Actively managing your technology stack is crucial in the fast-paced news publishing world. However, with a growing number of platforms, content management systems, marketing tools and artificial intelligence tools, it can feel like your tech contracts are multiplying faster than a gremlin after a midnight snack!
The good news is that a well-organized contract tracker or spreadsheet can be your secret weapon and allow you to keep everything under control. I’ll show you how to create a system that keeps your tech contracts in check, saving you time, money, headaches and gremlin-related incidents.
Why track your tech contracts?
Here are just a few reasons why tracking your contracts can be helpful:
- Save Money: Ever forget a renewal deadline and end up locked into a pricey auto-renewal? A tracker helps you stay on top of key dates, allowing you to negotiate better rates or explore alternative options before it’s too late.
- Improve Internal Communication: A centralized location for all your contracts ensures everyone on the team — from managing editors and publishers to IT — has access to the information. This will save time and avoid confusion when you turn over staff.
- Avoid Extra Fees: Service charges or overage fees can lurk in contracts. A tracker with clear fields for pricing details lets you identify potential cost overages before they hit your budget.
What fields should your tracker Include?
Here’s a basic framework to get you started:
- Vendor Name: With whom are you contracted?
- Product/Service: For what specific services are you paying (e.g., CMS, social media scheduling tool)?
- Contract Start & End Dates: Keep track of renewal deadlines.
- Key Features: Briefly list the main functionalities of the services.
- Cost: Annual or monthly fees, any additional regular service charges.
- Additional fees: This should include any overage fees, late fees or anything beyond the regular usage terms.
- Renewal Terms: Automatic renewal? The notice period for termination?
- Contact Information: Vendor’s main point of contact details.
- Support Contact Information: Vendor’s point of contact details for issues and support questions.
- Billing Contact Information: Vendor’s point of contact details for billing questions.
- Additional Notes: Include specific details relevant to the contract (e.g., user limits, data storage policies). I also like to include any feature requests I have made to see if they have been implemented before renewal.
Beyond the spreadsheet
Spreadsheets are a great starting point, but tools like Monday, Airtable or dedicated contract management software offer additional benefits, such as automated alerts, document storage integration and permission-based access control.
Regardless of your chosen method, remember that a little organization goes a long way to ensure you get the most out of your technology investments. Take control of your tech contracts today and free yourself to focus on what matters most — delivering exceptional journalism, not ridding your organization of unwanted gremlins!