Procurement Process & Insights
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- Set up and populate your SaaS stack
- How Sastrify provides 24/7 coverage of your stack
- Integrate your ERP & Accounting software with Sastrify
- Tool Discovery via SSO (Single Sign-On) integrations
- Defining Renewal Dates & Setting Renewal Reminders
- Assign and modify Tool Owners
- Upload your SaaS documents into Sastrify
- Sastrify App Support: Assistance at your Fingertip
- Roll out Sastrify across your organization
- Sastrify's Commitment to Security and Privacy Standards
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- Using Google Workspace SSO for Tool Discovery
- Use Discovered Page to detect active subscriptions
- Tools and Spend Importer: Easily Upload and Visualize Data in Sastrify
- Add Sastrify App to your Slack workspace
- Manually add a new tool subscription
- Bulk upload of SaaS invoices
- Forward your SaaS documents via email
- Change notification preferences
- Maximizing the benefits of the Overview page
- Manage activities and collaborate using custom tasks
- Task Automation: Streamline the creation of routine tasks
- Archive or delete inactive subscriptions
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- Understanding Renewal Statuses & Actions
- Using Procurement Initiatives for Organizing New Purchases & Renewals
- Get Pricing Benchmarks through Sastrify
- Workflows: Automate procurement processes with consistency
- Form Component Guide for Sastrify Form Builder
- Vendor Insights: Tool-specific information at your fingertips
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- Utilize Usage Analytics for full usage visibility
- Integrate Pleo with Sastrify
- Validate and fine-tune spend data with the Spend feature
- 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
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- Get Expert Procurement Support for New Purchases and Renewals
- Scope of Service: Custom Benchmarking & Contract Review
- Scope of Service: Negotiation & Renewal Support
- Scope of Service: Custom SaaS Optimization Advisory
- Purchase your SaaS through the SastriMarket
- Control your cloud costs with SastriCloud
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- ERP & Accounting Integration FAQs
- Discovery via SSO Integration FAQs
- Usage Analytics FAQs
- Tools and Spend Importer FAQs
- Invoices 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?
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- 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 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
Understanding Renewal Statuses & Actions Print
Modified on: Mon, 8 Apr, 2024 at 12:20 PM
Applicable to the following Sastrify plans:
| Legacy* | Essentials | Pro | Platinum |
|---|---|---|---|
| ✔ | ✔ | ✔ | ✔ |
* Legacy includes all plans signed before February 29, 2024.
This Knowledge Base article provides a comprehensive understanding of various renewal statuses and corresponding user actions, optimizing the renewal process for increased efficiency and user satisfaction.
The main Renewal Management article, which covers basic configurations, can be found here.
IN THIS ARTICLE
- Introduction to the Renewal Widget
- Before the renewal period begins
- When the renewal period begins
- Action 1: When a renewal initiative is started
- Action 2: When a tool is renewed automatically
- Action 3: When a tool is set to Inactive
- When a tool is past its renewal date
Introduction to the Renewal Widget
Within each tool subscription detail page, you will find a renewal sidebar widget located on the right side of the page, which serves as your reference point for tool renewals.
Within each widget, you can see the two main components that make up a widget:
- Renewal Status: Shows you the renewal date, timeline, and detailed terms.
- Renewal Actions: Gives you the convenience of performing specific actions related to renewal management, such as: starting a renewal initiative, automatically renewing the tool, or setting it as inactive (or cancelled/not renewed).
The Renewal Status is not to be confused with the Tool Status, which is located at the top.Once the tool status is UP FOR RENEWAL, indicating that the tool is entering its renewal period, the renewal status changes depending on certain events and actions.
We will cover the relationships between the two, along with the actions you can take to get your renewal in order.
Before the renewal period begins
As shown above, if a tool is not within the renewal time frame, the tool status will show ACTIVE and the renewal status will show only the upcoming date and countdown to that date. No renewal status is displayed.
Possible Actions:
- You can choose to start a renewal initiative in advance.
- Click "More" to set the tool to inactive when due or select an option to let the tool automatically.
When the renewal period begins
As soon as the tool status changes to UP FOR RENEWAL, the renewal status in the widget will display a Upcoming status, indicating that it has entered into its renewal period (as defined by the renewal date + the automatic renewal period and/or a company-wide renewal reminder).
The availability of Renewal Actions will depend on whether an auto renewal is defined. The widget on the left is when an auto renewal term is in place, and the one on the right is when auto renewal is not defined.
Possible Actions:
- Start triggering a renewal initiative.
- Let the tool renew automatically.
- Set the tool to inactive when it is due/on the renewal date.
Action 1: When a renewal initiative is started
The primary action that can be taken to manage your renewal is to start a renewal initiative. The initiative is a function to start your procurement process either for renewing existing tools or for purchasing new tools. It also serves as a collaborative procurement workspace, designed to streamline and organize your procurement efforts.
Read more about this feature and how to use it here.
You can start a renewal initiative directly from this sidebar widget or from the navigation bar by choosing Initiatives. When an initiative is successfully created for a tool that is renewing, the renewal status will indicate that there is an open renewal initiative and display the following:
Possible Follow-Up Actions:
- Manually update or change the renewal date.
- View the active, ongoing initiative - this will take you to the renewal initiative detail page.
Action 2: When a tool is renewed automatically
One of the options you can select is "Let it renew automatically". This option will set the tool status back to Active when it is due for renewal. Select this if you are not going to take any further action and want to let the tool renew without making any changes to the contract setup.
When this option is selected, the Renewal Status will indicate below the timeline that:
"Automatic renewal has been submitted. This tool will automatically renew when it's due and no further action is required from you."
Possible Follow-Up Actions:
- By clicking "Edit Submission", you still have the option to start a renewal initiative.
- Set the tool to inactive when it is due/on the renewal date.
Action 3: When a tool is set to Inactive
Finally, if you decide not to renew the tool or plan to cancel the contract upon renewal, you have the option to set the tool to Inactive. Doing so will:
- Set the tool status to INACTIVE and the renewal status to Canceled
- Move the tool from the "In Use" tab to the "Inactive" tab.
When a tool is past its renewal date
A tool can become EXPIRED , as indicated by its tool status, if its renewal is overdue. This can happen because a tool runs past its renewal due to the absence of the auto renewal details (auto renewal not set) and of appropriate follow-up actions not taken during renewal.
Possible Follow-Up Actions:
- You can still start a renewal initiative.
- If the tool is still active and in use: change the status to Active and fully update the renewal dates.
- If the tool is no longer in use: change the status to Inactive to ensure they are properly archived (moved to the "Inactive" tab).
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.
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