What critical information should be tracked for your contracts?

According to the ServiceNow Hardware Asset Management overview document1, contracts are records that define the terms and conditions for the acquisition, maintenance, or disposal of assets1. They can include information such as vendor, start date, end date, cost, and renewal options1.

According to the ServiceNow Data Sheet on Contract and Renewal Management2, some of the critical information that should be tracked for contracts are2:

What each contract costs: This information helps users to monitor and optimize the total cost of ownership (TCO) of their assets, as well as to plan and budget for future contract renewals or negotiations2.

What assets each contract covers: This information helps users to identify and manage the assets that are under contract, such as software licenses, hardware devices, or enterprise assets2. It also helps users to align their asset investments to their business outcomes and avoid penalties or service disruptions2.

The other options are not critical information that should be tracked for contracts. Who purchased the assets and what needs to be cancelled are not relevant to the contract management process, as they do not affect the contract terms, conditions, or performance2.