In today’s business world hardware and software have become commodities, yet their maintenance and maintenance contracts continue to retain their profitability. They are a continuous revenue stream in any Business Partner portfolio, making it a very important component of the bottom line profit. Therefore, it is critical that you effectively track your maintenance renewals.
Business Partners gain a distinct advantage over their competitors when they are able to proactively track upcoming renewals to notify their customers in advance of the renewal due date, whether it be hardware warranty exit or contract or software license expiration.
Tracking renewals can be accomplished in various ways, from using a basic spreadsheet to utilizing sophisticated software. However, before choosing a method to track your renewals you need to consider a few important points.
Your tracking solution should:
- Be easy to manage and able to provide you with all the information that will enable you to give the customer the most accurate data possible
- Have the ability to proactively send notifications to the customer on upcoming renewal events, thus freeing your administrative staff’s time.
- Provide your customers a view of their data at all times; this way they are able to plan, budget and proactively make decisions on their infrastructure needs.
Finding an easy and effective way to track and renew your maintenance contracts, while providing your customers with valuable data, increases and protects you revenue streams and builds customer loyalty and satisfaction, as well as placing you ahead of the competition.