One of Lexion’s greatest powers is its filtering and reporting capabilities that allows you to analyze terms across your entire contract database – and using our reporting features is easy to do! All saved reports in Lexion auto-refresh and update as you sign and file away contracts so the data in your reports are always current and you no longer have to maintain a separate spreadsheet (we know it’s a pain to manually maintain data in spreadsheets). Here, we’ve outlined 3 high impact reports you can create and save in Lexion to help your business save money and drive growth.
- New Vendors Signed up the Last 7 Days: “Surprise, we signed up a new vendor we didn’t tell you about and we need to pay them ASAP” is not what finance teams enjoy hearing when a vendor is not set up to be paid. But it happens. All the time. With Lexion, you can set up a report of recently signed up vendors that’s emailed to your Finance team each week so they’re timely alerted of all new vendors and can set them up as a vendor to be paid.
- Top Customers – Upcoming Renewals/Expirations and Renewal Cancellation Deadlines: Don’t miss the opportunity to negotiate better commercial terms because a customer contract auto-renewed or expired and this wasn’t tracked. We recommend asking your revenue operations team for a list of the top 25 (or whatever number you choose) customers by revenue, then create a new report in Lexion to ensure you don’t miss opportunities with your top customers.
- Material Vendors – Upcoming Renewals/Expirations and Renewal Cancellation Deadlines: Nobody is thrilled about paying for a service they don’t use or didn’t budget for. To prevent an unexpected vendor auto-renewal or big price increase on renewal, ask Accounting for a list of your top vendors by a certain spend threshold, then create a new report in Lexion that’s sent each month to the legal, finance, relevant department, and business owner. In addition to this report, you should also consider setting a custom alert 60 or 90 days before a deadline to stop auto-renewal or an expiration date to have an internal business discussion about next steps with the vendor.
: Any saved Lexion report with current contract data can be configured to be automatically sent by email to a certain group (e.g., Finance, Procurement, Legal) or user at a cadence you designate (e.g., weekly, monthly, or quarterly). Also, any report can be exported to a spreadsheet (we know our Finance friends love spreadsheets) or you can download to a zip file the report as a spreadsheet and all of the underlying copies of the contracts included in the report.
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