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Contract Renewal

Manages contract renewal processes carried out by legal teams, providing opportunities to enhance contracts with latest organizational standards.

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Workflow Steps

Step 1 - Renewal Opportunity Flagged

90-120 days before a contract's expiration date, the system automatically creates a renewal opportunity in the CRM and assigns it to the account manager.

Step 2 - Client Health Check & QBR

The account manager conducts a health check and schedules a Quarterly Business Review (QBR) with the client to demonstrate value, discuss their goals, and confirm their intent to renew.

Step 3 - Generate Renewal Quote/Contract

A renewal contract is generated, incorporating any updated pricing, terms, or upsell opportunities discussed during the QBR.

Step 4 - E-Signature & Automated Closing

The contract is sent to the client for electronic signature. Upon signing, the contract term is automatically updated in the CRM, and the deal is marked as "Closed Won".

The Purpose of Contract Renewal

This workflow automates the contract renewal process, ensuring that no renewal dates are missed and giving the sales or customer success team ample time to engage with the client. It automatically flags contracts that are approaching their renewal date and kicks off a series of tasks for the account manager. This proactive approach dramatically increases customer retention, provides an opportunity to upsell or cross-sell, and prevents revenue leakage from forgotten renewals.

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