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Stay on top of contract management with automated renewal reminders, proactively obtaining approvals, negotiating better terms, and saving time.
It’s 8:00 AM, and the coffee is just starting to kick in when your inbox reminds you why Mondays are a test of endurance. The subject line? “URGENT: Vendor Contract Expires Tomorrow.” A quick scan reveals that it’s a maintenance vendor whose contract auto-renewed last year on less-than-ideal terms.
As a procurement leader in multifamily, this isn’t new. Your vendor network consists of hundreds of active contracts per community, and juggling their contract renewal timelines can feel like an insurmountable task. Yet, falling behind means more than a stressful start to the week. It means missed opportunities to negotiate better pricing, to expose compliance risks, and higher operational costs.
But what if this day could go differently? Let’s rewind and imagine how automation reshapes your day and your results.
The Typical Workflow: Reactive & Time-Consuming
A typical day in vendor management is a balancing act, juggling urgent issues and tedious manual tasks:
Morning: Scrambling to locate the most recent contract or addendum and decipher its renewal terms.
Midday: Coordinating with finance and operations to decide on a renewal approach—all while trying to squeeze in an understanding of that vendor’s performance over the prior term.
Afternoon: Responding to emails from legal about other expiring contracts, sneaking in a quick look at potential cost-saving opportunities, and ending the day knowing you’ve postponed portfolio-wide strategies yet again.
By the end of the day, you’re stretched thin, and you’re no closer to finding the time to take a proactive approach to your vendor relationships.
Reimagining the Day: Proactive Decision-Making
Now, let’s rewind the clock and see how your day plays out with an automated contract workflow in place.
8:00 AM: You log into your vendor management platform, and a dashboard view greets you with the information you need–total contracted spend, number of contracts, number of vendors, credits versus expenses, insights by department, and all of your upcoming renewals. Renewal reminders that were surfaced weeks ago gave you time to assess vendor performance and benchmark costs. The maintenance vendor whose contract renews tomorrow? You’ve already renegotiated better terms.
10:00 AM: A centralized system allows you and cross-functional team members to access all vendor data in one place, eliminating time spent tracking down contracts or waiting on colleagues for information. By mid-morning, you’ve reviewed key vendor metrics and identified an opportunity to consolidate redundant services, unlocking potential savings.
1:00 PM: Automated workflows ensure that all stakeholders—finance, legal, and operations—are already looped in and aligned on renewal strategies. No frantic email threads, no last-minute fire drills.
3:00 PM: With the grunt work handled by automation, your team focuses on value-added initiatives, like exploring new suppliers or negotiating terms to reflect current market conditions.
4:30 PM: The day wraps up, and you leave the office knowing that your renewals are not just managed—they’re optimized.
How Automation Transforms Your Vendor Management Strategy
By centralizing data and automating reminders, you can:
Stay Proactive: Address renewals early with alerts that free your team to focus on higher-value tasks.
Negotiate Smarter: Use insights to assess performance and secure better terms.
Boost Efficiency: Replace manual processes with strategic initiatives.
The results speak for themselves:
Lower Risk: Mitigate liability by tracking and ensuring compliance across vendors.
Cost Savings: Save an average of $200 per unit annually by reducing inefficiencies and shadow spend.
Improved ROI: Reallocate time and resources toward growth opportunities.
How to Get Started
If your current processes feel reactive, it’s time to embrace change.
Audit Your Contracts: Understand your portfolio and identify opportunities.
Adopt Automation Tools: Adopt all-in-one platforms like Revyse to simplify and automate your contract renewal reminders.
Engage Stakeholders: Align finance, legal, and operations teams early.
Measure Impact: Track savings, efficiency gains, and vendor performance to refine your approach.
The Bottom Line
Managing vendor contracts doesn’t have to feel like running on a hamster wheel. With automated workflows, your team can save time, reduce costs, and focus on delivering exceptional value to your communities.
Schedule a demo to see how Revyse Contract Management can adapt to your unique business needs and start saving you and your team time right away.