How SaaS Spend Management Can Save Your Business Thousands

In today's digital age, businesses are increasingly relying on Software-as-a-Service (SaaS) applications to streamline operations and improve efficiency. However, managing SaaS subscriptions can quickly become complex and costly. This is where SaaS spend management comes into play.

SaaS spend management

1. What Is SaaS Spend Management?

SaaS spend management is the process of optimizing your organization's spending on SaaS applications. It involves identifying unused or underutilized subscriptions, negotiating better deals, and consolidating multiple subscriptions into fewer, more efficient ones.

2. Benefits of SaaS Spend Management for Businesses

Cost Optimization:

• Identify unused or underutilized subscriptions: SaaS spend management platforms can help you identify subscriptions that are not being fully utilized or are no longer necessary. This can save your business thousands of dollars annually.

  
  

• Negotiate better deals: By understanding your SaaS usage patterns, you can negotiate better deals with vendors, potentially saving your business money on subscription costs.

  
  

• Consolidate subscriptions: Many businesses have multiple subscriptions for similar services. By consolidating these subscriptions, you can often achieve significant cost savings.

Improved Efficiency:

• Streamlined procurement process: SaaS spend management platforms can streamline the procurement process, making it easier to find and purchase the right SaaS applications for your business.

  
  

• Enhanced visibility: SaaS spend management platforms provide you with a clear overview of your SaaS spending, making it easier to identify areas for improvement.

Reduced Risk:

• Improved compliance: SaaS spend management platforms can help you ensure that your business is compliant with relevant regulations, such as GDPR.

  
  

• Reduced security risks: By managing your SaaS subscriptions effectively, you can reduce the risk of data breaches and other security threats.

Benefits of SaaS spend management

3. Best SaaS Spend Management Platforms

There are many SaaS spend management platforms available on the market. Here are a few of the top options:

1. Barclays:

   
   

   Barclays offers a SaaS spend management platform that is designed for businesses of all sizes. The platform provides features such as expense tracking, invoice management, and contract negotiation.

   
   

2. Barclaycard:

   
   

   Barclaycard also offers a SaaS spend management platform that is focused on helping businesses optimize their spending on corporate cards.

   
   

3. Zylo:

   
   

   Zylo is a cloud-based SaaS management platform that provides features such as cost optimization, vendor management, and compliance.

   
   

4. Apptio:

   
   

   Apptio is a SaaS management platform that is designed for large enterprises. The platform provides features such as cost allocation, chargeback, and showback.

4. How SaaS Spend Management Platforms Work

SaaS spend management platforms typically work by connecting to your business's SaaS applications and collecting data on your usage. This data is then analyzed to identify areas for optimization. The platform may also provide tools for negotiating better deals with vendors and consolidating subscriptions.

Spend management platforms

5. Real-Life Scenarios Where Businesses Saved Money

1. Netflix

   
   

Challenge: Netflix faced the challenge of managing a complex and growing SaaS landscape as they expanded their streaming services globally.

Solution: Netflix implemented a SaaS spend management platform to gain visibility into their SaaS subscriptions, identify unused or underutilized applications, and negotiate better deals with vendors.

Savings: Netflix was able to save millions of dollars annually by optimizing their SaaS spending.

2. Airbnb

   
   

Challenge: Airbnb needed to manage a large number of SaaS applications to support their rapidly growing platform.

Solution: Airbnb used a SaaS spend management platform to consolidate subscriptions, negotiate better deals with vendors, and improve their procurement process.

Savings: Airbnb was able to reduce their overall SaaS spending by 20% through these efforts.

By implementing a SaaS spend management strategy, your business can save thousands of dollars while improving efficiency and reducing risk. Start optimizing your SaaS spending today by choosing the right SaaS spend management platform for your business!

Be sure to visit TLC for more information on improving efficiency and reducing risk for your business management!