SaaS Renewal Strategy

Last edited 300 days ago by Jimmy Hallsworth

Preparing for SaaS Renewals: Effective Strategies

To establish a SaaS renewal process that maximally benefits your company, stakeholders, and customers, specific prerequisites should be heeded. Read on to grasp key SaaS renewal considerations and the steps to establish robust renewal practices within your organization.

1. Attain Comprehensive SaaS Visibility

Automatic renewals can pass unnoticed, resulting in missed chances for contract renegotiation or cancellation. Hence, prioritize achieving comprehensive visibility into all active SaaS subscriptions. This visibility unveils actual SaaS usage and the extent of licenses in use.

2. Forge a Renewal Calendar and Alerts

A SaaS management platform, equipped with features such as a customizable renewal calendar, offers a streamlined approach. This tool notifies you about impending renewals, enabling assessment of application terms and usage patterns. It aids in concentrating on high-value renewals with significant business implications.

3. Establish Clear App Ownership

In the current era of cloud applications, employees can independently download SaaS tools for enhanced productivity. Establishing ownership is pivotal, simplifying negotiations and providing valuable vendor insights. In instances where a SaaS owner departs, swift reassignment of ownership is vital.

4. Prioritize Renewals Strategically

A proactive renewal process entails prioritization. Not every SaaS app holds equal significance for the business. Amid a multitude of renewals, focusing on those offering higher value and substantial optimization potential is key. Critical factors include business impact, contract value, and renewal time horizon. Urgency escalates as the renewal date draws near.

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