Chapter 9: Finalizing Your Choice
Negotiating on Price and Deciding
Finally, a few tips for the final stages of selecting a compliance screening system. It's all about effective negotiation strategies and aligning the chosen system with your organizational goals.
📚 Preparation: Research your potential vendors thoroughly. Understand their strengths, weaknesses, and market positioning.
💵 Understanding Value: Beyond pricing, consider the value each vendor brings. This consideration includes system reliability, data accuracy, integration support and ongoing customer support.
🤸♀️ Flexibility in Negotiation: Be open to exploring different pricing models. For instance, tiered pricing based on usage levels can be more cost-effective in the long run with higher economies of scale over pay-as-you-go or flat rate options.
🤝 Negotiating SLAs: If you need Service Level Agreements to guarantee your screening system’s performance and support, understand this may be a premium on top of your screening system subscription. When approaching SLAs, set clear expectations for system performance and support between your team and the vendor.