The beginning of a new year is a great time to rethink where you're headed. We've also found that bringing all stakeholders together to hash this out can be complex and at some times, just downright difficult. But getting everyone to focus on two or three main areas for the year will bring results.
Everyone has their own agenda. We're all human. And without getting the perspectives of others (team members, departments, stakeholders, divisions, even family members) we move in our own direction. Knowing the impact on others, we may make other choices, for the greater good.
Ryder is a world leader in the supply chain and transportation management solutions industry. After the company completed a four-year restructuring program, and operating in a highly competitive market, Ryder determined the company's organization focus to be:
- growing top line sales
- growing margin (particularly on national deals)
- increasing customer retention
After a diagnostic was completed by Think! Inc., the following issues were identified that would impact Ryder's ability to achieve the business goals described above:
- dealing with more sophisticated buyers
- tendency to "shoot from the hip" rather than use a fact-based approach
- no definition of a "great deal" for Ryder
- cross-functional areas acting independently, each with its own goals and objectives (often at odds with achieving a "great deal" for Ryder
- a large "inventory" of legacy deals where value had been given away
Rather than just run a series of negotiation training events, implementing a cross-functional, organization-wide negotiation solution was recommended. Focusing on the "big picture" business results that Ryder was looking to achieve, the Ryder negotiation strategy was developed and implemented.
One year into implemetation of this initiative, Ryder showed significant improvement in its business results.
Closing ratio (average) started at 35%. The target to reach was 50%. Actual: 73%.
Margin improvement started at N/A. Target was 15%. Actual: 17%
In this one year period, Ryder showed a 271.5% Return on Investment.
Would you like to know more about the results Ryder experienced? Click on the button below and request a copy of the Ryder ROI Case Study to be sent to your email.