How Technology is Changing the Future of Negotiation

10/05/2016 12:53 am ET

There are lots of changes in the world of negotiation. One of the most startling statistics is that 67% of the decision making process has already happened long before they get in touch with the seller. But one reason why negotiation is changing is because of the role of technology.

This guide is going to show you how technology is changing the future of negotiation.

Negotiations are Simplified

The rise of the Internet means that business has changed forever. Parley Pro is a piece of software that takes many of the time-consuming problems out of negotiation. Born from a former VP of professional services, negotiation can now be carried out without sending Word documents back and forth all the time. When you communicate without ever meeting the other party, all those amendments and mistakes that come from shooting different versions of the same contract back and forth are a thing of the past.

Parley Pro takes both negotiating parties through a structured workflow. As each key issue is addressed the contract is updated, and the online, virtual nature of the negotiations means everyone’s contract is updated with those changes in real-time.

Making Negotiation Less Cumbersome

Parley Pro has made it easier for people to negotiate because multiple parties can conduct internal reviews in real-time online. Everyone can add their own thoughts to proceedings and everyone can see who made what suggestion. Crucially, people can chip in with their intelligence without being in the room. That makes the negotiations far more informed than they would have been.

The whole idea is to make it easy to organize your team, assign each team member to their parts of the negotiation, and to make sure everything is in order.

Information can be centralized into one interactive dashboard. This way everyone knows what stage the negotiations are at and what needs to be done next. Facts can be checked and reputations can be inspected. This will improve the efficiency of your negotiating team and prevent negotiations from becoming bogged down.

In short, it’s gotten much easier and more convenient.

Sign with an Electronic Signature

The signing of a contract can be difficult. Going through a long approval checklist and finding the right people to sign the document can take days, and even weeks. The eSignature has made such negotiations much more convenient over the years.

However, Parley Pro has taken this piece of technology even further. They have combined the eSignature with an automated approval acquisition process. This ensures both parties can obtain the necessary approvals without losing time.

Get Help in One Place

Negotiation can quickly become a cluster of people all trying to throw in their opinions at the same time. This can easily slow down negotiations. Parley Pro is a discussion-based platform first. They use a three-step strategy known as deal, strategy, and contract.

The idea behind the platform is to encourage collaboration from all parties. However, with a clear workflow, the voices from every direction don’t blend together. Using an interactive dashboard, you can quite clearly see what each party is responsible for, what they’re saying, and how that fits into the overall contract negotiations.

Only once a point has been decided on will an individual discussion be closed. And you can see at a glance which discussion points are still open. This makes figuring out where you need to go next simple.

Getting yourself up to speed at the start of every meeting is a thing of the past.

But the Heart of Negotiation Remains the Same

Despite all the changes in technology, the heart of negotiation is still the same. Products like Parley Pro are designed to keep the heart and soul of a business negotiation in place. You’ll still address every point and you’ll still be discussing the big issues.

The difference is that all those wasted minutes are eliminated entirely. Your negotiations could be completed in a matter of days, rather than in a matter of weeks.

And products like Parley Pro can work for all parties. Despite being aimed at legal, sales, and procurement teams, the way the platform works can be applied to every industry.

Conclusion – Incorporate Technology Today

Technology has changed the playing field of negotiations. You should consider bringing some of these options into your company’s negotiating strategy. They could make you more efficient and leave you looking more professional. Ultimately, they could allow you to get the best deal possible.

What do you think is the key to getting the best deal when you enter negotiations with another company?

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