Contract Renewal Workflow

Never miss a support contract renewal date

• Managing contracts using a paper-based system can be a timely, costly and risky process
• Customer contract renewal dates can easily be missed leading to a loss of revenue for the company
• Failure to cancel supplier contracts within the termination period or renew on time, can leave your organisation exposed to loss of service and increased costs
• Support contracts play a vital role in your company’s profitability and affect almost every aspect of a business
• It is therefore essential that contracts and their associated suppliers are managed effectively and you are not left vulnerable and ‘uninsured’ simply because you had forgotten that a renewal was due

The problem is universal – you have lots of support contracts and Service Level Agreements (SLAs) throughout the organisation, all with different vendors and due for renewal at different times.  It is easy to miss one …. or several

Common Problems

• A company forgets to cancel contracts with the 3rd party vendor supplier, despite their customers not paying them – their processes are disconnected! They also get hit with late cancellation fees, or worse still, find they have accidentally automatically renewed the contract and are now tied in for another year
• A company takes money from their customer for a support contract but forgets to “back-off” payments to third-party suppliers. The first time they realise is when a customer logs a support call on them, but it’s too late, their processes are disconnected! This is a fairly common problem because they might initially sell a 3 year contract to their customer but only want to initially buy one from their supplier

The risks of not managing contracts effectively

The Solution

Contract ProcessFlows automates the tasks of renewing agreements with customers and backing off orders to third-party suppliers on time ensuring that revenue is secured and there is no disruption to service. It greatly simplifies the task of renewing and processing multiple support contracts and service level agreements (SLAs).

• Contract Managers are automatically notified of contracts due for renewal. They can then be checked and approved prior to the renewal date, ensuring profit margins are maintained and reducing the risk of incorrect or late billing
• Customers are automatically notified prior to renewal and have the ability to review and approve their contracts and associated documents (including terms and conditions) on line using a secure, self-service portal with electronic signature capability
• Customers are also able to track the status of open support issues and raise new requests on line
• The Accounts system is automatically updated with the correct contract information ensuring that invoices are issued correctly, on time, without any manual intervention
• Credit Control have complete visibility of the process improving the collection process and reducing debtor days
• Purchasing are able to see cost pricing and determine when suppliers should be placed reducing the risk of late renewal fees
• Management have global visibility on the status of all contracts and can easily determine renewal rates and trends

Technology

• Based on flexible, market-leading technology, Contract ProcessFlows is capable of managing thousands of individual customer and supplier contracts in a single repository that can be accessed through any application
• We are uniquely able to configure the solution to meet your exact needs – from low volume to enterprise renewals – without the need for custom development
• The platform can be extended to provide your organisation with an environment for all integrated processes

Benefits

• Increase renewal rates and profitability
• Improve accuracy of invoicing
• Reduce Debtor Days
• Improve visibility & control
• Increase efficiency & productivity
• Reduce costs by reducing risks & liabilities
• Enhance contract & supplier performance

Next Steps

Contact us to arrange a free analysis of your current contract process or more information please call us on 0800 988 5543 or email sales@processflows.co.uk.