Your bottom line depends on conveying your value to your customer. From implementation to license usage to renewals, providing value visibility at every step will increase customer retention and ensure continued revenue for years to come. But mismanaged renewals can lead to wasted operational expenditure, expired contracts, and at-risk uncovered assets. The last-minute scramble to renew maintenance or software contracts causes headaches from the frontline to the C Suite. In the age of digital transformation and cloud-based software implementation, how can a growing company balance legacy renewals and subscription renewals effectively?
Track Your Assets Throughout Their Lifecycle
Limiting renewals management to the time surrounding contract renewals is a mistake. By integrating renewals management into the overall lifecycle management of an IT asset, RAY ALLEN creates a holistic understanding of hardware and software usage across your enterprise. Understanding how and where your customers use your assets will better prepare you for the renewal cycle. By identifying the value your customer receives from asset usage, you can better communicate the ways in which a renewal will improve their business.
Proactive Quoting and Renewals
The worst time to think about renewals management is after your contract has expired. When your assets are at risk or your software has expired, the pressure to renew can lead to mistakes and errors in the renewals process, leaving assets off contracts or software licenses unpurchased. By initiating the quoting process well in advance of expiration, you ensure seamless coverage across the lifecycle of an asset.
Creating a year-round process for renewals management maximizes your spend on renewals and ensures all contracts are up-to-date and managed responsibly. This year-round workflow allows your enterprise to implement ongoing data capture surrounding your hardware and software assets. By gathering information about asset usage and renewals pain points, RAY ALLEN continually improves your renewal experience year after year.
The Convergence of Hardware and Software Renewals
As IT infrastructure transforms from hardware to cloud-based software subscriptions, renewals need to transform too. But customers won’t renew unless they understand the value of your solution across their entire enterprise. Recurring revenue services based in software subscription will rely on Hardware and Software Asset Lifecycle Management to monitor usage and sell software value when renewal time comes around. Understanding the year-round value derived from leased hardware, software subscriptions, and maintenance renewals creates high-return renewals without the high-pressure deadlines.
With a proven track record of increasing renewals to over 95% and industry-leading ITAM practices, RAY ALLEN translates your software solutions into major recurring revenue. Interested in learning more? Click here.