When navigating vendor negotiations for technology solutions, follow these strategies for informed decisions:  Investigate Price Hikes: Request detailed cost breakdowns from vendors and use economic indicators to estimate pricing.  Utilize Cost Models: Strengthen negotiation positions with rigorous cost modeling using publicly available data.  Prioritize Problem-Solving: Assess vendors based on their ability to address specific challenges.  Negotiate Strategically: Focus discussions with top vendors, timing negotiations strategically.  Assess Value and Vision: Consider long-term value and alignment with organizational goals. Effective negotiation demands transparency, data-driven insights, and a focus on optimal outcomes

Hopefully, before you get to this question, you're communicating! In this case with the IT group first for tech compatibility. Survey your clients for "nice to haves" and "must haves" in functionality and then ensure the vendor and tech meet the criteria. Finally, do financial due diligence. A company that's out of business won't meet your needs.

Research vendors and their competitors thoroughly so that you're prepared with the right questions during the demo should request, followed by the trial you should up for to confirm your research is accurate. Ensure you know the problems you need to solve align with the vendor you've chosen. Gartner (G2.com) has great information as you're researching the technology you need to solve your problem and the challenges that might come. Always pick a vendor that has some reviews, ask for references, and call them! Finally, don't forget your financial due diligence. A flashy new startup may have a great idea, but do you want to pay them to beta test their product and have no one to turn to when they don't get their next funding round?

Hopefully you're working with a company or procurement specialist like myself that negotiates pricing. You should always politely ask for a discount - it can never hurt and often saves a lot. Timing your deal is vital - when possible plan your purchases or renewals around the vendor's year-end and revenue recognition needs. With a procurement professional about the best ways to structure the licenses (by seat, by facility, by revenue, etc.), payment terms (yes ask for net 120!) and term of the purchase (get 1,2,5 yr quotes and compare them. Be sure to get SLAs and rebates around failing to meet them for uptime as well as timing around fixing tier 1 (vital), 2 (moderate) and 3 errors and bugs.

This is an important topic that is often missed. When you speak with your team about nice-to-have and must-haves, be sure to include questions about how many users, instances, locations need to use the product and that it can be scaled both up (and down) in the future around cost and licensing models.

Try to determine and/or measure the impact the technology will have on your company’s productivity and employee wellness. All of the factors (i.e. cybersecurity, costs, etc) should fall under one of those categories. Whichever has a greater impact is the solution I would select.