How to Better Manage Contract Renewals in 2023

Callaway Golf testimonial on Pramata
Learn how sales teams can access the contract data they need to make the right decisions at renewal time.

How can sales teams proactively manage renewals when thousands (or hundreds of thousands!) of contracts stored in dozens of places create chaos? Without the right contract management solution, costly gaps can continue to wreak havoc on renewals. 

If the following problems sound familiar, it may have to do with a lack of contract data and the right technology.

  • It takes a ton of manual work to figure out what’s renewing – and there are gaps!
  • There’s no visibility into terms, obligations and entitlements associated with renewals.
  • The renewal process often grinds to a halt while teams hunt for contracts
  • The current contract management system (or CRM) is missing information and inaccurate
  • Sales reps have no easy way to proactively monitor renewal dates and look at their whole portfolio

This challenge is widespread. A shocking 99% of businesses don’t have the right contract data and technology they need, according to Ernst & Young.

With no way to find reliable contract data, sales teams are left hunting for information across disparate systems and hundreds or thousands of contracts, or tracking down what they need from legal.

With Pramata, leading organizations have found a contract management solution that transforms the manual renewal process — finally. Sales teams have the visibility they need to make the right decisions at renewal time, and reap the benefits.

What does an obstacle-filled renewal process look like and how is it improved with a simple, yet powerful contract management approach? Keep reading to find out how Pramata up-levels the entire renewal journey.

The Challenge: A Lack of Contract Information

Without access to critical contract data, sales teams are stalled and renewals are left hanging. During these challenges, the core of the problem may be difficult to pinpoint. 

With an ever-expanding global business reach and more than 550 million transactions daily, a global banking company was no stranger to complex contractual relationships. That paired with their own vast internal system of data repositories and applications, revealed costly gaps in customer service and renewals. What appeared to be a contract storage problem was soon illuminated as a much farther-reaching contract management challenge.

First, they faced a lack of centralized access and visibility into the latest signed agreements. This led to key renewal obstacles, with the team unsure which contracts were renewing and when. Lack of complete visibility into each customer’s terms, obligations, and entitlements left them ill-equipped to manage renewals efficiently. The ripple effect: a breakdown in customer servicing and renewal processes due to lack of contract access and missing information.

Callaway Golf also faced similar challenges in answering contract questions. Years of manual contract management (using PDFs and spreadsheets) was a resource-intensive approach that led to missing information, extending across the entire global organization. A lack of reliable contract visibility left no way for Callaway to proactively monitor the renewal and expiration dates across its thousands of agreements around the globe.

It’s time for sales teams and their organizations to manage renewals with a simple solution.

The Solution: Data-Driven Renewals

What if your team could easily find revenue opportunities in your contracts and never miss a single renewal? It’s all possible with Pramata. The global banking company and Callaway saw the results they were looking for, with all the contract insight necessary for a stronger renewal process.

With Pramata, Callaway Golf found a solution to help create a single, centralized source of truth for their contracts that ensures the highest quality data. With Pramata’s unique combination of robust user security and 99%+ accuracy, Callaway experienced the benefits of all contracts centralized into a single, searchable contract repository.  

“Pramata has enabled our internal clients to proactively manage contractual relationships, which allows our legal team to focus on more strategic, value-added opportunities,” says Brian Lynch, Senior Vice President and General Counsel with Callaway Golf.

Pramata’s platform is here to revolutionize renewals with a best-in-class contract management approach. How? 

  • Never miss a renewal. Effortless Contract AI auto-calculates renewal and notification dates from contract terms. So sales and legal teams always know when every contract renews and proactively stay on top of every opportunity. 
  • Find the right contract in seconds. Contracts are centralized into a searchable repository and organized into a hierarchy of master agreements, amendments, and orders. Active contracts and terms are flagged, so you can quickly find the right contract and understand what’s in effect in seconds, right from CRM.
  • Take action with accuracy. With a 99% accuracy rate, your organization will no longer worry about getting the wrong data. You can depend on the renewal details in your repository to get the job done right.
  • Improve renewal and expansion offers. When your team knows what products a customer owns and what they don’t, they can create renewal and expansion offers that truly benefit customers. With a summary of each customer’s contractual footprint, sales reps are prepared to negotiate the next deal at a moment’s notice. 

The Benefits

We’ve helped businesses improve their renewal process in a simple and effective way. Pramata optimized the value from contract renewal data for the global banking company and turned it into actionable insights. Enabling them to actively manage renewals for more than 140,000 contracts.

Sports industry titan Callaway Golf went from having no way to actively manage renewals to being able to find key terms, obligations and dates from high-quality data in mere minutes.

Not only that, but their team also gained better renewal compliance with no manual data entry from their legal team. With accurate expiration dates, the sales team is alerted when action is needed and the entire process is enhanced.

Your team could be just one click away from knowing what customers own and their current pricing so renewals are easier than ever. What would that mean for your organization? Get a demo today.

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