Technology & How It’s Changing Negotiations
Oct 7, 2020 | Blog
Whether you believe technology is the key to the future or believe it’s leading us astray, you can’t deny the fact that it has completely altered our lives. It has touched everything – our careers, homes, transportation, hobbies, and more. We now have what used to be super computers in our pockets at all times and rely on our laptops and other tech for both work and play. This technology has also undeniably touched (and permanently changed) how we negotiate – for both better and for worse. Here are some of the problems and unexpected victories that have accompanied its rapidly increasing role in our negotiations.
An Air of Uncertainty
While we naturally fall into the “pro-tech” side of things, it would be beyond biased to turn a blind eye to some of the issues it brings to the table. One of the biggest is that it lends an air of uncertainty to negotiations. The technology itself presents its own challenges that simply aren’t an issue when it’s just you, whomever you’re having business talks with, and a notepad or contract drafts. Will the hardware you’re using actually work? If you’re using Zoom or some other remote applications, is everyone who needs to be present able to join? Can you get the documents to everyone? Is your ancient laptop going to somehow spontaneously combust before talks are over? All are valid questions and concerns that show that technology’s added a complex layer of worries over an already stressful task. This tech also inspires uncertainty around how negotiating parties will act. After all, it presents an extra barrier between us, allowing more room for misunderstandings, stubbornness, and unproductive arguments.
The Good with the Bad
Tech isn’t perfect. It has brought negative changes along with it, but it’s also brought a whole lot of good. Despite the worries of machinery not working or taking away the human connection that helps smoothen the edges of the negotiation process, it has also made it far easier to figure out the hardware and software. The internet and easy-to-use personal computers allow for fast communication and convenient meetings. We can now quickly discuss matters with the push of a few buttons, rather than working around everyone’s schedules to get a ten-minute meeting in some stuffy boardroom. We can quickly make changes to proposals on the fly and can even socially distance while keeping negotiations full steam ahead – a blessing in our now COVID-conscious society. On top of this, we can sign contracts electronically, use SaaS services to focus on real terms rather than legalese fluff, and develop contacts with people and companies regardless of location. All of this allows for faster, more efficient negotiations and all thanks to the presence of technology. It opens doors for new possibilities and greater ease, both of which are sure to improve profits, innovation, and the ever-difficult work/life balancing act.
Intellext is an AI startup that is revolutionizing the way contracts are negotiated, accelerating time to close, and improving deal terms. Intellext’s Intelligent Negotiation Platform™ eliminates the complexities of contract redlines and stakeholder collaboration and optimizes deal terms by applying machine learning during the negotiation process.