Presenting competition will provide significant negotiating power. Inform the current supplier that another competitor has priced their offering lower while mentioning any additional value they provide. This tactic asserts pressure on the current supplier to retain your business with improved pricing or terms.

Emphasizing the rarity of multi-year contracts with new vendors will ease the negotiation towards securing better pricing. Make it clear that your CFO is averse to extended commitments without substantial value and price reductions, making the case for lower prices on single-year commitments.

Review current product usage versus contracted terms to identify overpayment for underutilized features. Request detailed usage reports from the supplier to back up your negotiation for rate reductions based on learned efficiencies or market rates.

Clearly communicate budget constraints to the supplier, anchoring the negotiation on predetermined budget limits. This can be especially effective if combined with a reduction in purchase scope while maintaining necessary functionalities.

Request to have auto-renewal terms removed from the contract, emphasizing that this is a requirement from your finance team to ensure flexibility in future negotiations. This tactic will enhance your leverage and ability to negotiate more favorable terms in the future.