As they say, all things must come
to an end, and it can be tedious to keep track of vendor support contracts and when
it’s time to renew.
Some companies schedule their
support contract renewals to take effect all at once, such as on January 1. This
provides a convenient renewal time frame since everything gets paid for at once
and there is no question about when support for a product will expire.
On the flip side, company staff may
spend the final months of the year assessing contracts, obtaining quotes and completing
purchase orders, along with handling a multitude of other year-end tasks.
Another consideration is that although paying for everything at once is convenient,
it requires allocating for the payments at the same time, which might cause a
budget crunch. It may be better for smaller companies with fluctuating cash
flow to spread out their contract payments over the year.
Determining how and when to renew
support contracts can be time consuming. Use the Tech Pro Research vendor contract renewal planner toolkit to
schedule support renewals and budget the related costs.
And yes, support renewals can be
painful since you’re basically paying for insurance — and if nothing happens
over the course of the year to justify the maintenance contract, you might feel
like that money just flew out the window.
However, the peace of mind and
business uptime outweigh the financial costs. If emergencies occur, it’s a
huge relief to know that assistance is just a phone call away.
In either case, it’s not enough to just buy support and wait for
the vendors to contact you when it’s time to renew.
It’s important to plan out your expenditures so you’ll know what
is due and when. The Tech Pro Research vendor contract renewal planner toolkit can help you obtain a clear view of your
contract schedule throughout the year or during a single month. You
can filter the view by vendors, the technology involved or internal staff
responsible for these products to see how your support coverage affects your
business, and vice versa.
the Tech Pro Research vendor contract renewal planner toolkit to help with all aspects of the process:
- Negotiating with vendors
employees responsible for each contract