Negotiation Strategies: INSIGHTS FROM INDUSTRY EXPERTS

Without negotiation, procurement is bound to fail. Without strategy, negotiation is a shot in the dark. Nicolas

Walden & Vineetha Jayaram illuminate the process

WRITTEN BY: ILKHAN OZSEVIM

Negotiations play a vital role in shaping outcomes and fostering mutually beneficial relationships, and in our postpandemic world of disruptions, this is more important than ever before. To gain valuable insights into effective negotiation strategies, two industry experts, Nicolas Walden and Vineetha Jayaram, share their perspectives on the subject.

As seasoned professionals in their respective fields, their expertise offers valuable guidance for organisations seeking to optimise their negotiation practices.

Negotiation is an art, and some may even venture to call it a science. But like every skill set, there is some necessary level of strategy involved. But why do organisations need to be strategic when it comes to their negotiation strategies?

Nicolas Walden, Associate Principal and UK & Europe Practice Leader, Procurement Advisory at The Hackett Group, emphasises the significance of strategic negotiations in achieving win-win outcomes. He states, “Strategic negotiations allow both parties to win, and we do this through using facts to understand, then to shift each parties’ interests, to a joint position where each party receives a benefit or gain.

“This strategic, interest-based approach is preferred over more traditional positionbased approaches where one party to the negotiation wins and the other loses as we attempt to shift people to our preferred position.”