When procurement teams first join Torii, we hear a lot of common challenges: instead of proactively engaging with vendors, they are in a reactive position- waiting for the vendor to initiate negotiation and provide pricing. Contracts are not centrally locatable or easy to find, and contract owners are even more so. So here below are the main ways that procurement teams automate and centralize their renewal process using Torii.
Store current and historical contracts in one place.
Upload contracts and contract owners into Torii, and make sure to include contract end dates.
By including contract end dates, you will be able to automate renewal reminders. You can either upload contracts in bulk via CSV, or on an individual contract by contract basis. Below is a video showing how to add individual contracts and end dates.
Pro tip: learn how to manage monthly renewals here
Contract statuses are a way you can organize your activities, and close contracts. If you include these statuses, you can then incorporate the changing of statuses into your renewal workflows. For example, after a contract renews, its status can become active, instead of in review.
1. Renewal reminders: build automatic renewal reminders for contracts so that you can have a proactive renewal posture for negotiating with vendors
2. Build contract meets criteria workflows to update contract statuses so that you are not doing it manually every year.
3. Incorporate an approval process into a renewal workflow. For example, for high-value contracts, send an email to the CFO for her to approve or decline the renewal, and update the next steps accordingly. Below is a video showing how to do this.
Here are a few other ways customers have used Torii workflows to integrate and optimize their current process:
Using Torii's custom actions, (web-hook/ HTTP request) you can extend functionality into another contract management system. For example, one customer sent Torii license activity data to their contract management system to begin renewal negotiations informed and ready with usage data.
Using Torii's custom actions you could trigger a Jira/ help desk ticket for a renewal alert.
Data-Driven Decision Making
When making renewal decisions, you can use the "Licenses" page inside Torii to save cost and find wasted licenses. Then, you'll be able to understand your true license activity to determine the correct number of additional licenses to purchase.
Pro Tip: Make CFO's or contract owners "read only" viewers of the Torii licenses page so that you can include a link to the Torii licenses page inside your renewal workflows! This will encourage contract owners to look at their application's usage data before making renewal decisions. Learn how to use Torii's role based account access here.
Please navigate to this help article to learn how to save on SaaS cost and optimize your tech stack by finding wasted licenses and underutilized applications.