Four ways to get ahead of renewals with Vendr

The recession has hit, and companies are looking to cut costs. But cutting corners shouldn't come at the expense of productivity. The software you use can amplify team productivity and company growth. Visibility starts with visibility to help you monitor your tech stack and ensure you have the right solutions.

Software contract renewals are often seen as a source of stress, but when done well, they can lead to better productivity and happier teams while saving your company money. 

Vendr offers several tools to help you wrangle your renewal process.

Get organized with Contracts

The organization plays a critical role in the success of your company's software renewals, and that's where Contracts come in to simplify the process. 

Contracts uses a structured information capture system to easily extract pricing information and keep all your contracts in one central location. With Contracts, you save time and effort and reduce the risk of missing important details, such as auto-renewals. 

Contracts ensures you stay ahead of the game by automatically adding upcoming renewals to your dashboard and reports 90 days before they're due. This streamline gives you enough time to research and compare different options, evaluate whether a particular tool best fits your team, and initiate renewal conversations proactively and confidently. 

Having all the information you need at your fingertips, you can make informed decisions that drive company growth and productivity.

Make better decisions with overlapping spend reports

The overlapping spend report can be a game-changer for procurement and finance departments. With just a glance, you can understand your company's contracted products in a particular category and their combined overall cost. This information is valuable as it can help you prioritize where to focus your efforts for maximum savings.

Ready to dive deeper into a specific category? You can drill down to view a full breakdown of products, descriptions, and commercials. 

This level of detail can help you verify if these products are solving the same problem, which can guide you in consolidating similar solutions to save resources. In addition, identifying the internal ownership of each product is made simple with the help of these reports, which can lead to productive discussions about consolidating solutions.

Uncover grassroots trends through integrated spend and usage data

As an admin of Vendr, you can integrate key business systems to unlock the power of usage and financial metrics. These metrics are crucial in providing a comprehensive understanding of the tool usage within your organization. 

Use these insights to help you determine which tools are being utilized and by whom, allowing you to evaluate their effectiveness and decide if they are worth renewing. If you find that many people are not using a particular tool, consider discontinuing its use.

When you need to consolidate tools, these metrics become even more valuable. They can assist you in making informed decisions about which tools to keep and which to eliminate based on usage data and financial metrics. 

Additionally, you can leverage these metrics during negotiation conversations with suppliers. You can use them to challenge the supplier and help you identify ways to increase usage and derive more value from the tool. Using these metrics, you can make informed decisions that drive maximum savings for your organization.

Unlock time and cost savings with your Vendr service team

The Vendr team is dedicated to making your renewals as stress-free as possible. With pricing benchmarks tailored to your company, you can ensure you’ll enter any future renewal negotiations with fair access to information. 

With over 2.3 billion in spend processed and 19 thousand deals completed, our team of experts is equipped with the latest and most relevant data, considering your company's size and other vital factors.

You can also benefit from specialized consultants for high-spend items or specific commercial terms and expert support from our team in areas such as cloud, marketing CRMs, and more. If you prefer to handle the most specialized deals on your own, the Vendr team can take care of the smaller, less complex items, allowing you to focus on the bigger picture.

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