In the world of SaaS based software a company’s spend is increasingly affected by all departments and as such, key financial terms, like budgets, overspending and forecasting might easily become a real nightmare. However, if you are able to understand how SaaS Management and SaaS Spend Optimization work, you can easily calm down and have a peaceful sleep, no matter what position in business you are.
As organisations develop and grow, you are often faced with the significant challenge of communication disorder – there is an increase in number of channels, information and people communicating among each other. Thus combined with a more unstructured approach to software, this situation can indeed lead to a true mess. The same situation occurs with every new project, team or employee – always coming with new requests, adding just one layer of complexity after the other, leaving IT and finance departments left on the side, with no chance of catching up. Without someone to manage this situation, many companies find that they are overspending on software – and lack of control to actually engage and change this.
Increasing financial demand is not just a feeling of overwhelmed managers. According to Gartner, SaaS is forecasted to grow to $116 billion in 2020 and almost doubled in just four years from 2018 to 2022, due to the scalability of subscription-based software.
Good SaaS Management and even better Optimization
When looking at the latest Gartner’s Forecast, it is very likely that you also will experience same growth in SaaS spend. As such, it is better to ask: What can I do now to have my company’s spend under control? An active SaaS Management and Optimization strategy is the right way to approach this, but what does it mean? In Oveo, we find that you should be able to receive real-time insights on your current spend across all company’s departments – from finance and IT to HR and marketing. Also, you can monitor employee’s actual apps/licences/software usage, which allows you to map and identify overlaps or unnecessary subscriptions. In general, with more suitable SaaS spend management, you are better prepared to create viable budgets and do even more professional forecasting. Or on top of this, you will never miss the deadline, when your contracts are coming up for renewal, which might help you to save money too!
Four key Q&A’s for your company’s efficient spend
What is best practice towards an efficient SaaS spend, and how can you work actively with optimising your current situation?
1. Centralize your company’s data
Q: How can I deal with communication disorder?
A: Centralize all company’s information, only then you will get data on your side. Our cloud-based software provides a full range platform for discovering your company’s use for SaaS vendors. We are able to give you a strong control and visibility over your entire SaaS portfolio, all within the same single point of view.
2. Don’t waste your time, use just the right tools
Q: What may help me to work on the optimization properly?
A: Implement only the right tools, as this will help you not just manage and control communication, and hence costs, but also support local initiatives and drive innovation. We have deep understanding of how to fully customize your digital ecosystem. We are able to give you 360 view, no matter in what position and department in the company you are.
3. Gain the overview – apps, usage, sentiment
Q: Are there any key features for good management?
A: Create a comprehensive overview of SaaS usage and sentiment throughout your organisation. We can help you answer all the who-what-where-when and why questions in a matter of seconds. Access to relevant numbers and insights gives you the right feeling, that your company’s SaaS spend, and usage is perfectly under control and well managed.
4. Get in front – Monitor subscriptions, licences and contracts
Q: Is it really possible to track subscriptions or see overlaps?
A: If you monitor subscriptions, licences and contracts, you can see in advance, which one is coming up for renewal, is overlapping or needs consolidation. This gives you another way of knowing how to see discrepancy on planned or actual spend, and thus strengthen your forecasting and minimising unnecessary SaaS spend.
Are you eager to know more about how can Oveo help you with SaaS Spend Management and Optimization”? For more information click here.