While SelectHub can help you build and run a formal RFI, RFP and Proof-of-Concept (POC), the final stage in the vendor selection process is developing a contract negotiation strategy. A poor objective is to bleed every last cent out of the vendor for the lowest price. Remember, you want to “partner” with your vendor so that BOTH of you will meet your corporate goals and objectives.
However, the typical business purchases software technology on rare occasions while the software vendors negotiate deals on a regular basis. SelectHub offers a third-party independent “Procurement Officer” to successfully negotiate an agreement where both sides benefit in every area while achieving a fair and equitable deal.
Negotiating a contract is coming to an agreement with various parties on a set of deliverables. Typically each party compromises on some issues to achieve their goal. Although there are a lot of issues to agree upon, normally it boils down to two essential elements: business risk and projected business value (typically measured as increased revenue or profitability.)