- Set up and populate your SaaS stack
- How Sastrify provides 24/7 coverage of your stack
- Renewal Management: Define renewal dates & reminders
- Assign and modify Tool Owners
- Visualize your stack with your subscription list
- Upload your SaaS documents into Sastrify
- Sastrify Support: Report issues and track procurement involvements
- Roll out Sastrify across your organization
- Sastrify's Commitment to Security and Privacy Standards
- Tool Discovery via SSO (Single Sign-On) integrations
- Using Google Workspace SSO for Tool Discovery
- Use Discovered Page to detect active subscriptions
- Manually add a new tool subscription
- Bulk upload of SaaS invoices
- Forward your SaaS documents via email
- Navigate and get the most out of the Overview page
- Manage activities and collaborate using custom tasks
- Task Automation: Streamline the creation of routine tasks
- Archive or delete inactive subscriptions
- Change notification preferences
- Understanding Renewal Statuses & Actions
- Workflows: Automate procurement processes with consistency
- Form Component Guide for Sastrify Form Builder
- Using Procurement Initiatives for new purchase & renewal
- Get expert support by involving Sastrify in your initiatives
- Get Pricing Benchmarks through Sastrify (Beta Version)
- Vendor Insights: Tool-specific information at your fingertips
- Purchase your SaaS through the SastriMarket
- Control your cloud costs with SastriCloud
- Integrate your ERP & Accounting software with Sastrify
- Utilize Usage Analytics for full usage visibility
- Integrate Pleo with Sastrify
- Validate and fine-tune spend data with Spend Import
- How to connect Microsoft Dynamics
- How to connect Netsuite
- How to connect Quickbooks
- Import spend data from Candis to Sastrify
- Import spend data from Spendesk to Sastrify
- Import spend data from Pleo to Sastrify
- Import spend data from Moss to Sastrify
- Import spend data from DATEV to Sastrify
- Zoom Usage Analytics Integration Guide
- ERP & Accounting Integration FAQs
- Discovery via SSO Integration FAQs
- Usage Analytics FAQs
- Achieved & Potential Savings FAQs
- What is SaaS and Sastrify's scope of work?
- Who can invite a new user?
- Who receives the renewal alerts or reminders?
- How does Sastrify work with currencies?
- Is the spend data from accounting export always up-to-date?
- How to work with benchmark prices
- When and how to involve Sastrify in a contract evaluation or negotiation?
- How does Sastrify interact with SaaS vendors?
- How do you handle confidentiality clauses in vendor contracts?
- Does Sastrify handle SaaS contract termination?
- Why is contract data essential for benchmarking and negotiation support?
- My invoice's processing has failed. What do I do?
- Connecting your accounting software with Sastrify
- How to assign Tool Owners
- What Sastrify can do for Tool Owners
- How to set renewal dates
- How to set up a company-wide renewal reminder
- How to keep your tool stack updated
- How to set up, activate, and use a Workflow
- How to invite new users to Sastrify
- How to use Procurement Initiatives for new purchase & renewal
- How to involve Sastrify in your procurement initiatives
- How to collaborate using custom tasks
- Report issues and track procurement involvements
- Best Practices on how to work with Procurement Initiatives
- Get Pricing Benchmarks through Sastrify
- How to set up direct usage analytics integration
- How to set up SSO usage analytics integrations
- How to work with the Discovered tab
- How to use subscription tags
- How to perform budgeting using Sastrify
- Walk-through of the subscription detail page
Renewal Management: Define renewal dates & reminders Print
Modified on: Tue, 20 Feb, 2024 at 5:43 AM
With the average organization using more than 100 SaaS tools, lack of visibility and missed renewals come at a high cost. Companies need to be on board with their renewal management, especially as their number of software license increases.
This is where Sastrify comes in, allowing you to protect your IT budget and stay in control of your SaaS renewal management. To make sure your organization is managing SaaS renewal effectively and efficiently, we've highlighted the key configurations you need to make in Sastrify to get your renewal management on track.
IN THIS ARTICLE
- Define the renewal dates & terms
- Renewal Calendar
- Set Renewal Reminder
- Renewal Actions from the Renewal Sidebar Widget
- What's Next: Setting Renewal Workflow & Starting Procurement Initiatives
- Frequently Asked Questions
Define the renewal dates & terms
The foundation of renewal management is defining renewal dates and terms for all of your active SaaS subscriptions. Doing so will allow you to keep track of all renewals and avoid unexpected auto-renewals - ultimately protecting your overall IT budget.
To define or update a tool's renewal details:
- Select any tool or subscription in your tool stack to open its subscription details page.
- Locate the renewal sidebar widget on your right screen
- Click on the 3 dots icon and select "Edit Renewal.
- Set the renewal frequency: Monthly, Yearly, or Other.
- If the above selection is defined as Yearly or Other, set the renewal date, renewal type, and cancellation period.
- Click "Save Changes" to complete.
SaaS Renewal Best Practice: To find the renewal dates, refer to essential documents like subscription contracts, order forms, and occasionally invoices. Software vendors have different languages in their terms and conditions. Work with your legal team to review these and figure out when tools renew, if there are auto-renewals, and the cancellation notice periods.
Bringing all of this to light and storing it in Sastrify as your single source of truth will reduce your risk and allow you to proactively deal with upcoming renewals.
