Tracking renewal details on a customer by customer basis is a daunting and manual task that only gets more complex with contract negotiations and an increase in transaction volume. Most customer contracts allow for increasing fees on a periodic basis, but these rights are rarely exercised. Renewal pricing guarantees are bespoke and can cause confusion during renewal processing or renewal negotiations. Customers rarely stay on top of renewal dates of their vendors leaving renewal bookings, upsell opportunities, and revenue on the table if not actioned by your renewals team.
Finance leaders are striving to integrate technology into the finance department's operations to achieve strategic objectives. One such objective is the continuous improvement of internal reporting, such as including more non-financial key performance indicators and gathering insights throughout each accounting period. This is made especially difficult due to the lack of transparency into the revenue accounting process.
Finance leaders are faced with the challenge of maximizing the efficiency of their department as other business stakeholders continue to expect more for less from the department. The introduction of innovative technology solutions is one such method towards growing operating efficiency.
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