You can use the renewal creation processes to promote consistency and reduce data
entry for renewal opportunities. Use Pega Sales Automation to control renewals by
tracking contract expiry dates, search won opportunities, and track sales work that is
needed to win next contract.
The personas involved in the process of renewals creation are sales reps or sales rep
managers. Pega Sales Automation can also create renewals in an automated
process, depending on your requirements.
The Pega Sales Automation for Financial Services does not support renewals.
Renewals are connected with the following concepts:
Pega Sales Automation renewal process
Retention opportunity
An existing contract (that is, a won opportunity) that you can renew when it
expires. To renew a contract, you can use a retention opportunity to create a
renewal opportunity that, in turn, is a basis for a renewal.
Retention
opportunities are displayed on a retention opportunity list. Only the
contracts that include the contract end date and indicate that a renewal
requires sales help (with the Sales help to renew
check box) are displayed on the list.
Note:
If a contract includes an end date but the Sales help to
renew check box is not selected, Pega Sales Automation does not categorize that contract as a
retention opportunity and does not renew the opportunity.
A contract is displayed on the retention opportunity list if the
contract does not include an end date and does not require sales
help to renew. This approach provides backward compatibility of the
renewals functionality with contract records that were created when
the Contract end date and Sales
help to renew options were not available in Pega Sales Automation.
Renewal opportunity
An opportunity that is based on a retention opportunity.
The Opportunities
landing page displays two types of opportunities: new business opportunities
and renewal opportunities.
Note: Renewal opportunities are also available in the Pega Sales Automation mobile app.
Renewal
A new contract that is based on an expiring contract, signed with the same
organization (B2B) or contact (B2C). Renewals have prefilled parameters based on
the expiring contract, for example Amount,
Territory, or Account. You can
modify the prefilled parameters.
Configuring renewals
Configure renewals in Pega Sales Automation to renew contracts when their
end date approaches.
Log in to Pega Sales Automation with the Global Sales Ops operator
credentials.
In the User portal, from the Explorer panel, select
Administration.
On the Administration page, click Renewal
settings.
Select the Enable Renewals check box
Enter the number of days until contract expiry to display renewal Next Best
Actions (NBA).
Choices
Actions
Business opportunity
For a business opportunity, enter the number of days until contract
expiry in the Business opportunity renewal reminder
days field.
Individual opportunity
For an individual client opportunity, enter the number of days until
contract expiry in the Individual opportunity renewal
reminder days field.
Pega Sales Automation displays the renewal NBA in the Next Best
Actions dashboard widget and in
the NBA section of an expiring opportunity.
Creating retention opportunities
Qualify an existing contract (won opportunity) for renewal by creating a retention
opportunity through appropriately setting the properties of an existing
contract.
To create a retention opportunity from an existing
contract, you set the contract end date and indicate the need of sales help to renew.
You can complete these steps when you close (win) an opportunity or at any time
afterward. This procedure describes a use case in which the opportunity is already
closed.Note: A contract is a retention opportunity, even if the contract does not
include an end date and does not require sales help to renew. This approach provides
backward compatibility of the renewals functionality with contract records that were
created when the Contract end date and Sales help
to renew options were not available in Pega Sales Automation.
Choose an existing contract (won opportunity) that you want to renew:
In the User portal navigation pane, select
Contacts or
Accounts.
Go to the account profile of the client or organization with whom you
signed the desired contract,and then open the
Opportunities tab.
On the Opportunities tab, select one of the won
opportunities that you want to renew, and then open the opportunity
properties page.
On the opportunity properties page, on the Actions menu,
select Confirm renewal decision.
In the Confirm renewal decision dialog box, enter the
contract end date, and then select the Sales help to
renew check box.
Click Submit.
Result: The existing contract becomes a retention opportunity. You
can now see the opportunity on the retention opportunities list and convert that record
into a renewal opportunity.
Creating renewal opportunities
After creating retention opportunities, define renewal opportunities as part of the
contract renewal process.
Note: Renewal opportunities are also available in the Pega Sales Automation
mobile app.
In the User portal navigation pane, go to
Opportunities.
On the Opportunities landing page, click Manage
renewals.
On the Retention opportunities page, search for the
retention opportunity that corresponds to the contract that you want to renew,
by using the available filters:
Search filters on the Retention opportunities
page
You can search using month and year or only the year when the contract
ends.
If you are a sales rep manager, in the Opportunity
owner list, you can select your whole team or a
particular sales rep.
Use the buttons at the top to choose Individual
for B2C contracts or Business for B2B
contracts.
To extend the search to won opportunities without a specified contract
end date, select the Use opportunity close date
check box, and then define the opportunity closing month and year (or
only the year).
In the search results, in the row with the contract that you want to renew,
click the Create renewal opportunity icon.Result: The New Opportunity dialog box appears.New Opportunity dialog box
Note: For new B2B opportunities, the dialog box is titled New
Business Opportunity. Do not confuse that name with
opportunities for new business. To specify whether the new
opportunity is a new business or renewal, use the Sales
type drop-down list. Sales type is
set to Renewal by default.
In the New Opportunity dialog box, verify and update the
data as necessary, and then click Create.
Result: A new renewal opportunity is created. You can access the
opportunity on the Opportunities landing page.
Creating renewals
Convert your renewal opportunities into renewals as the last stage in the renewal
process. Creating a renewal is equal to winning a renewal opportunity.
On the Opportunities landing page, select the renewal opportunity that you want
to convert.
You can narrow down the displayed opportunities to renewal opportunities using
the sales type filter: select Renewals from the drop-down
menu.Sales type filter
On the selected opportunity properties page, on the
Actions menu, select
Close.
In the Close dialog box, perform the following
actions:
In the Close reason list, select
Won.
In the Contract end date field, enter the date
when the contract expires.
Optional: To create a retention opportunity from the won opportunity, select the
Sales help to renew check box.
Otherwise, the opportunity renews automatically.
In the Comments field, provide any additional
information about the contract, and then click
Submit.
Result: You closed the opportunity as won.
Renewal process properties
You can manage renewals in various ways to address numerous use cases.
You can create a renewal opportunity for previously won renewal
opportunities.
You can create a retention opportunity from a won opportunity during the closing
process or afterward.
Because you create a renewal opportunity from another opportunity, the new
opportunity has prefilled data. You can change the data in the sales
cycle.
The next best action (NBA) for renewals is displayed on your dashboard based on
the contract end date. If you do not enter the end date into a won opportunity,
the NBA algorithm uses a time of one year after the opportunity close date as
the contract end date.
You can manage basic renewal functions in Microsoft Outlook by using the
Pega Sales Automation add-in.
You can enable the RenewalOpportunityBot job scheduler,
which runs once a week and creates renewal opportunities for expiring business
contracts.
