Are you a TPM, VAR, or OEM?
You could be drowning in chaos, or you could be running a well-oiled machine.
The choice is yours.
In the world of Third Party Maintenance, VARs and OEMs, success is mastering contracts and assets for service and renewals.
You worked hard to get these customers and these deals. Now is not the time to lose them.
Let’s dive into why centralization is crucial and how you can implement it to thrive in this competitive landscape.
Why Centralization of Contracts and Assets Matters:
- No Source of Truth: If you are dependent on your partners for data, be it backline partners, OEMs or distributors, you are vulnerable. Hard stop.
- No Context: Without a centralized repository, valuable context about contracts and assets is scattered across different platforms, making it challenging to make informed decisions.
- No Renewal Engine: Without a centralized system, tracking contract renewals becomes next to impossible. You will miss opportunities and have revenue losses.
- No Customer History: A fragmented approach to data management means you won’t see what customers bought and miss opportunities to sell the next thing.
- No Protection if {fill in the blank} Leaves: Relying on an individual leaves you vulnerable to knowledge loss and disruptions in customer service.
- No Sustainable Recurring Revenue: Streamlining contract management processes is the key to recurring revenue streams based on service and support, boosting financial stability and growth.
- No Asset-Based Risk Monitoring: Lack of centralized asset management makes it difficult to assess and mitigate risks associated with assets, exposing companies to potential liabilities.
- No Quick Service for Customers: If you have to fight through spreadsheets and 6 systems to answer a client, no one is going to be happy.
If you have this kind of system, and if you are feeling me,. I totally understand. Because I have been there. It’s absolutely horrible.
Can you survive? – oh yeah, but it slowly sucks the life out of you. I know it just happened to me at my previous company.
How to Fix It
Implementing centralization may seem overwhelming, but it’s achievable with the right approach. Here’s a step-by-step guide to get started:
- Get What You Have: Start by gathering existing contract and asset data from various sources and systems within your organization.
- Ask Vendors for Data: Reach out to vendors and partners to obtain additional data or missing information related to contracts and assets.
- Put It in a Folder: Organize the collected data into a centralized file or database for easy access and reference.
- Get it into a centralized system: A singular contract and asset management system that is centralized, cloud based and designed for VARs, TPMs or OEMS is key to getting out of this mess.
- Get Low-Cost Resources from Upwork to Help: Leverage freelance resources from platforms like Upwork to assist with data entry, cleaning, and organization tasks.
- Chip Away at It: Break down the centralization process into manageable tasks and tackle them incrementally, making steady progress over time
- Stem It at the Source (Convert Quotes to Contracts): Implement measures to capture contract data at the source, such as converting quotes into contracts automatically to capture your contract and asset data as it is created…otherwise this mess will happen again.
Conclusion:
Centralizing contracts and assets is not just a luxury; it’s a necessity for TPMs, VARs, and OEMs looking to grow, deliver top-rate service, and keep costs low by staying lean and efficient.
By following a systematic approach and embracing centralization as a strategic imperative, companies can unlock new opportunities for growth, efficiency, and customer satisfaction.
Remember, if they can do it, so can you!
Take the first step today and start your journey towards centralized success. You will feel so much better, and so will your team – and as a bonus, your customers will love you for it!
Owlytica centralizes contract, assets, renewals, and a whole lot more to learn about the platform here.
When you are ready, there are 4 ways we can help you:
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