Recharging Renewals: Value Added Services Mean Value Added ROI

Jim Stockwell

By all metrics—from governments and multi-national corporations to mom-and-pops and every imaginable sized entity in between—Cyber Crime is the biggest threat to web and software integrity facing today's Global Economy.

Yet, surprisingly, there is not only an under-reporting of this international scourge, but also a frightening lack of acknowledgement of its size, scope and threat. (1)

As aptly illustrated by the American elections and revelations of past hacking only recently uncovered and revealed by internet giant Yahoo, despite Cyber Crime being the second most reported economic crime in 2016, there does not exist a single, cohesive defensive response across the millions of internet players currently engaged in web and Cloud based businesses.

"Most companies are still not adequately prepared for—or even understand—the risks faced: Only 37% of organisations have a cyber incident response plan." (1)

"…Losses can be heavy. A handful of respondents [to pwc.com's Global Economic Crime Survey 2016] …said they had suffered losses over $5 million; of these, nearly a third reported cybercrime-related losses in excess of $100 million." (2)

As the recent US Presidential Elections proved, no one is immune—least of all your software licensing customer base.

How to turn Licensing and Renewals Management into a profitable Cyber Force

While most companies carry some sort of cyber protection software and/or internal safeguards, adding an extra layer of protection by helping ensure it is never overlooked, unrenewed or out of date is a value added service you can add to your Renewals Data Management.

It needn't be about simply extending service on your own contracts. It could—and should—expand and extend increasingly vital safeguards to your customers' businesses.

Automated workflow as it relates to vendor services should be able to manage any type of customer held renewables across as many touch points as your business rules—and theirs—allow and elect. That includes the increasingly important area of Cyber Crime safety.

Beyond Extending, into Expanding

Opportunities should exist within your automated system to find and increase revenue as well as customer satisfaction and all-important customer loyalty. Keeping them notified of security expirations is but one of the possible opportunities new and existing customers may want help staying on top of.

Your Renewals Management Platform should be able to manage any type of contract, employed across as many different buyer options as possible. If you offer to include all client subscription-based products as part of onboarding interviews, the system should notify you (and/or your customer if elected) of approaching expirations through its auto quote system. The customer will always have the option to expire, upgrade/downgrade or renew, and offering periodic updates will alleviate considerable stress.

Any increase in work would be far less than its resulting value. Whether that value translates to perceived long-term importance, loyalty and relationships or into higher ROI is up to your business goals and preference. Suffice to say the opportunities should exist.

Helping customers win the Cyber Wars—and Competitive Wars

Whatever you choose to offer, helping clients keep themselves—and in turn, their own customers—safer is but one way you can help clients stay competitive and prosperous. Accordingly, this helps keep you competitive and prosperous.

The real question is this: Are you sure the Renewals Data Management platform you choose to offer sets you up to always be the system your prospects choose?

The best way to answer? Play it safe.

Want to learn more about what opportunities you can expect from your Subscription and Renewals Data Management System? Look for upcoming iasset.com blogs and publications, or go through our past articles.