Contract Management for Software Companies

Contract management can quickly become a complicated process for software companies. With different renewal dates, terms, billing schedules and start and end dates, even small companies will find they need a more robust option. Here’s how an integrated system can benefit your software company.

Managing key dates

It’s exciting when you close your first software sale. But then you close your second, your third, your fourth. Business is booming and suddenly, you’re overwhelmed with the process of dealing with different renewal rates and terms.

What if you your system automatically generated a renewal estimate to encourage your customer to renew for another term? An integrated software system can help you do just that. You’ll be able to manage start and end dates, contract length, and upsell and downsell dates. You’ll receive reminders to prompt you to send information out to a client. Or you can set the system to automatically send information for you, such as a renewal estimate or quote. Easily set up notifications to let you know how many estimates you need to look through and send out this week.

Overall management

Upsell, downsell or renew – no problem. If you have an existing contract, you need a quick way to upsell – encouraging your customer to add more users or modules. And we may not like to think about it, sometimes customers need to remove users or modules. These types of tasks can be completed quickly and easily.

When it comes to renewals, all sorts of information is at your fingertips. What is the install base that’s tied to the contract? What is the annual contract value? What do we expect the renewal value to be? What products, site or serial number? All of this data is vital to managing contracts and it’s easy to access.

While each contract may have its own unique billing schedule – up front, annual, quarterly – you can customize and automate billing schedules as needed. You can also easily manage and automate your revenue recognition specific to each contract.

Differentiate service levels

Happy customers renew. When customers call in for service assistance, make sure they are quickly routed to the appropriate team to address their needs. When a customer contacts you for customer service, you need a system that can quickly identify which level of service they need, making sure the appropriate response time is met.

Don’t let the complexities of contract management be a barrier to your organization’s growth. Let an integrated system handle the logistics while you and your team focus on your customers.

If you found the above content interesting, be sure to watch our video on:

Don't miss out on this enlightening discussion on how to harness the profit-boosting potential of your existing customer base. Subscribe now to gain valuable insights and strategies that can reshape your business approach, ensuring sustainable growth and success. Your journey to maximizing customer value begins here!