Skip to 0 minutes and 18 secondsDOUGLAS MACBETH: Welcome to week two of our online course in contract management. And thank you very much for the contributions so far. Please do keep them coming. It's been great seeing the interaction so far.

Skip to 0 minutes and 32 secondsTIM CUMMINS: Indeed, we've seen some excellent inputs, which are very relevant to, I suppose, this week's content.

Skip to 0 minutes and 38 secondsDOUGLAS MACBETH: Absolutely. So one of the big focuses this week is on the whole issue of stakeholders, who are, of course, a much wider group than just the people involved in negotiations. And the peer review activity later on will take this into your personal experience. And we're going to use the example of building a house to try and expose everyone to the issues of who should be in the stakeholder group and how should we try and manage that process.

Skip to 1 minute and 11 secondsTIM CUMMINS: And of course, the key with stakeholders, as you rightly said Douglas, is to think well beyond the people who are immediately involved in that negotiation, because broader society, for example, is very often very engaged, if this is a public sector agreement. But even if it's private sector, increasingly the eyes of the world are upon it. The idea that we can any longer keep stuff hidden is really something very much from the past. And global technologies today are resulting not only in trading relationships themselves becoming so much more global, but of course, the ability of all of us as members of the public to research exactly what were those deals-- exactly who did benefit? Exactly what was the intent?

Skip to 1 minute and 57 secondsAnd do I really agree with this-- is becoming very much important to the negotiators to take into account.

Skip to 2 minutes and 5 secondsDOUGLAS MACBETH: But the negotiations themselves have also changed in recent years, have they not? IACCM has done some particular work in this area.

Skip to 2 minutes and 13 secondsTIM CUMMINS: Yes, I think there are a couple of very significant trends. One is that all of us I suppose as consumers, whether for our business or whether personally, are looking much more at questions of value. So we look at longer-term results rather than just was this the cheapest price, but is it actually really giving me what I wanted. And as we begin to move to that longer-term view of value, we begin to focus a lot more on what we term the output or the outcome of what we're negotiating.

Skip to 2 minutes and 47 secondsAnd of course, the result from that is that we need to think far more collaboratively, that if we're going to work together over a longer period of time, it's certainly not only going to be more pleasant, but a lot more productive, if we're actually working in some level of harmony.

Skip to 3 minutes and 3 secondsDOUGLAS MACBETH: So there's a lot to go for this week. We hope you enjoy it and continue to participate.

Welcome to week 2

In this video, Douglas and Tim welcome you to week 2.

This week’s theme is Connectivity and we’ll be exploring the complex relationships between customers and suppliers, stakeholder management, how to achieve win-win negotiations and risk management.

Share this video:

This video is from the free online course:

Contract Management: Building Relationships in Business

University of Southampton