SaaS spend management software allows organizations to manage and optimize their cloud-based software spending, helping to streamline business operations, reduce costs, and improve overall efficiency. These solutions offer useful features such as expense tracking, subscription management, budgeting, reporting, and optimization. Together, these tools help businesses to get a better understanding of their SaaS-related expenses. As cloud-based software continues to become a more integral part of organizational infrastructure, ensuring that you have an efficient SaaS spend management solution (and strategy) in place allows you to ensure value for money and configuration optimization.
The best SaaS spend management tools integrate seamlessly with various cloud platforms and SaaS applications, providing real-time visibility into expenses and usage patterns. This helps organizations to identify underutilized software, eliminate duplicate and redundant subscriptions, manage renewals, and negotiate better pricing for their SaaS subscriptions. Some of these solutions also provide tools for forecasting future SaaS spending, allowing companies to make data-driven decisions on their software investments.
Selecting the ideal SaaS spend management software can be a challenge for businesses needing to find the right solution for their unique use case. This guide will explore the top 10 SaaS spend management solutions available today. We will assess each platform’s key features, ease of use, integrations, and customer feedback, allowing you to make an informed decision.
Everything You Need To Know About SaaS Spend Management Software (FAQs)
What Is SaaS Spend Management Software?
SaaS spend management software gathers data regarding the features and capabilities of your SaaS tools, then enables you to make more informed decisions regarding their usage. These platforms may indicate that you are paying for systems that you rarely use, or that have shared features. In these cases, it may be prudent to terminate a contract and adapt your workflow. A spend management tool will also be able to keep track of contracts, alerting you to renewals and possible savings. Some platforms are able to assist with negotiation; they can help to ensure that you get an effective tool at the right price.
Common features of SaaS spend management software includes:
- SaaS product discovery
- Cost optimization
- Usage analysis
- Centralized contract, licensing, and billing management
How Does SaaS Spend Management Software Work?
SaaS spend management software helps organizations to streamline and optimize their operations through canceling redundant SaaS subscriptions and better utilizing the ones they do keep.
This type of tool begins by identifying the SaaS tools that your organization uses. Once identified, the platform can log key metrics such as contract date, cost, and usage. This metrics can be visualized through a centralized management dashboard.
The SaaS spend management tool will use usage metrics and feature lists to assess if you are making a prudent investment in each SaaS tool. It can identify any SaaS tools with overlapping feature sets, thereby allowing you to remove a tool and streamline your infrastructure.
Beyond this, SaaS spend management tools can assist as you look to make further investments and integrate additional SaaS tools. They can incorporate AI analysis to forecast future spending levels, ensuring that you get value for money. This AI analysis ensures that you SaaS spend is necessary and accounted for, ensuring that processes are as optimized and economically efficient as they can be.
What Features Should You Look For In SaaS Spend Management Software?
It may seem counter intuitive to invest in a new tool when trying to make savings and reduce overspend. However, the benefits (and cost savings identified by SaaS spend management software) can outweigh that initial investment. It is important, however, that you select the right platform for your unique use case. With this in mind, we have identified some of the key features that you should look for in a SaaS management software to ensure that it is effective and will be an asset to your organization.
Effective AI analysis – The real value of a SaaS spend management solution is in its ability to analyses your current usage and trends, allowing you to focus your spend on key areas, rather than areas that are underused. AI analysis can provide extensive insight, guiding you to make smart and prudent business decisions.
Contract Monitoring And Tracking– An effective solution should monitor when contracts are up for renewal, giving organizations sufficient time to decide if they will continue with the contract. This gives organization’s visibility into their network, meaning that they can predict spending and don’t have to make any last minute decisions.
Budget Tracking – Some SaaS services will charge you extra for services out with the contracted package. This additional spend can quickly rack up if not monitored effectively. Spend management tools should alert you when additional spending is happening, ensuring that you can stay on top of it.
User-Friendly Interface – Your platform should present the data and analysis that it has generated in a straightforward and practical way. It should be easy to identify key metrics and have easy ways of sharing or exporting this information to key stakeholders.