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HomeProcurementKey Success Factors for an Effective Procurement Negotiation

Key Success Factors for an Effective Procurement Negotiation

Negotiation skills are an important part of doing business, especially in an increasingly competitive market. Both buyers and suppliers could make a deal that benefits both parties. Importantly, procurement negotiation requires parties to communicate and understand each other’s expectation. Thus, this can reduce disagreements and enable a good working relationship between both parties.

Effective procurement negotiations build stable business relations, avoid conflicts and more importantly, work towards a win-win situation for profitable outcomes in both companies. Successful negotiations require preparatory research through intelligent and reasoned planning. Without negotiation planning, this is analogous to a company trying to fumble its way through a dark and unfamiliar room.

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Fay Khoo, GDPM
Fay Khoo has substantive years of experiences in the field of procurement, and especially in the oil and gas industry. She is a member of the Singapore Institute of Purchasing and Materials Management (SIPMM). Fay holds a Diploma in Procurement and Supply Management (DPSM) and she is a candidate for the Graduate Diploma in Procurement Management (GDPM) at SIPMM Institute.

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