Whether you have 20 years of procurement experience or you’re new on the supply chain scene, negotiating contracts with suppliers is often intimidating and stressful. Procurement professionals aren’t always trained in the art of negotiation, although the salespeople they’re working with are usually very well-trained. These easy steps will give you the edge you need to negotiate deals like a pro.
Step 1: Do Your Homework
Preparation is everything when it comes to negotiating. Before you sit down with a supplier, do plenty of research on the products you’re purchasing. Understand current market trends and pricing, as well as alternatives available from other competitors. If possible, get to know your supplier and the tactics they use to make sales. Even a small amount of knowledge gives you a big advantage at the table.
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