NEGOTIATION STRATEGIES
Streamlining preparation and gathering knowledge One of the most challenging aspects of negotiation is the preparation stage . Gathering data from multiple sources – contracts , competitor analysis , market insights , and supplier performance – can be time-consuming and complex . Without a streamlined process , many procurement teams either rush through preparation or forgo negotiations altogether , defaulting to contract renewals without challenging existing terms .
“ Knowledge gathering is one of the longest parts of the process ,” explains Lora .
“ With diverse tech stacks and organisational setups , gathering the needed information can take so long that teams don ’ t prepare thoroughly , losing opportunities to add value . Some negotiations don ’ t even happen because teams renew contracts with outdated terms .”
DEALS solves this by centralising all negotiation-related data in a single platform , making information accessible and automating many of the manual processes that slow down preparation . With faster access to critical data , procurement teams can initiate more negotiations , ultimately capturing more value for their organisation .
104 November 2024