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