Your procurement department staff has a very important job. They are responsible for selecting the vendors your company uses, determining terms of payment, vetting partners, purchasing, and the negotiation of contracts. All of this means that your top procurement officer should have one specific skill: negotiation. So how do procurement professionals get these skills and is it possible to learn them? Here are the top traits of procurement officers and how you can practice for success.
Get the Same or Better Deals than Competition
When you negotiate your rates with your vendors, you have a single goal in mind. You need to get the best possible deals on the products or services. The best way to do that is to understand your competition and be able to use that information in your negotiation. You want to get the same deals, or better, than other companies in the same business space.
Negotiate for Discounts in Every Discussion
A good negotiator also knows that there are many opportunities to ask for discounts. They don’t settle, and they may not always take no for an answer. In every discussion with vendors, procurement experts take time to ask for a discount. But they also know when to pull back and wait for a more acceptable time to have that discussion.
Reduce or Eliminate Late Deliveries
Working with vendors is about more than just pricing. A good procurement officer will also be able to discuss the finer points with their vendors to increase the efficiency of deliveries, specifically in terms of reducing late drops. Negotiation skills can effectively eliminate late deliveries and improve the overall vendor relationship.
Suppliers are Thoroughly Vetted
Another amazing benefit of a good negotiator is that you know the vendors your company is using are thoroughly vetted. Someone skilled at negotiating is skilled at digging up important information. They know what to look for, how to approach reviews, and what they can learn from others who have worked with the same vendors.
Do your procurement professionals have top-notch negotiation skills?
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