Once all the renewal dates are properly set, Sastrify will organize, plot and visualize these dates into a renewal calendar that can be accessed directly from your Overview page, allowing you to get the full picture of your upcoming renewals from a single view. Furthermore, from this calendar, you will be able to view the tool details and take action by starting the procurement initiative.
For more information on how to navigate and get the most out of the Overview page, please read this article.
Tip: You can also use the Filter Subscriptions feature on your Tool Stack page to filter for tools that are in "Up for Renewal" status or based on what's defined in their renewal details (dates & frequencies).
As a Sastrify admin, you can set up a company-wide renewal reminder that will be applied to all your subscriptions whose renewal frequency (see above) is set to Yearly or Other. Sastrify will proactively remind your tool owners via email and in-app notification that their renewals are coming up in advance to allow for sufficient preparation.
Only users with an Admin role have the ability to create task automations; those with Contributor and Viewer roles do not possess this capability.
Refer to this article to understand the different roles and permissions.
Renewal reminder can be accessed from Settings > Notifications.
This feature is always on and is set by default to automatically send a renewal reminder 3 months prior to the renewal date, with additional recurring reminders sent every 2 weeks.
You can also change the default renewal reminder settings to match your company's preferences or internal processes by following these steps:
- Toggle the default setting to off.
- Set the timeframe for the first reminder and the recurrence period.
- Click "Save Changes" to complete.
To understand how the renewal reminder works alongside the renewal terms you set, please read the following example:
- Your Salesforce contract runs through August 30. The contract has a 90-day notice period. This would mean that the renewal decision must be made on 8/30 - 90 days = on Jun 1.
- If you have the set the renewal reminder to 2 months (60 days), Sastrify will send the reminder of the upcoming renewal on Apr 2 (Jun 1 - 60 days). If the cancellation period is not specified, the alert will be based on the company-wide timeframe applied to the renewal date.
SaaS Renewal Best Practice: Sastrify recommends that you set your renewal reminder to at least 60 days - if not 90 days - so that you have enough time to properly take all the necessary steps for the renewals, which includes performing all the due diligence, working with all the internal stakeholders, and planning for the negotiations.
Renewal Actions from the Renewal Sidebar Widget
The Renewal sidebar widget is more than just a place to define or update a tool's renewal details (see above). With the same widget, you can also perform the following renewal actions by clicking the "More" button:
- Set to inactive when due: to allow you to set the status to inactive to indicate that you will not be renewing this tool.
- Let it renew automatically: to indicate that you opt to let the tool get renewed automatically. This option will mark the tool status back to Active when it is due on its renewal date. You choose this when you will take no further action and want to let the tool will be renewed without any changes being made to the contract setup.
When you click on any of these options, Sastrify will prompt you for confirmation before applying the selection.
For a more detailed overview of the renewal widget, as well as various renewal statuses and corresponding user actions, please read this article.
What's Next: Setting Renewal Workflow & Starting Procurement Initiatives
Now that you have all the renewal confirmations set up, the next steps are to
- Set up your company-wide Renewal Workflow.
- Start creating Procurement Initiatives for all upcoming renewals.
Please follow the links above for detailed how-to knowledge articles on each feature.
Definition of terminology:
Procurement workflow refers to the series of interrelated processes and steps involved in purchasing or renewing, in our case, software products and services. The procurement process typically has several stages, and each stage involves the assignment of an approver.
Q: What happens when a tool is approaching its renewal (as defined by the timeframe within the renewal reminder and its renewal terms)?
A: When this happens, Sastrify will automatically change the status of the subscription from Active to Up for Renewal and record the change in its subscription history.
Q: One of our company's subscriptions has a fairly unique renewal term that requires it to be renewed every 2 years. Can I accommodate this in Sastrify?
A: Yes, when you update the renewal date (follow the instructions above), select "Other" as the renewal frequency and set the timeframe to 2 years. Once set up in Sastrify, this tool will change status to "Up for Renewal" every 2 years.
Q: One of the subscriptions has a cancellation period of 90 days. How can I configure this in Sastrify?
A: You can set a custom cancellation period or in fact define it in any timeframe you want by selecting "Other" and enter 90 days.
Q: Some subscriptions in our stack have an "Expired" status. Why is this happening and what should I do?
A: This status is caused by an overdue renewal date. Expired tools are annual subscriptions with renewal dates defined in Sastrify, but they have all expired due to:
- The renewal type is set to Unknown or to expire on a specific date (see below),
- And when they have passed that date, the status is not manually changed back to Active.
The above causes a subscription to run past its renewal date. To mitigate, we recommend the use of the "Filter Subscriptions" in the Tool Stack page to filter for tools whose status = Expired:
- For tools/subscriptions that are still active and in use: change the status to Active and fully update the renewal dates. Use the guide outlined in this section to define the renewal dates & terms.
- For tools/subscriptions that are no longer in use: change the status to Inactive to ensure they are properly archived.
To prevent subscriptions from expiring, always make sure the renewal terms in full: define the dates and detailed terms, including the renewal type and cancellation window & take the necessary steps to ensure your subscriptions are renewed properly.
Q: Who receives the renewal alerts or reminders?
A: By default, the tool owner of a subscription is notified of renewal notifications or other updates to the subscription. (For more information on assigning a tool owner, see this article.)
In addition, any user who follows and comments on a particular subscription will automatically receive all notifications related to that subscription. You can follow a subscription by clicking the Follow Updates button on a subscription's Feed tab.
Did you find it helpful?Send feedback