What do you do if you want to leverage new technology for vendor negotiation?

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Vendor negotiation is a crucial skill for any business that wants to get the best value and quality from its suppliers. However, traditional methods of negotiation can be time-consuming, inefficient, and stressful. That's why many businesses are looking for ways to leverage new technology to improve their vendor negotiation process. In this article, you will learn how to use some of the latest tools and platforms to negotiate better deals, communicate more effectively, and manage your contracts more easily.

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BISWAROOP GHOSH

Risk advisory at Deloitte
Erika Campregher

Gerente de Facilities e Infraestrutura | Especialista em Gest?o de Manuten??o Predial e Opera??es Sustentáveis |…

1 Assess your needs and goals

Before you begin negotiating with your vendors, it's important to have a clear idea of what you want to achieve and what you're willing to compromise on. To help assess your needs and goals, consider utilizing technology such as data analysis software to analyze spending patterns, identify key vendors, and benchmark performance against industry standards. Additionally, project management software can be used to plan negotiation strategies, set deadlines, assign tasks, and track progress. Finally, online surveys can be used to gather feedback from internal stakeholders, such as employees, managers, and customers on their expectations and satisfaction with vendors.

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BISWAROOP GHOSH

Risk advisory at Deloitte
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Data & Analytics: Use tools to analyze vendor performance and market trends for informed negotiation. Communication Platforms: Facilitate efficient, transparent discussions with vendors. Digital Procurement: Explore platforms that streamline processes and enhance collaboration. Negotiation Software: Consider innovative platforms specifically designed to improve negotiation outcomes. Employee Training: Invest in training to ensure your team can effectively utilize new technologies.

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2 Research your vendors and market

To get a clear understanding of your needs and goals, you can research your vendors and the market conditions to discover their strengths, weaknesses, opportunities, and threats. Technology can help you with this process: vendor review platforms can provide customer feedback about your vendors, competitive intelligence software can monitor competitor activities, and market research software can offer data and insights about the industry. With this information, you can identify gaps and opportunities in the market to make informed decisions.

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Erika Campregher

Gerente de Facilities e Infraestrutura | Especialista em Gest?o de Manuten??o Predial e Opera??es Sustentáveis | Otimiza??o de Recursos e Custos Operacionais I Viagens Corporativas
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Uma pesquisa densa e profunda no mercado te ajudará, fa?a bench com conhecidos que usam alguma tecnologia semelhante. Tanto google quanto Linkedin s?o ótimos meios de saber a avalia??o dos potenciais fornecedores.

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3 Negotiate online or offline

When negotiating with your vendors, you have the option to do so online or offline, depending on your preference, budget, and availability. Both options have their advantages and disadvantages, but technology can be used to enhance the experience. Online platforms provide features such as chat, video, document sharing, e-signature, and analytics; whereas offline tools can help you prepare for face-to-face meetings with features such as agenda setting, note taking, recording, and transcription. Negotiation training software can also be used to improve your negotiation skills with interactive scenarios, feedback, tips, and quizzes.

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Erika Campregher

Gerente de Facilities e Infraestrutura | Especialista em Gest?o de Manuten??o Predial e Opera??es Sustentáveis | Otimiza??o de Recursos e Custos Operacionais I Viagens Corporativas
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Antes de se preocupar em negociar, certifique se do que é mais aderente ao seu negócio. N?o adianta ter desconto numa Ferrari se seu público parcela carro popular. Sabendo o perfil da sua empresa, fa?a negocia??o com valores diferenciados e divulgue isso internamente.

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4 Communicate and collaborate

After you have reached an agreement with your vendors, communication and collaboration is key to a successful implementation of the contract. Technology can help facilitate this process through communication and collaboration software. Communication software can provide features such as email, phone, chat, video, and social media to stay in touch with your vendors. Collaboration software can provide features such as file sharing, task management, workflow automation, and reporting to work together with your vendors. Additionally, contract management software can provide features such as contract creation, storage, review, approval, and renewal to help manage your contracts.

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5 Evaluate and improve

Finally, you need to evaluate and improve your vendor negotiation process, by measuring your results, identifying areas of improvement, and implementing changes. Technology can be used to help with this process, such as performance measurement software to track key performance indicators (KPIs), feedback software to collect and act on feedback from vendors and customers, and continuous improvement software to implement and monitor improvement initiatives. These tools provide features like surveys, ratings, reviews, suggestions, problem solving, action planning, and progress tracking.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Sophie Giroguy

Consultante en Emploi et Formation chez Agir pour Grandir en Synergie
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iA peut faire du mapping afin d’optimiser un itinéraire et le rendre économique afin de pouvoir visiter le plus de point de vente dans une journée ou dans une semaine sur un secteur géographique grace a la géolocalisation ! L’entreprise a moins de co?t en carburant et si la tournée est bien élaborée cela peut être rentable pour l’entreprise mais aussi pour les résultats du commercial. Je reste persuader que l’outil reste utile à l’humain mais ne le remplace pas.

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Vikrant Linge

Commodity Mangement Professional at Siemens
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Think through & do the hypothesis with all assumptions and possible outcomes, if favourable and balanced go ahead to leverage the technology.

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What do you do if you want to leverage new technology for vendor negotiation?

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1 Assess your needs and goals

2 Research your vendors and market

3 Negotiate online or offline

4 Communicate and collaborate

5 Evaluate and improve

6 Here’s what else to consider

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