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Creating an Opportunity and Quote from an Agreement Line Item Renewal

When a contract is 90, 60, or 30 days prior to expiring, a company typically wants to contact the customer about a possible renewal. Quite often, this is a good opportunity for the appropriate salesperson to reacquaint themselves with the customer and to deliver a quote for renewing their maintenance agreement. Such customer contact can help avoid costly expiration of maintenance contracts and the revenue leakage associated them.

This agreement renewal process can be automated for agreements and entitlements by:

  • Renewing the agreement line item and all the assets related to it
  • Creating an opportunity for the account
  • Creating a quote for the agreement renewal and associating the opportunity and the agreement with the quote

Adding Opportunities and Quotes to Agreement Renewal

Out-of-the-box, the automated renewal process only creates another agreement line item for the agreement. Typically, there is a requirement to create a new opportunity and corresponding quote for the renewal.

Automating the creation of an opportunity and quote can ensure that renewal terms are always current, as is the renewal schedule. This automation can produce renewal quotes well in advance of the renewal date so customers can be prepared to adjust their purchase orders and payables to accommodate their new invoice. As a result, renewal dates are not missed avoiding revenue leakage and lapse in service coverage for customers.

To allow automatic creation of renewal quotes or opportunities

  1. Add steps to the following workflows to set up the source object (Agreement Item) and the destination object (Quote or Opportunity):
  2. Create a data map setup to copy the correct fields to the destination objects.

    See Configuring Data Maps to Copy Specified Items for more information.

    When the renewal process runs, it creates the corresponding agreement item records, quote item and opportunity.

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