How can information and communication technologies (ICT) improve decisions of renewal of products and services and quest and selection of new suppliers?

Bounded rationality in managerial decisions is one of the most recognized issues in management science. After discussing the issues of bounded rationality, the way in which ICTs (Information and Communication Technologies) can enhance the effectiveness in the decisions related to the renewal of products and services and the quest and selection of new suppliers is analyzed. It is argued that the use of ICTs mitigates some of the limitations that are present in this type of managerial decisions.