2019\/02\/behavioral-economics-reasons-for-moving-to-the-cloud\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Behavioral Economics Reasons for Moving to the Cloud | QAD Blog\" \/>\n<meta property=\"og:description\" content=\"Behavioral economics combines the study of psychology with the analysis of the decision-making behind an economic outcome, such as the factors that play a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.qad.com\/blog\/2019\/02\/behavioral-economics-reasons-for-moving-to-the-cloud\" \/>\n<meta property=\"og:site_name\" content=\"QAD Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/QADerp\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-07T17:37:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-03T17:30:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.qad.com\/blog\/wp-content\/uploads\/2019\/02\/02.07.2019-min.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Catherine Wagner\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@QAD_Community\" \/>\n<meta name=\"twitter:site\" content=\"@QAD_Community\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Catherine Wagner\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.qad.com\\\/blog\\\/2019\\\/02\\\/behavioral-economics-reasons-for-moving-to-the-cloud#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.qad.com\\\/blog\\\/2019\\\/02\\\/behavioral-economics-reasons-for-moving-to-the-cloud\"},\"author\":{\"name\":\"Catherine Wagner\",\"@id\":\"https:\\\/\\\/www.qad.com\\\/blog\\\/#\\\/schema\\\/person\\\/5f3264eddc39d211f49551119c8e6978\"},\"headline\":\"The Behavioral Economics Reasons for Moving to the Cloud\",\"datePublished\":\"2019-02-07T17:37:05+00:00\",\"dateModified\":\"2022-08-03T17:30:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.qad.com\\\/blog\\\/2019\\\/02\\\/behavioral-economics-reasons-for-moving-to-the-cloud\"},\"wordCount\":643,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.qad.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.qad.com\\\/blog\\\/2019\\\/02\\\/behavioral-economics-reasons-for-moving-to-the-cloud#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.qad.com\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/02\\\/02.07.2019-min.jpg\",\"keywords\":[\"Ambiguity aversion\",\"Behavioral economics\",\"cloud erp\",\"Richard Thaler. 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