Using termination codes on your contracts can help you identify why you are losing contracts. i.e. upgrades, lost to competition, went out of business, etc. This can be a very powerful reporting tool for your company. Don't just change your contract status to terminated, add a termination code so you can identifying exactly why a contract is terminated and help with your analysis of contracts. You can also use the termination date to identify a date range of when contracts were terminated. Furthermore, not always is the expiration date on a contract the same as a termination date. i.e. Contract was terminated before expiration due to lost to competitor. Maybe the customer had a lot of problems with the machine and they chose to get a new one from a competitor before their contract had expired with their current company. This can be used to see trends in loss of contracts and possibly identify problem areas to make your customers more pleased with your company.
Some suggested Termination Codes:
Lost to Competitor
Out of Business
End of Rental
In addition we suggest you break out your top competitors, so instead of Lost to Competitor we suggest one for each of your top competitors and one generic for all others.
Lost to ABC Copier company
Lost to EFG Copiers
Lost XZY Imaging
Lost to Other Competitor
Use our Contracts lost & won report (ID587) to see this data in action.
You can also use eViews to report on termination codes and dates on contracts.