Few stages of the sourcing and procurement process are more essential (or potentially frustrating) than the negotiations stage. At this point, a supplier reveals their true strategic value and Procurement sets the stage for long-term collaboration.
Procurement professionals are constantly confronted with best practices for the process. Blogs and articles offer daily insights for preparedness, execution, and everything in between. Rarely, however, do these cover the moments when cost reduction opportunities dwindle and negotiations become a waste of time and resources. Oftentimes, Procurement would do well to enter an agreement "as is" or walk away from the table entirely. Source One's negotiations team share some signs that negotiations should cease.
Procurement professionals are constantly confronted with best practices for the process. Blogs and articles offer daily insights for preparedness, execution, and everything in between. Rarely, however, do these cover the moments when cost reduction opportunities dwindle and negotiations become a waste of time and resources. Oftentimes, Procurement would do well to enter an agreement "as is" or walk away from the table entirely. Source One's negotiations team share some signs that negotiations should cease.
Looking for help optimizing contracts for maximum cost reduction and strategic value? Contact Source One's Procurement and Strategic Sourcing specialists today.
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