CIO Tips to Revise Service Contracts Amid Global Lockdown

Dealing with the pandemic for IT leaders is a priority. They are continually finding ways to best deal with the crisis. Your intelligent decisions can boost business growth and help your organization sail through a stressful situation.

In this article at, Stephanie Overby explains that renegotiating your current service contract is a potential way to transform your business condition. It can bring significant changes to your organization.

Changing Business Needs

It can open new avenues of opportunities by discarding unnecessary arrangements. However, you need skills to renew the contract that works in favor of your organization and the service provider. So, find a collaborative approach and work out a viable solution.

Your business partners are not temporary. They can help you achieve exceptional outcomes. By carefully realigning your negotiations, you can save your future relationship with them. Here is how you can do it:

Determine a Cost-Effective Contract

Prioritize a contract that can meet your renegotiation needs. Be it the cash flow or scope adjustment, offer a workable deal to the service providers. The labor-intensive agreements are most likely to extend immediate saving deals. While the managed service agreements are underutilized, find a substantial settlement to save costs.

Find a Persuasive Deal

Shortlist areas that offer immediate profit like review invoices, rationalize splurging, leverage contract terms, and renew strategic solutions, to earn mutually beneficial deals.

Adopt a New Approach

It is not the best time to stir up your existing relations with the service providers. So, discover who could be your long-term strategic partner. Find a sound approach to deal with critical service providers.

Find a Win-Win Situation

Your vendors may not understand the renegotiation initially. Find a promising deal to draft the final proposal, while keeping the contract precise that ensures a ‘win-win’ deal for all.

The COVID-19 outbreak has already created enough havoc in the lives of working professionals. Business leaders also find it challenging to meet annual targets. All of these consequences demand collaborative solutions. Initiating a renegotiation might not be cooperative. So, take the decision carefully and find a viable solution for all.

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