Vendor contract renewal planner
May 27, 2020
Determining how and when to renew support contracts can be tedious and time-consuming. Our vendor contract renewal planner will help you schedule support renewals and budget the related costs.
From the planner:
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, and if emergencies occur, it’s a huge relief to know that assistance is just a phone call away.
Some companies schedule their support contract renewals to take effect all at once, such as on January 1. This provides a convenient renewal timeframe, since everything gets paid for at the same time and there is no question about when support for a product will expire. On the flip side, company staff may spend November and December assessing contracts, obtaining quotes, and completing purchase orders, along with handling all the other year-end duties necessary to support the business. Furthermore, while paying for everything at once is convenient, it also entails a huge bill when all contracts are due for refresh. It may be better for smaller companies or organizations with fluctuating cash flow to spread out their contract payments over the course of the calendar year.
In either case, it’s not enough to just buy support and wait for the vendors to contact you when you need to renew. It’s important to plan out your expenditures so you’ll know what is due and when. The contract renewal planner can help you obtain a clear view of your contract schedule throughout the year or during a single month timespan. 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.