Do you have the technology know-how to effectively negotiate your IT contracts?
Technology is an integral part of how financial institutions operate and provide account holders with the products and services they need, in fact, IT services can account for as much as 70% of total spending, depending on the scope of services implemented. One of the best ways to combat these costs — and limit the effects on your bottom line — is to ensure you have the most favorable contract terms with your vendors. A third-party expert in contract negotiations can help you receive maximum results by renegotiating at the optimal time.
Credit Unions and banks continue to curb unnecessary expenses to counter declining revenue, and they must keep a watchful eye on their IT service contracts to make sure they are getting the most appropriate tools to meet their goals, along with the best prices and terms.
But technology agreements can be lengthy and confusing. And if you aren’t familiar with the terms and language used to describe the conditions and intricacies of the services you receive, your contract could be more beneficial to your vendors than to your organization.
How do you know if you are getting what you need at a reasonable price?
Negotiating through complex IT service contracts can seem overwhelming, especially when you are already struggling with increased responsibilities. But, understanding the terms and conditions contained in these documents will give you an advantage when it comes to negotiating for the most value and best service from your existing vendors.
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