30.1 C
Sunday, January 16, 2022
HomeProcurementKey Challenges for Effective Procurement Negotiation

Key Challenges for Effective Procurement Negotiation

Negotiating in business is absolutely critical to your success. Poor negotiation can cripple a company just as quickly as losing key customers. Emotion, luck and magic have no place in a successful negotiation. It takes an iron gut, homework, street smarts and unblinking discipline.

The process of negotiating demands good business judgment and a keen understanding of human nature. There is no other area in business where the alchemy of power, persuasion, economics, motivation, and organizational pressures come together in so concentrated a fashion and so narrow a time frame. But – nowhere is the return on investment potential so high!

The picture on the bottom left shows the teams engaged in a negotiation, and the picture on the right reflected the mood from the outcome of a negotiation.

The full content is only visible to SIPMM members

Already a member? Please Login to continue reading.

Tang Wei Wen, DPSM
Tang Wei Wen (or Vi Vi) has substantive years of experiences in the specialised field of procurement, specifically in the EPC sector. She is a member of the Singapore Institute of Purchasing and Materials Management (SIPMM). Wei Wen completed the course on Diploma in Procurement and Supply Management (DPSM) in March 2018 at SIPMM Institute.

Most Read