hello my name is Matt Brazil and I'm an itam solution consultant here at servicenow and I'm here today to discuss the new features as far as contract management is concerned on our new Tokyo release what we're going to be covering today is the new contract workspace as well as the new contract renewal workflow inside of the now platform and how it pertains to the traditional contract management process the challenge that we're trying to solve with this new workspace and workflow is that contract renewals are not always apparent and especially not as a whole between your software and Hardware estate and in general most contract processes are very tedious and manual and it's better to manage these renewals and leases rather than to neglect and need to address the penalties and service downtime that comes with these renewals accurately managing these contracts and renewals through various stages such as renewal information terms and conditions rate cards confirmations Etc will allow you to see into the life cycle of this contract renewal process and organizations offers suffer either either penalties or lapses of service because they can't keep up with these tedious processes of contracts and renewals and this new solution with our Tokyo release provides a streamlined workflow across these software and Hardware asset contract renewals I'm going to step us out of PowerPoint and into a live instance to see exactly how this works in the system so we're now here inside of our Hardware asset workspace which came out in the San Diego release what's new here is that we're inside of the contract management module nested inside of the hardware asset workspace and this is going to be where contract and asset managers can really start their day they're going to be presented out with important actions such as missing pieces of data inside of their contract estate and if we come down here we'll be able to see different kpis and widgets presenting out key information such as expiring contracts inside of our environment contracts expenditures broken down by type whether it's NDA Insurance maintenance Etc as well as contract expenditures by specific vendor if I move us back up I want to move us through the new contract renewal workflow as it lives inside of this workspace so if I go ahead and select our main maintenance contracts I'm going to be able to see all of the maintenance contracts inside of our system I'm going to go ahead and open up one that is in the expired state so this contract has expired and it's up for Renewal I'm going to be presented out with all of the contract information as well as the assets covered by this specific contract and I'm going to want to renew the specific contract so all I'm going to have to do is Select that new button and go ahead and kick off this new workflow so now that we've gone ahead and kicked off that workflow the first piece here is going to be to generate a contract renewal request we're going to be able to see the details as well as that specific request that's been generated along with this request a couple of contract renewal tasks are going to be generated and here this is going to be where we need to build out that renewal inside of this task we're going to need to fill in specific information like the contract number as well as a start and end date so now that we have the start and date contract approver as well as the contract number we're going to be able to go ahead and close this task now that that task has been completed it's going to go ahead and generate another task this is going to be where we select those Hardware assets that pertain to this particular renewal and it's going to Auto generate those six assets that were originally assigned to the contract that we're trying to renew now that we've completed that we're going to need to select the hardware assets pertaining to this renewal and I'm going to go ahead and close this task as well so now we've selected our Hardware assets we've selected our software assets this new task is going to be for us to address and update the new terms and conditions as far as this contract is concerned I'm going to go ahead and say that they are again the same as they were in the previous contract just for the sake of today's video and go ahead and close that task now that we've handled the terms and conditions the next task is going to be the contract rate associated with this renewal so this whole process has really just us building out that renewal through these workflow tasks now that we've gone through all of those tasks inside of the contract renewal workflow we're going to generate a renewal confirmation where we're just going to have to go in and confirm that this renewal is going to go ahead and take place I'm going to go ahead and say yes and confirm the contract renewal and this is going to be the end of that workflow now a purchase order has been created and we're going to go ahead and kick off that the end of this renewal process this concludes our contract management portion of the New Tokyo release thank you for watching today's video if you want more information I encourage you to go to the servicenow website and learn more about what's new in our Tokyo release thank you so much