The Remedy Blog

Whitepaper on the results of 602 Previous Core Vendor Contract Negotiations

| by Karen Lowerr | 0

The Remedy Analytics team recently dissected over 600 previously negotiated contract renewals from three different categories:

  • Contracts negotiated by a bank and credit union (DIY) without consultant assistance
  • Contracts negotiated by flat-rate or by-the-hour consultants
  • Contracts negotiated by contingent rate (percentage of fee) consultants

The surprising (or not so surprising) results can be found in a recently published white paper, available exclusively to Remedy clientele.

Feel free to reach out to us for a free copy of this ground-breaking study. Several hundred hours went into finding and studying the results of these previous core vendor negotiations. Our goal was to answer the question that every bank and credit union CFO asks themselves: “Why do I need a consultant, shouldn’t I be able to negotiate at least as good a deal from my vendor as a third-party expert?”

The white paper looks at a post-mortem review of these previous negotiations completed over the past 28 months from a variety of sources. The results of the study are then combined into a couple of fascinating use cases, which work to answer the following question: “In what circumstances is using a flat rate or contingent rate consultant cost justified?”

Most CFOs know that a lot of labor goes into a contract renewal, but in many circumstances, the there is also a significant return on investment for using a consultant to lower your core vendor rates. Read this white paper to find out when it is best to DIY vs. bring in a professional negotiator.

Reach out to Klowerr@remedyconsult.net for your copy of this educational white paper.

Trusted Advisor to Banks and Credit Unions

Remedy Consulting helps financial institutions (FI) thrive through best-in-class fintech consulting services specializing in System Selections, Contract Negotiations, Outsourcing/In-House Advisory, Bank Mergers & Acquisitions, and FI Strategic Planning. As a trusted advisor to banks and credit unions located in Wisconsin, the Remedy Team has executed over 700 system selection and vendor negotiations since 2016. Our clients receive a cost reduction on their core vendor contracts and increased efficiency with Remedy's Price Repository. To learn more about Remedy Consulting, contact us today!

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