/Service Revenues

Tracking Challenges Today – Complex & Fragmented Data

2019-10-16T10:12:59-05:00Automated Contract Renewal Solutions, Big Data, Service Revenue Generation, Service Revenues|

With such huge revenue and customer satisfaction potential on the line, why are the majority of channel partners not tracking warranty and maintenance service contract data and re-engaging existing clients? Some simply do not recognize the opportunity. An individual maintenance renewal worth $3,000 may hardly seem worth pursuing compared to a new-customer hardware sale. If a partner is missing 10 such renewals a month, however, there is now a revenue stream of nearly $400,000 a year being ignored. Moreover, maintenance is not a one-time sale. It is $400,000 in recurring revenue stream that is being neglected. The channel must take a long view of the data to see the real opportunity. Unfortunately, achieving a consolidated view of contract data poses a significant challenge. Most partners recognize the potential in service contracts, but obtaining accurate, streamlined visibility into the maintenance data is simply too difficult. For any channel partner, there are [...]

Top 10 Reasons Your Organization Needs Managed Maintenance, Inc.

2019-10-16T10:09:37-05:00Automated Contract Renewal Solutions, Big Data, Contract Management, Customer Success, SaaS Contract Management Solutions, Service Revenue Generation, Service Revenues|

Why Does Your Organization Need Managed Maintenance, Inc.? Here are the top 10 reasons! 1.Improve Data Quality: With the aggregation of install dates, warranty exits and renewals - the ability to mine data and proactively identify ongoing contract opportunities, technology refreshes, refurbishes or decommission opportunities, instantly becomes easier to track 2.Improved Business Analytics: Ability to establish accurate reporting and analytics of the business performance both in terms of sales and the associated financial performance. 3.Accurate Forecasting & Pipeline Development: Enable enterprises to accurately forecast their annuity business and renewal opportunities up to 36 months in advance. 4.Accurately Budget, Staff Technical, & Support Teams: Identify possible cost reductions through the ability to forecast potential service-contract renewals and the necessary personnel to support those contracts 5.Increased Visibility & Channel Performance: The ability to push down to channel partners and track renewal and sales rates against the opportunity data received by channel partners. [...]

Everything Starts With The Blueprint: The Importance of a Blueprint When Architecting an Enterprise-Level IT Solution

2019-10-10T10:06:47-05:00Big Data, Contract Management, SaaS Contract Management Solutions, Service Revenue Generation, Service Revenues|

By George Woods, Senior Director of Program Management Operations Architecting an enterprise-level IT solution is no small task. But the key to a successful implementation doesn’t start with the solution. It starts with the blueprint -- a critical first step that brings the business into conversation with the technology to chart a strategic path forward. Why You Need a Blueprint Like a blueprint for a building, a schematic for a piece of machinery or a map for a road trip, an IT blueprint provides necessary direction for organizations looking to overhaul or enhance their existing IT environments. Ideally, it helps define where you are today and identifies where you hope to arrive in the future. The blueprint is also the first place where IT and business processes meet. In many organizations, technology and business processes are separate conversations. But when it’s done properly, the blueprinting process brings them together to addresses [...]

How to Choose a Maintenance / Service Contract Provider

2019-10-10T10:02:07-05:00Customer Success, SaaS Contract Management Solutions, Service Revenue Generation, Service Revenues|

Imagine your laptop, desktop or printer, to mention a few, develops a problem. In our highly technological age, it is unimaginable to be deprived of our computer equipment for even a few minutes. Sure, the equipment came with a service warranty, but what if it has already expired at the time of the malfunction? This is where a post warranty agreement, an annual maintenance and service contract, becomes essential. This service has been devised to cover such situations. There are numerous vendors that offer this valuable service, including some well known names in the technical support industry, so how do you choose one that serves your interests and company’s needs? Select wisely. Ask others about their experience with their providers and watch out for testimonials by big clients, then choose a company that: Gives prompt and reliable service Covers all computer hardware equipment, printers as well Has a variety of [...]

