It's a trend that Ray Wang, vice president and principal analyst at Forrester Research, has been tracking and he's advising CIOs to make the best of the near future. "The next six to 12 months will provide a unique opportunity to negotiate for new deals," Wang says on his blog. "Expect continued discounts until the credit markets stabilize."

It's advice that even CIOs in countries that aren't as badly affected as those in Western markets want to cash in on.

For example, the CIO of a large retail organization confirmed that he got a 70 percent discount on fresh licenses. He also got another vendor to agree to expand their scope of work on a multi-year service contract with an annual 10 percent escalation -- at no price increase. The overall benefit? About 15 percent of the contract's sticker price. "And it wasn't like the earlier deal was terrible," he says.

It's an experience other CIOs seem to be sharing. "Vendors are showing flexibility, keeping today's economy in mind," says Hitesh Arora, EVP, head-IT, Max New York Life Insurance. "While, that flexibility may not directly affect pricing, it does have an impact on overall year-on-year payouts."

Technology providers too aren't hiding the fact that they're ready to pitch in. Most of them understand the budget constraints on their customers posed by the slowdown. "Contract renegotiations are actually an opportunity for us to provide more efficient and updated solutions which can benefit clients," says Praveen Sahai, head-marketing and corporate affairs, EMC.