Mastering Renewals: Navigating Challenges and Measuring Success

About this Video

• Video Title: Mastering Renewals: Navigating Challenges and Measuring Success
• Channel: Earmark
• Speakers: Zach (Earmark team), Jason Parker (Finn Query)
• Duration: 01:03:54

Introduction

This webinar focuses on mastering software renewals, specifically addressing the challenges involved in managing numerous SaaS contracts and measuring the success of renewal strategies. The speakers discuss the increasing importance of managing software subscription spend, offer action items for improving renewal processes, and provide a real-life example to illustrate their points.

Key Takeaways

• Growing SaaS Spend: Businesses are spending significantly more on SaaS subscriptions than often realized, with an average of $10,000 per employee. This necessitates improved management strategies.
• Challenges of Renewals: SaaS contract renewals are complex due to varying contract structures, notice periods, pricing models, and internal stakeholder involvement. They are also time-consuming and often lack sufficient information from vendors.
• Cross-Functional Renewal Teams: Effective renewal processes require cross-functional teams involving finance, IT, and legal departments to ensure comprehensive visibility and decision-making.
• Process Optimization: Optimizing renewal processes involves centralizing contract management, creating an accurate software inventory, automating workflows, and using data-driven insights for strategic purchasing.
• Measuring Success: Measuring success involves tracking subscription spend per resource, license utilization rates, and vendor satisfaction to ensure a return on investment.