Vendor Management
Contracts renewal management
Prism's new contract renewal system automates the entire renewal process with a single click. The platform seamlessly transfers all contract data, including vendor information, properties, services, and financial details, from expiring agreements to new renewals.
Key features:
- Automated renewal flow: Initiate renewals directly from the contract grid or from within the contract itself. The system automatically clones all relevant data into new renewal agreements, eliminating manual data entry and reducing errors.
- Manual renewal mapping: Establish renewal relationships retroactively for contracts created independently. This ensures complete vendor history tracking and contract lineage.
- Seamless data migration: All contract details transfer automatically, including vendor company information, property assignments, service types, and annual contract values.
- Clear audit trail: The system maintains explicit renewal relationships with "Renewal of" indicators and "This contract has been renewed" status tracking.
- Flexible renewal options: Create multiple renewals from a single contract based on properties or services when you need to split contracts.
- Intelligent status management: Contracts maintain "due for renewal" visibility until expiration while the system tracks all renewal actions.
This enhancement transforms contract renewals from time-consuming manual processes into efficient automated workflows that ensure business continuity and comprehensive vendor relationship tracking.