TMCnet Feature
March 14, 2022

5 Significant Influences Technology Has On Business Negotiations.



Apart from face-to-face, the only other effective medium to negotiate and close deals were phone calls. Gradually, emails came into the picture. However, email was nowhere as advanced as it is today. Ultimately, business people needed to meet in person to negotiate and make transactions, where approximately 67% of the decisions would be made before the negotiation started.



Today, technology allows you to negotiate, close deals, and make payments in a fraction of a second across the globe, regardless of language barriers. If you require to converse in Japanese or French, technology does it for you.

Let's take a look at how advanced technologies that emerged during the last decade made business communications easier and faster than ever.

The Benefits of Shared Documents

Online software such as Parley Pro makes business negotiations convenient and drives better outcomes. These technologies save time and hassles, enabling you to focus on things that actually matter.

For instance, while devising negotiation strategies, such platforms aid the persons involved to see everybody’s contributions/suggestions. This helps the negotiator(s) streamline their approach without worrying about redundant paperwork or missing documents.

Added Ease of Communication

As we mentioned earlier, email used to be the only mode of communication aside from face-to-face and phone calls. Conversely, today's advanced technologies allow us to see each other's faces no matter the distance, with a few clicks and swipes.

What used to be just a 3 or 4 person conference call can now be conducted in the form of online seminars, also known as webinars. This makes conducting business much more efficient and effective in terms of speed, authenticity, and convenience.

Electronic Signatures

Another frequent business requirement is the signing of contracts. Some business contracts are closed after extremely long negotiation efforts. Often the closing part occurs during crucial moments when every person involved agrees in a particular business setting or market environment.

Lack of immediate action can jeopardize the whole opportunity. In such cases, technological innovations such as the electronic signature help conclude business without causing delay, especially while dealing virtually overseas.

Internal/External Business Communication Platforms

Often business conversations such as negotiations can quickly turn into a group activity. When a single executive initiates a negotiation thread, prospects often require a higher executive to join in. Or they might require expert personnel from departments closely concerned with the respective product or service to provide them with deeper insights.

Through video and other dedicated services such as Slack, both internal and external business can be conducted quickly and effectively.

Macro Advancements such as Metaverse

Furthermore, highly advanced innovations such as metaverse and cryptocurrencies are taking the world of negotiations, bidding, and regular business to whole new levels. While video calls have become today’s commonality, tomorrow we might conduct round table discussions virtually, making business decisions in the form of avatars. It is yet to discover how practical and effective the metaverse could be for businesses, but it sure looks promising.

Conclusion

Despite all the above changes that technology has brought to the business world, the heart and soul stay the same. Although technology enables us to get quicker and more efficient in the processes involved, replacing humans entirely is not the direction we should be headed. Rather it should be to stick to the very purpose of helping humans to perform better than before.



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