/Contract Management

Leveraging KPIs to Maximize Service Revenue Generation Performance

2018-08-28T13:42:28+00:00Contract Management, IT Inventory Management, KPIs, Service Revenue Generation, Service Revenues|

KPIs (Key Performance Indicators) are essential for measuring the success of not only your business, but the overall health and efficiency of your operations and sales processes.  A pitfall we have seen in the Service Revenue Generation industry is that companies tend to be too myopic in what measurements and areas they focus on for their KPIs.  Most Service Revenue Generation organizations mainly focus on Renewal Rate to measure the health of the business.  While renewal rate is a critical KPI, it should not be the only KPI used.  Likewise, digging deeper into how renewal rate is calculated will also shed a good deal of light on the state of your Service Revenue Generation business. It is imperative that organizations with a focus on Service Revenue Generation keep in mind that not all KPIs should be company-wide.  It is just as important to create and measure KPIs for each [...]

Is Your Contract Lifecycle Management Software Allowing You to Address 100% of Service Revenue Opportunity?

2018-07-26T14:41:42+00:00Contract Management, SaaS Contract Management Solutions, Service Revenues|

If so, you are definitely in a class of your own! In fact, data suggests that technology providers are missing out on up to 36% of the service contract revenue available to them.  For many manufacturers and their channel partners, this missed opportunity is the end result of failing to properly implement and utilize contract lifecycle management software to manage and renew upcoming (often low-dollar / high-volume) contract renewals. Fortunately, new best practices are emerging centered around utilizing SaaS contract lifecycle management software for more effective service contract management. What is a “Low-Dollar” Contract? A low-dollar contract is typically a contract with a 1:1 ratio, meaning that it represents just one piece of equipment or service per contract. These types of contracts typically come in high volumes, with total contract values of less than $25k. These contracts must be renewed by the customer in order to continue service protection for assets or products that they already [...]

How VARs Can Leverage Enterprise Asset Management to Become B4B

2018-07-26T14:33:44+00:00B4B, Contract Management, Enterprise Asset Management, SaaS Contract Management Solutions|

In  Reinventing the Customer-Supplier Relationship,authors J.B. Wood, Todd Hewlin, and Thomas Lah describe a fundamental shift in how enterprises do business. Analyzing interviews with more than 300 suppliers, the authors found that increasingly, customers do not want to buy tools: They strive to achieve business outcomes. And they’re willing to share confidential enterprise information if partners can help them achieve game-changing results. Many leading VARs and distributors have already recognized this shift and are working strategically with their customers to address enterprise asset management challenges, such as maximizing asset performance and increasing organizational efficiency and effectiveness. Here is how VARs can take a proactive B4B stance to help their customers drive to best-in-class results. Enterprise Asset Management: a Land-and-Expand Opportunity Managing enterprise assets is a complex, confusing endeavor – even for the teams dedicated to doing so. Asset and part data, warranties, and service agreements are often tracked in Excel [...]

VARs “Lean” on Proactive IT Asset Management to Increase Agility

2018-07-27T17:08:33+00:00Agile, Automated Quoting, Contract Management, IT Inventory Management|

For the past two decades, leading companies have leveraged Agile and Lean methodologies to increase value and reduce waste as they develop IT systems. Now, SaaS companies, VARs and distributors are applying the same principles to their businesses as they strive to achieve better outcomes – for their businesses and their customers. SaaS and Agile: A Perfect Match With their shared focus on customer business value, fast development cycles, and frequent software releases, it’s clear that SaaS platforms and Agile methodologies were made for each other. So it’s no wonder that Managed Maintenance, Inc. (MMI) used Agile methodologies to develop its best-of-breed IT asset management portal, ONEview from the ground up. Embedding Agile methodologies into daily business processes and customer interactions has enabled MMI to stay close to changing market needs, rolling out new product and service offerings that provide companies with competitive advantage, when it discovers new opportunities. Most recently, MMI [...]

Mayhem or Margin? How Resellers and Distributors Can Turn Big Data Chaos into a Game-Changing Opportunity

2018-07-26T14:20:58+00:00Big Data, Contract Management|

Big data is one of the most important issues companies are trying to get their arms around. Every company has a wealth of data at their fingertips, but employees often lack the know how and tools to turn information into intelligence. So what’s at stake? For resellers and distributors, quite simply, it’s the customer relationship. Do they want to be vendors or partners? Hint: There should be only one answer to this question. Resellers and distributors who help their customers gain control of big data mayhem will find that they create the opportunity for significant financial margin, while differentiating themselves from competitors who focus exclusively on the IT sale. And the opportunity is boundless: IDC says the big data market will reach $16.1 billion in 2014 alone, with services accounting for 29% of all sales. So what is big data? It is the unstructured information about company processes, customers, and businesses [...]

Smart Service Contract Management Unlocks Sales Opportunities

2018-07-26T14:12:09+00:00Contract Management|

Most, if not all solution providers know that service maintenance is the guardian of their customer’s IT investment, not only in a traditional sense for hardware—servers, mobile devices, PCs and networking—but also for software and services as well. Business IT managers know it, too. It’s no secret that service contracts add value to solutions delivered by the channel, build long-term customer loyalty, offer partners an annuity revenue stream and, most importantly, give customers a feeling of safety that their IT assets are protected. For many organizations, at the heart of every provider relationship is a sense of trust, knowing that your trusted advisors (and the vendor in many cases) have your back. With service contracts, many businesses look to their solution providers to monitor and manage service expirations and renewals. Who do the solution providers, in turn, trust to make certain they get it right? For MMI, many of our [...]

The Benefits of Contract Management and Asset / Inventory Control

2018-07-26T14:27:14+00:00Contract Management, IT Inventory Management|

The effects of the economic downswing have pushed many companies to think outside-the-box and examine their options for better efficiency through new innovations. For companies with extensive hardware and machinery, contract management through centralized software is gaining steam because it offers unprecedented asset and inventory control that can save businesses as much as 20 percent annually. These savings can be found in the reduction of both contract costs and time efficiencies allowing employees to focus on more strategic projects and operations. There are additional demands that are driving the need to evaluate their current service contract management practices. Demands such as increased regulatory requirements, efforts to meet compliancy standards and the never-more-important need to apply hardened security measures throughout all parts of a business, especially one’s IT investments. All of these factors are important on their own, but together they present an undeniable need for a more solid contract [...]

Why Large IT Organizations Need to Automate Legal Contract Management Processes

2018-07-17T17:03:21+00:00Contract Management, Legal Contract Management|

In today’s high-volume, low-margin warranty renewal environment, many OEMs and channel partners are focused on the extension of value-added services to the global marketplace. But while an expanded market presence offers significant opportunities for growth, it also introduces a variety of risks and challenges – not the least of which is the question of whether or not country-specific contracts are financially and legally enforceable. The creation and management of legal contracts is no small back-office task, especially for large IT providers. Forty-six percent of technology resellers and distributors generate at least 1,000 to 10,000 quotes per month, and 73 percent do so across at least 10 different product sets, according to research recently conducted by Managed Maintenance, Inc. The scope and complexity of contracts requires significant attention from companies’ legal teams, adding time and expense to the process. Legal contract tasks become even more daunting when you factor in the alignment of [...]