In the real world, however, it isn't as hunky dory as this sounds. The two camps don't always meet each other halfway -- it is after all part of the job to wring out the best deal, whether you're a vendor or a CIO. "There is no compromise," says Johny Paramian, group CIO, GMR Group. "This give-and-take thing...it's very subtle. Even when we give, we need to show that we have taken more."

That's a little bit of doublespeak that many CIOs can relate to, what with their management's mandates to reduce expenses. However, under that cost-cutting blowtorch, it's easy for CIOs to push their vendors to the point where relationships burn. The trick is to know how hard to push. CIOs from multiple verticals tell you how to get a better deal from your renegotiation and -- possibly more importantly -- what not to do when you re-open a contract."

How to Renegotiate Like a Man, Not Like Genghis Khan

In his blog, CIO senior editor Thomas Wailgum says it's hard to not feel bad for vendors. "Pity the poor software vendors. The economy is in full meltdown, and buyers of ERP, CRM and supply chain management software have become even more demanding." Of particular financial pain to vendors, he continues, are software deals that, as a study from Accenture points out, are "being clinched largely on the strength of off-list discounts of up to 70 percent."