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Buying Software

Software Renewals: Keeping It Fresh and Up to Speed

May 20, 2020

software-renewal
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Manage Software Costs

Ensure your business isn’t wasting spend on unused tools and licenses.

It’s software renewal time!

Sure, it’s not the most exciting day of the year, but you might be surprised by how satisfied a streamlined software renewal process leaves you. 

Because it just adds another item to your already lengthy to-do list, the thought of renewing your software licenses through automation is enticing. And with the right tool at hand, like G2 Track, it can be made relatively simple. However, along with that, being active in the software renewal management process will provide more benefits than just updating your contracted licenses. 

Software renewal management

Automating your software before their renewal date can save time, and it is a great method for keeping track of your current spend and annual maintenance, but you might be overlooking some opportunities to find places to save and negotiate new deals with your suppliers. 

Software renewal checklist

Before renewing your current software license agreement, pay attention to the following factors. 

1. Usage: Consider what you are currently paying for and how much the software is actually being used. The results might bring up an opportunity to switch up the payment model and save on your software spend before reaching any expiration dates. 

2. Upgrades: Take a look at your history with this particular product. If you have been looking for a new feature, check out what the upgrade options have to offer. If you are happy with the version you’ve been working with, there is no need to upgrade. 

3. Support: Look at the records of your interactions with the technical support team. If you haven’t been using their services very often, maybe downgrade to a cheaper software maintenance option. 

4. Purchase history: Check out how your business has been buying the software. If you have been making recurring payments that are harsher on the business bank account, consider switching to a lump sum that will end up saving you some money in the long run. 

5. Contract: Re-read your software contract and ensure there are no risks associated with signing on the bottom line. 

6. Pricing: Compare similar SaaS tools and their software licensing prices. If a competitor is offering the same features and support for the same price, consider making a switch. 

There are countless options in any software category. When making your buying decision, no audience is better to listen to than actual end-users of the product. Head over to G2 to check out verified, third-party user reviews for the real deal. 

Software renewal options

After that analysis of your organization’s current software situation, you have a couple of options going forward with the license renewal.

1. End agreement: If you realize the software you are using isn’t all that, you can make the decision to switch at the end of the lifecycle. 

2. Renew and negotiate: If you find that some of the identified disadvantages are fixable, renew the agreement but ask to negotiate a couple of terms. You can leverage the potential loss of business for a better contract. 

3. Renew agreement: If you’ve come to the conclusion that you are satisfied with the software solution and want to move forward as is, renew it. While it might be tempting to continue to renew year after year without revisiting the checklist above, it is not a good step to skip. Your business’ needs can change over time, possibly demanding new software features or even new products. 

Keep up to speed on renewal deadlines (as well as compliance, software usage, and more!) with G2 Track. It will equip you with the knowledge you’ll need to choose what option is best for your business. 

To renew or to not renew 

That is the question. And it is not necessarily an easy one to answer. As your business develops, the software products and features you need to succeed might change as well. While it may not seem as if you need to switch things up, evaluating your current situation and alternatives is a good practice to partake in every time software renewal season comes around.

Renewing software is a big part of staying compliant. Check out our resource on software compliance for more tips on abiding by software law. 

Artboard 1 copy 18@2x

Manage Software Costs

Ensure your business isn’t wasting spend on unused tools and licenses.

Manage your software costs with G2 Track.