Description
Learn how to identify opportunities in contracts and analyze data to help lower fixed costs.
Many companies are stuck in underperforming contracts that do nothing to help reduce costs. In far too many cases overall spending continues to grow. With the complexity of contracts today, this content will help companies understand how to look at their data, determine exactly where their dollars are being spent, and help reduce those fixed price costs. This material will also help you understand how to formulate a request for pricing as well as monitor the performance of the contract once implemented.
Date: 2024-01-18 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to discuss your fixedprice contract and the objectives you are trying to obtain with a negotiation.
* You will be able to recognize areas of opportunity in your current contracts.
* You will be able to discuss your current contracts, their shortcomings, and areas you would like to improve.
* You will be able to review your current data to determine which areas can help your company lower its fixed costs.
Understanding Your Fixed Price Agreement
• Data- How to Find and Use the Proper Data to Prepare for a Renegotiation
• Benchmarking- the Importance of Determining What Type of Discounts and Reductions to Expect
• Preparing a Formal Request for Pricing (RFP)- This Will Help You Formulate an RFP That Is Easy for Your Supplier to Understand and Help You Define Exactly What Is Best for Your Company
Negotiating Your Fixed Price Contracts
• Approaching the Supplier- Timing and Best Ways to Approach Your Suppliers Regarding a Contract Negotiation
• Analyzing the Proposals- Determining What the True Savings Are, Not What the Supplier Promises Your Company Will Save, but What You Will Truly Save Based on Your Historical Data
• Determining Which Proposal Is Right for You- Each Service and Proposal Offers Unique Benefits. Tailoring a Contract Which Best Suites Your Company Can Lower Costs Significantly
Analyzing the Benefits of Your Contracts-
• Ensuring That Your Contract Performs as Expected- Knowing What to Look for to Ensure the Agreement Is Performing as Promised
• Watching for Red Flag Areas in Your Costs- Areas of Concern to Look for
• Knowing When Its Time to Renegotiate- Knowing When to Renegotiate Your Agreement Using a Variety of Factors
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,ISM ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
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