Tracking vendor contract renewals

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Keeping track of vendor contract support renewals can be tedious. Whether companies renew such contracts all at once, or throughout the year, there are techniques to simplify the task.

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.

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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.

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Use the Tech Pro Research vendor contract renewal planner toolkit to help with all aspects of the process:

  • Negotiating with vendors
  • Scheduling reminders
  • Scheduling renewals
  • Tracking employees responsible for each contract

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