Introduction
Efficiently managing multiple renewals is crucial for ensuring consistent revenue and customer satisfaction. Centralizing renewals helps gain increased visibility of the process with improved reporting accuracy, providing cross-functional teams with the most up-to-date renewal data. Additionally, managing multiple renewals at scale using advanced tools like in-line editing significantly enhances efficiency and accuracy. This article will guide you through centralizing renewal operations and managing renewals at scale using Gainsight's tools, ensuring your team can handle renewals seamlessly and effectively.
If you haven’t already addressed high-risk, high-value accounts, start with our article on Implementing a strategic red accounts process for key accounts to ensure your key accounts are managed effectively before scaling up.
Why does this matter?
- Increases efficiency by automating routine tasks
- Ensures consistent and timely renewals
- Enhances CSM productivity by allowing focus on high-touch renewals
Hot to get started
- Centralize Renewals for Accurate Forecasting:
- Configure Renewal Center to centralize renewal data.
- Create a custom forecast field for CS to quantify renewal likelihood with a numeric confidence level.
- Use the Timeline Tab for renewal update notes and ensure all departments have visibility.
- Manage Multiple Renewals at Scale:
- Use in-line editing in the Renewal Center to update multiple renewals simultaneously.
- Sort and filter renewals by relevant fields like renewal date, risk, size, etc.
- Enable quick updates to maintain accurate renewal forecasts.
Gainsight features you'll need
To successfully implement the above steps, you’ll need to leverage the following Gainsight features:
- Renewal Center: To centralize renewal operations and manage multiple renewals efficiently.
- CTAs (Automated): To create automated tasks for CSMs to follow up on renewals.
- Timeline: To log and track all renewal-related updates and communications.
What’s next?
With centralized renewal management in place, enhance your renewal forecasting with comprehensive tracking and insights by going through this article.
Further reading and inspiration
- Blog - How to forecast renewals
- Course - Using Gainsight to Track and Manage Risks
- Course - Best Practices for Managing Risks