Renewals are created months after the original closes, usually by hand, usually by whoever remembers. The new deal carries the wrong close date, loses its associations, and keeps last year prices.
None of that is a judgement call. It is a sequence of mechanical steps, which is exactly what a workflow is for.
Clone the deal the moment it closes
Creating the renewal at close rather than near the renewal date means it exists while the context is fresh, and it appears in forecasting immediately.
Copying associations matters as much as copying properties. A renewal deal with no contacts or company attached is a record nobody can work.
Move the dates with arithmetic, not memory
A renewal is the same deal twelve months later. Shifting the close date by a fixed interval sets a reliable date that renewal reporting and reminders can depend on.
The same mechanism handles service deadlines: adding the allowed number of days to a ticket create date produces an SLA property you can report, filter and alert on.
Update the money
Price increases applied by hand do not scale past a handful of accounts, and standard fees get forgotten on exactly the quotes where they matter.
Updating line items from the workflow, with the new value read from a deal property, makes the uplift data driven rather than manual.
Build it
Each of these is a working pattern with the exact steps, using the actions this article describes.
The point is not that any one of these is hard. It is that together they are forgettable, and a workflow does not forget.