OKR template to negotiate better pricing with vendors early in the project
The overarching goal of this OKR is to secure better pricing with vendors early in the project's timeline. The first objective focuses on finalizing early-project contracts with vendors at reduced rates by week 8. Initiatives to achieve this include negotiating contracts and rates with each vendor, securing vendor contracts by the 8th week, and identifying all necessary vendors for early project completion.
The second objective centers on building relationships with five key vendors by the end of week 3. This will be achieved by identifying and shortlisting five key vendors relevant to business needs, initiating formal contact with these vendors, arranging meetings, and a follow-up to solidify relationships and discuss potential collaborations.
The third objective is to achieve at least a 10% reduction in pricing from each vendor by week 6. The initiatives enlisted to reach this objective include analyzing current expenditure with each vendor, obtaining written commitment for new prices and initiating negotiation talks for discount prices.
Overall, these initiatives tend to improve the company's cost efficiency through vendor negotiations and establish strong vendor relationships. Moreover, these strategies are designed for timely execution, ensuring that cost-saving measures are implemented early in the project.
The second objective centers on building relationships with five key vendors by the end of week 3. This will be achieved by identifying and shortlisting five key vendors relevant to business needs, initiating formal contact with these vendors, arranging meetings, and a follow-up to solidify relationships and discuss potential collaborations.
The third objective is to achieve at least a 10% reduction in pricing from each vendor by week 6. The initiatives enlisted to reach this objective include analyzing current expenditure with each vendor, obtaining written commitment for new prices and initiating negotiation talks for discount prices.
Overall, these initiatives tend to improve the company's cost efficiency through vendor negotiations and establish strong vendor relationships. Moreover, these strategies are designed for timely execution, ensuring that cost-saving measures are implemented early in the project.
Negotiate better pricing with vendors early in the project
Finalize early-project contracts with all vendors securing reduced rates by week 8
Negotiate contracts and reduced rates with each vendor- Finalize and secure all vendor contracts by week 8
- Identify all vendors necessary for early-project completion
- Build relationships with 5 key vendors by the end of the week 3
- Identify and shortlist 5 key vendors relevant to our business needs
- Initiate contact and arrange meetings with the selected vendors
- Follow up post meetings to solidify relationships and discuss potential collaborations
- Achieve at least a 10% reduction in pricing from each vendor by week 6
- Analyze current expenditure with each vendor
- Obtain written commitment to new prices
- Initiate negotiation talks for discount rates