Published: 30 May 2023
When faced with a vendor dispute, IT and business teams often make uninformed decisions or unnecessary and costly concessions. Sourcing, procurement and vendor management leaders must take command by leveraging the contract, connections and commercials to negotiate a resolution.
Vendor disputes are difficult. If they end up in litigation, they can be very costly in terms of time, money and reputation. Mediation is a valuable step in dispute resolution, with high settlement rates yielding significant time and cost savings for many organizations.
Clear communication with your vendors is an essential aspect of managing disputes with them. Understanding the vendor’s position is just as important as presenting your organization’s position.
Successful negotiation and resolution depend on robust and timely information. It is imperative to collect data, information and analytics about the dispute as soon as possible, as well as track
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