The changing art of negotiation: Despite supplier negotiation being regarded as an ‘art’ by seven in 10 (70 per cent) respondents, many believe it will increasingly be conducted digitally over the next five years (68 per cent).
Research from Barclaycard Payments among 500 senior procurement managers reveals that while skilled negotiation is as important as ever, businesses must adapt their approach to avoid a lack of data preventing them securing the best deals. Decision makers agree that having access to data and insights during discussions can significantly benefit the outcome: 78% believe data analytics are increasingly important in supplier talks.
While nearly twice as many decision makers aged over 55 prefer face-to-face negotiations compared to 18-34-year olds (62 vs. 33 per cent), the newest generation to enter the workforce are already embracing technology, being over twice as likely to use a supplier management portal to aid negotiations (24 per cent vs. 10 per cent).
Decision makers aged 18-34 are also a third more likely to believe improved technology, such as supplier management portals and video conferencing, would enhance their negotiation ability (43 per cent vs 29 per cent of over 55s
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