In the supply chain world, things can come at you quick. You might find yourself negotiating for an MRI machine one day, a peripheral thrombectomy system the next day, and a gourmet bean-to-cup coffee machine the day after that. And being able to successfully navigate whatever contract is in front of you requires having enough information at your disposal at any given time. Not to mention: a supplier rep often gets hundreds of hours of training to master just a few products…while you’re often negotiating for several completely different products at once.
That information imbalance can make any negotiation more difficult, putting you at a disadvantage before you’ve even sat down at the table. Wouldn’t it be nice to level the playing field, even just a bit?
Get a little information (it can go a long way!). You don’t need to spend hours compiling a detailed dossier—just ten minutes of research could save you hours of unproductive negotiation. First, get the product basics: What is it? How is it used? Why would someone prefer it over a competitor? Then, check out the supplier: What do this year’s sales figures look like? When does their fiscal year end? Are they about to be acquired?
It sounds simple, but coming to the table with this info in your pocket can help bolster your confidence and lend you some extra credibility in a discussion. Even on days where it feels like you don’t have a moment to spare, carving out just a few minutes to get your bearings can help set the tone of an entire negotiation process. Because having the right information at your command can be an invaluable asset—no matter what kind of contract lands on your desk next.