How Negotiations Are Changing In The Business World

The art of negotiation has been around for centuries and has made its mark on the business world.  It has always been used as a method for settling differences and for reaching an agreement in order to avoid dispute.  The goal of negotiation is to achieve the best possible outcome that will mutually benefit both parties.  While the principles of negotiation have remained the same, the ways in which people negotiate have changed in recent years.  This is due in large part to technology.  Businesses are looking toward the future of negotiation and much of that involves technology.

How Has Technology Changed Business Negotiations

It’s no secret that the internet has taken over the world and it has had a definite impact on the way in which people negotiate.  There used to be a time when all of the negotiating happened face-to-face in a boardroom.  In recent years, however, this has changed drastically.  Most of today’s negotiations happen through Word documents where each party sends their revisions back and forth until they reach an agreement.

What Challenges Does Technology Present In Negotiations

Before negotiating with your counterpart, you have the ability to research their background thanks to technology.  You can find out information regarding their reputation as well as negotiating tactics that they may have used in the past.  It has become very easy to access this information with Google, LinkedIn, Facebook, and corporate websites.  While it can be valuable information for negotiating, remember that your counterpart can get the same information about you.  Therefore, it is crucial that you are well prepared and confident in your negotiation skills.   Negotiating through technology can also be more challenging because you lose that personable face-to-face experience.  It is easier to stand your ground and be tough through and email as opposed to doing that in person.  This can present its own challenges in the negotiation process.

You Can Be Much More Prepared

Years ago people had to spend hours researching salaries, benefits, markets, positive and negative elements of working in a certain industry, and other items that might factor into a job search or interview.  Today much of this information is just a few clicks away.  Since this information is so easily accessible, people have a much greater advantage when it comes to preparing for negotiation.

While the ways in which businesses negotiate is changing, the principles of fairness, seeking mutual benefit, and building strong relationships remain the key to success. Although technology plays a major role in the process, it is still important to be well-prepared, understanding of your counterpart, and confident in order to achieve a win-win outcome.  These strategies remain essential ingredients to reaching an acceptable solution.