Applicable to the following Sastrify plans:

Legacy*EssentialsProPlatinum


* Legacy includes all plans signed prior to November 1, 2023 and labelled as "Starter", "Advanced", "Professional" or "Enterprise".


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

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 RENEWALthe 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:

  1. Start triggering a renewal initiative.
  2. Let the tool renew automatically.
  3. 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.