But he also advocates fairness. After all, everyone is in business for growth. While EMC approaches renegotiations with a positive outlook and as an opportunity to show value to clients. It is clear about looking at making the most out of existing contracts.

Where to Look For Monetary Benefits

"In both the enterprise and the SMB space, recent market conditions point to a lack of available financing for enterprise software purchases," says Forrester's Wang. "This trend will continue as the credit markets tighten. The result: vendors will be more inclined to discount. Enterprises engaged in contact negotiation with software vendors should take this opportunity to seek additional discounts as the scarcity of new deals will put customers in the driver's seat."

Among the areas he suggests to look for deeper discounts include non-license areas such as implementation, training, and support. He also advices CIOs to urge their vendors to lower maintenance fees.