Renewal management

What is the meaning of renewal management?

The majority of contracts we enter into are for a fixed period of time, meaning an explicit end date is mentioned in the contract. When the contract is due for expiry, it can either be renewed for an additional period or terminated. 

Renewal management is the systematic process of tracking and executing contract renewals, such that no contracts are unintentionally renewed. Mistakes happen frequently, even at mature companies, because many commercial agreements contain auto-renewal clauses. This means either party must communicate the intention to terminate, usually in writing, prior to the end-date. This termination cut-off period can be 3-6 months, or even over a year before the contract is actually set to expire. 

What is the impact on your business?

Being a critical part of contract management, renewal management has two main impacts on the bottom-line. The first focusses on revenue and the second focusses on costs. 

• Revenue retention and growth: By proactively managing renewals with clients, you can prepare your case for upsells and cross-sells, whilst also leaving enough room for discussions to unfold – minimising risk of unexpected last-minute changes and churn. 
• Operational efficiency and cost synergies: Contracts give us predictability in business, but they also make us less agile. Renewals are a great time to re-evaluate your business needs and optimise for what you currently have, and what you’ll need in the future.

Docfield features designed to support your business:

• Dashboards: The Docfield console aggregates key contract data from smart-fields into  a comprehensive view. Here you can see all renewals, set timely alerts, and ensure no critical deadlines are missed.
• Export to CSV: If you want to include more stakeholders, or adapt to the workflow of other teams, you can easily export your renewal data to CSV for detailed analysis in your favorite spreadsheet software or other analytical tools.
• Extract mission-critical data: Transform data from smart fields into actionable insights, empowering your team to make informed decisions and optimise renewal strategies.

Overall the Docfield platform is designed to support you through all your renewals, ensuring your business stays on track. Give stakeholders a summary report of all necessary information and make it actionable within the platform itself. Speak to an export today to see how we can transform your contracting processes!