Understanding human psychology is crucial to successfully apply or resist negotiation tactics.
Negotiations take place everywhere in business, most of all in procurement, for example in awarding contracts and annual meetings. Nevertheless, many procurement departments do not succeed in exploiting the full potential of these negotiations. In our cover story, we shed light on the reasons for this and consider how you can optimize your negotiation results with the help of game theory. A negotiation strategy based on mathematical and psychological insights helps to plan the negotiation process in detail, to find the right timing, and to give buyers confidence.
We have also talked to renowned negotiation experts about strategies and emotions in negotiations. In addition, some of our expats share their very personal experiences on how to succeed in negotiations despite cultural differences. In our People @ INVERTO series, this time we introduce you to Simone Hilbring, who shows what management consultancies have to do to be attractive to female managers and diverse teams.
Negotiation strategy and process design
Companies that invest extensively in preparation for negotiations with their suppliers and develop a detailed negotiating strategy can achieve significantly better results. First and foremost, this requires a professional procurement team.
Many procurement professionals struggle when entering intensive negotiations with their suppliers.
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