We’ve come up with the 10 best suggestions on renewals software and its benefits, especially for this 2020. A brief description of what renewals software is and its main benefits are precisely what we’ll include right off the start. Join us as we check the best renewal software considerations from a business perspective.
What is renewals software?
Subscription and support service software is virtual platforms that help third parties, such as startups and entrepreneurs, be on top of subscriptions. And this can mean different uses, whether they need to be on top of their client subscriptions or the subscriptions a company keeps internally to run.
Typically hired monthly or yearly, businesses need to be on top of their subscription software to avoid late fees, cancellations, service interruption, and pointless expenses.
Renewals software can help any type of company, really. Yet, we’re always focused on startups. That is just our area of proven expertise.
At Monthly, we’ve integrated SSO and GSuite to quickly track the usage of your SaaS platforms. Our measures lead to expense optimization, leaving more budget available for relocation, which is especially significant during a startup’s crucial stages.
The app also comes with smart recommendations so businesses can discover new tools. That opens up the possibility to replace an existing stack and save money. Also, enhance processes and discover new possibilities in the process.
For us, Monthly comes as a response to give founders, CEOs, and COOs control and oversight into their company’s subscription expenses. And it’s our experience running a venture-funded startup and helping other seed, and Series A companies get traction the one that feeds the app’s bases. Check Monthly out now!
Main benefits of renewals software
Moving on with what we promised, we’ll now go over the main benefits of renewals software. And we’ll do so as we also give you our 10 best suggestions on renewals software all the same.
1. Get uninterrupted service
Whatever your renewals software runs for you, make sure you get an uninterrupted service for all your company team members. Without a tool such as this, many of your subscriptions may cancel, stop, or cause different sorts of headaches. That’s usually the case when we forget to renew (or cancel) on time. It also happens whenever we add new credit card payment information, or our card expired as due and didn’t get renewed.
2. Maximize additional tech support
A platform running all your SaaS in one place, such as Monthly, gives you more technical support on top of the one you already have. You’re basically calling on a macro tool to manage your subscription software, which means added support, at least on the tool management front.
3. Benefit from improved collaboration
Renewals software can be on top of your subscriptions, optimizing what and how you use the tools on which your teams rely. Monthly, for instance, optimizes to the point it leaves you with apps teams use frequently. Even considering the specific features team members are using, Monthly helps you narrow down what’s happening in your day-to-day background. That leaves tons of room for improved team collaboration on various fronts. Know where people are going and what they’re doing to boost or assist those processes. Make the best of the tools they use and let renewals software feed cohesion in your startup processes.
4. Boost your retention
Part of the brilliance behind renewals software in sales, for example, is these programs’ ability to manage customer renewals and ensure growing companies keep up the highest retention rate possible. This is tied to keeping the eye placed where needed to directly impact revenue and profitability. And have diverse online tools to keep track of different customer processes needed for optimum business performance.
5. Make the best by diversifying
We don’t have to stick to the common uses when we speak of renewal software. On the contrary, span out as you seek to integrate all your possible functions and team needs in the virtual realm, at least, and manage all your tools in a single place. This means considering your payments on licenses and permits as much as you do certificates, for instance. You can even use some of these tools to set reminders for other sorts of asset renewals, such as warranties or other goods.
And that brings us to another fair use.
6. Find value in notifications
Seek advanced renewal notifications as much as possible. Renewals software commonly works with visual alarms. Make the best of that use to be ahead of your game. Doing so should help you stay on schedule, as well, in regards to everything the company requires.
7. Automate renewals
You can work on a platform that you trust with renewal automatization, of course! Or offer that service to others, too. What’s important is to always recall a periodic check on your automatic renewals. And enjoy not having to think of payment data or running out of a service or product.
8. Take KPIs into account
Always go back to your Key Performance Indicators (KPIs). And renewals software should help in that sense. Stay aligned with business objectives. Ensure all the tools or number of subscriptions you handle in one place respond in some way or another to your company goals, its mission, and vision.
9. Use the best software for your needs
As we’ve said before, there isn’t a one-size-fits-all type of platform to date that can be the best solution for renewals software for every company. Just like shoes are to a person, the ideal renewals platform for a particular team is the one that fits the collective the best.
And that answer can only come from your particular combination that makes your company unique. Consider your niche, market, the product offer in them. Then think of the needs your internal parties have. You might have already used this as a filter before, but measure your budget for these tools. All these factors should give you an accurate answer as to what software to choose for renewal management.
10. Reassess your choice every now and then
Based on the above, continually reassess if you’ll need new software. Do so especially tied to your startup’s diverse growth and expansion stages. And this applies to handle your own, as well as your clients’ renewals.
See what’s been launched and well-reviewed every now and then. Confirm your choice or move on to a different company if the migration to other software promises to be significantly better than the one you choose now.
We hope our 10 best suggestions on renewals software and its benefits have been of help in your business journey. Let us know if we can help you in any way, and best of luck with all your company processes.