Innovative. Easy to use. Cost-effective.
These are all things you need to consider when choosing SaaS to spend management tools.
But how do you find the best solutions for business spend management? There are many SaaS products to choose from, so it’s important to understand what’s out there.
This guide will detail 4 steps to successful SaaS spend management.
We’ll explain how to develop a budgeting plan to manage spending and saving.
Our strategies will help you make the most of your spend management solutions. We’ll also help you find the best tools for your needs. Keep reading to discover the best spend management software and strategies.
Step 1: Perform SaaS Inventory
Here’s a surprising statistic: companies spend nearly $3000 on SaaS software annually.
How do you avoid overspending?
Start by taking inventory of your company’s SaaS products.
Getting rid of your duplicate, outdated, and unused programs could save you thousands of dollars per year.
Analyze the spend management software you’re currently using and find out:
- which products you’re paying for
- what you’re using them for
- how much the software cost
- when the licenses expire
- whether you have duplicate programs
This information will guide you to better spend management tools and solutions.
Step 2: Know Your SaaS Contract
Another key step needed to develop a budgeting plan to manage spending is understanding the contracts of your SaaS software.
If you’re not paying attention to details like renewal fees, termination fees, your contract term, and effective date, you could end up spending a ton of money.
Knowing the details of your contract will help you save money and make sure you’re getting quality service.
Step 3: Choose the Right SaaS Spend Management Solutions
Once you’ve determined which SaaS products you use, it’s time to make sure you’re using the best spend management software.
These ramp alternatives are all great options for spending management:
Step 4: Perform Regular Reviews of SaaS Software
Just taking inventory of your spend management software isn’t enough to develop the best budget. Regularly reviewing the software used by your company will help you save money and create the most effective budget.
Here are some things to consider when reviewing your spend management software:
- Who uses the software on your team?
- Are there better tools on the market at the time of your review?
- Can you cut or switch software?
- Are your vendors increasing their software prices?
Analyzing these questions regularly will maximize your budget and help you optimize your spending. Innovations happen in Saas all the time and it’s important to determine if you’re using the best solutions.
There are a variety of tools and solutions you can use to optimize your SaaS budget. The tools and strategies listed in this guide are great options. But without regular reviews and proper analysis, you could end up overspending on SaaS spend management.
If you want to save money, stay on top of your inventory, get ahead of contracts, and take stock of your company’s needs.