MMI Harnesses the Power of Open Source for its Oneview Portal

2019-10-10T09:36:10-05:00Big Data, Contract Management, Customer Success, SaaS Contract Management Solutions, Service Revenue Generation, Service Revenues|

Open source technology isn’t a new concept in the IT industry—but a surprising number of businesses have yet to adopt their own internal technology development strategy. Here at MMI, we develop most of our technology (including ONEview, our total asset management solution) based on an open source platform, and we’ve seen a tremendous cost savings and strategic advantage as a result. The difference between developing software on an open source platform and licensing from a vendor is thousands and thousands of dollars. Web-based platforms have definitely propelled acquiring software through vendors into a new phase; beyond the on-site technical resources you save, web-based software is quickly and easily updated by vendors, requiring little to no maintenance on your side of the equation. Unfortunately, there are detractors to consider if you’re buying a ready-made product. Ask yourself some of the following questions before you move forward with a vendor. Is the [...]

Leveraging KPIs to Maximize Service Revenue Generation Performance

2019-08-28T13:31:02-05:00Contract 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 [...]

Why Organizations Within the Channel Should Consider Staff Augmentation to Grow Their Maintenance Practice

2018-07-31T16:46:59-05:00Service Revenue Generation, Service Revenues, Staff Augmentation|

Once an IT provider sells a piece of IT equipment, it’s tempting to simply close the door and move on to the next sales opportunity – especially when that product is already under warranty. But warranties expire, which quickly leads to maintenance contracts, which can ultimately lead to profitable relationships with customers. And failure to address and nurture opportunities as they expand ultimately results in hundreds and thousands of dollars in lost revenue.  A successful maintenance practice looks beyond the final point of sale and instead focuses on the lifecycle of the contract and the opportunity to build long-term customer relationships. The challenge most channel organizations face, however, is the lack of resources and expertise to create a successful nurture program. Internal sales teams, for example, may not have the marketing and reporting expertise needed to develop a sustainable growth plan or the technology used to manage service lifecycles may [...]

Why Simple Solutions Can’t Accommodate the Technology Channel’s Complex Service Contract Ecosystems

2018-07-26T14:47:14-05:00Building Annuity Revenues, IT Inventory Management, Service Revenues|

To put it gently, IT providers have a lot on their plate. From different levels of service to varying contract lengths and unique reporting needs, these companies have their hands full staying on top of service renewal lifecycles. Despite this immense complexity, a surprising number of companies continue to use rudimentary contract management solutions that slow business operations and exacerbate workplace inefficiencies. Managing a multidimensional service ecosystem with disparate data sources can leave IT providers struggling to make sense of their service and product lifecycles. A global hardware manufacturer, for example, will quickly discover that antiquated applications or CRM systems alone can’t process high volumes of data or deliver the business insights they need. Complex problems are rarely solved by simple solutions. Ironically, many IT manufacturers and providers are hesitant to upgrade their toolkits. A recent survey found one in four technology providers don’t have tools to manage their product and service [...]

Are Manufacturers Providing the Channel With the Right Tools to Capture Service Revenue?

2018-10-02T15:50:26-05:00Service Revenues|

The IT channel is in a state of flux. New competitors and shifting customer behavior are redefining the game for manufacturers and each of their downstream partners. Amazon, for instance, recently entered the managed services arena, signalling a paradigm shift on-par with what the technology behemoth did to traditional bookstores. As enterprise software vendors trend toward as-a-service delivery models, resellers are shifting their focus from products to services (as well as proprietary IP). Recently, vendors from Dell EMC to Kaspersky Labs and Google have unveiled new or improved partner programs to maximize their revenue potential. Confronted with this widespread change, technology manufacturers are quickly realizing they can’t phone in channel partner relationships. As hardware and software become more commoditized, maintenance and support are one of the few remaining areas that drive healthy margins. For manufacturers to maintain this critical annuity revenue, they need to put the right tools in the [...]

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

2018-07-26T14:41:42-05:00Contract 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 [...]