NetSuite Contract Renewals Module
NetSuite is a cloud based software solution that allows you to bring together all of your key business processes such as your accounts, customer management, eCommerce and stock management into one, easy to use piece of software.
NetSuite Advanced Revenue Recognition automates your processes and updates itself to reflect the latest rule changes in the sector.
Optimise Recurring Revenue Streams
The NetSuite Contract Renewals module enables businesses to more easily streamline and optimise their recurring revenue streams, including income from software licenses, support and maintenance contracts. Being able to manage these effectively is vital to the long-term future of software providers.
Standout Automation Tools
However, getting this right can be a major challenge for firms. Many companies rely on inefficient and sluggish manual processes to manage the renewal of contracts. This often leads to delays and errors, while a lack of visibility means personnel are often not aware of what is going on. However, by using the automation tools included with NetSuite, these issues can be avoided.
Key Area Functionality
Software companies offering perpetually-licensed and term-licensed products are able to effectively manage these solutions with NetSuite Contract Renewals. The tools allow customers to automatically renew their contracts based on pre-defined windows, such as 90 days before expiration. This means renewals are handled in a timely manner and opportunities for revenue aren’t missed.
NetSuite also simplifies processes where customers are involved in multiple transactions over the course of a year. It allows co-termination of multiple transactions into a single contract that can be more easily managed. However, it also offers multi-contract support for situations where additional flexibility is required, as it may not always be appropriate to co-terminate all items into a single contract
Being able to understand what is going on in your organisation is an essential part of optimising your processes. NetSuite provides a full range of real-time monitoring and reporting tools. Visual dashboards present key performance indicators that allow staff to easily track and manage individual contracts, renewal progress, opportunities for upsells and more.