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Why Vendor Contract Visibility Matters

Picture of Amy Daly   Amy Daly  ·  2 minute read

Imagine how your high school experience would have gone if you never knew when tests were scheduled or projects were due? The smartest of us would have ended up with a much lower GPA. For the rest of us, high school would probably have been the longest 10 years of our life. 

Without the right visibility, managing multiple vendor contracts and SaaS subscriptions would be just as tricky. How tricky?  Imagine a worst-case scenario like ABC-IT. The company has 100+ vendor contracts and SaaS subscriptions, all managed with the help of a shared spreadsheet - the owner of which left the company six months ago. ABC-IT meant to assign the responsibility to someone else, but it slipped through the cracks. In the meantime… 

  • Auto-renewing contracts are quietly siphoning budget 
  • Redundant tools are being added to the mix every few weeks  
  • Key vendors are changing their terms without approval 
  • Critical services are lapsing unnoticed 

Before long, the finance team is raising red flags about the budget, sending the IT team scrambling to identify who owns what. Without proper visibility into the company’s contract management and no centralized oversight, chaos ensues.  

The Repercussions of Low or No Vendor Contract Visibility  

There are a number of poor outcomes you could face without proper visibility into your contract management process and system. Here are just a few: 

  • Downtime, which can severely impact business operations 
  • Poor performance and unmet SLAs 
  • Service failures 
  • Data breaches 
  • Loss of credibility 
  • Loss of customers 
  • Loss of good vendors who no longer wish to work with you 
  • Legal implications
  • Financial loss 

Leveraging Technology to Drive Your Vendor Contract Management Outcomes 

Managing multiple vendor contracts and IT subscriptions is a complex task that requires careful planning, effective communication, and a proactive approach. However, with the right technology in place, not only can you avoid all the past pitfalls and pain points of poor contract management, you can even elevate the company. The answer is BetterTracker.  

  • Less Waste – BetterTracker helps you save money by providing centralized visibility into all assets, contracts, and SaaS subscriptions so you can easily identify and eliminate redundant tools and services. With automated alerts for renewals and expirations, you will also avoid costly auto-renewals. Visibility into the details of your company’s spending will also provide opportunities to identify and eliminate overspending.  
  • Healthier Vendor Relationships – When a contract renewal is coming up, BetterTracker will alert you well in advance. Use that as a reminder to personally reach out to your vendors to discuss the details of the renewal. Friendly conversations go a long way in building strong relationships.  
  • White-Labeling Revenue –When software like BetterTracker is white-labeled, it can be a powerful strategy for growing revenue and expanding your service offerings. It’s a great solution for Managed Service Providers (MSPs). 
  • Data-Driven Insights – By leveraging BetterTracker to view your customers’ tech stack and usage, you’ll have visibility into their operational needs and uncover upsell or consulting opportunities. 
Take the First Step in Better, Stronger, Vendor Contract Management 

If you’re ready to transform your company’s vendor contract management process and gain a new stream of revenue, BetterTracker is the answer. BetterTracker gives you the visibility you need to effectively manage every step of the renewal process while identifying opportunities to cut expenses. Whether you’re an MSP, or run an IT, finance, or operations team, BetterTracker was built with your needs in mind.  See for yourself. Schedule a personalized demonstration of BetterTracker today.  

BetterTracker helps finance, IT, and operations teams take control of contracts, subscriptions, and technology spend. By centralizing renewals, eliminating tech sprawl, and providing real-time visibility, BetterTracker empowers businesses to simplify compliance, reduce costs, and make smarter decisions.