One of the key challenges of managing renewals is understanding what you own across the business and effectively tracking these assets. As outlined in our previous blog “Visibility Into What You Own With PyraCloud,” this can be extremely difficult without the right tools and processes in place.
When it comes to renewals, enterprises usually have numerous software agreements across multiple publishers, and these agreements often have varying renewal dates making it very tricky and time consuming to manage.
Vital software asset data is often not captured at the point of purchase, such as:
- Terms and conditions
Contract lengths (start and end dates)
Without this information it is impossible to be on top of renewals and to be in a position to negotiate better renewal terms with publishers at the time of renewal.
Organizations that don’t keep track of software license agreements and renewal dates could find themselves out of maintenance or in breach of use rights as well as:
- Paying hefty reinstatement fees
Renewing more than is required
Budgeting and spending more than needed
Exhausting internal resources dealing with license renewals
Many organizations use spreadsheets to manage and track contracts, which requires a lot of manual effort and as mentioned above vital data is often lost and the actual contracts are spread across the organization.