It's safe to say SaaS has taken over. From productivity tools to chatbots, it's hard to imagine the world of on-premise software before SaaS. It's also made SaaS overspend a common problem. When it comes to SaaS optimization, there are plenty of best practices that have been tried and tested. Here are 5 simple ways to optimize your SaaS stack and put you back in control.
There is a huge market for SaaS solutions. Many businesses leverage tools to increase their productivity and reduce costs. But, with so many software applications on the market today, it's easy for companies to purchase overlapping products that cause them to spend more than they need and receive less value in return. You can reduce the number of applications that your company uses by eliminating redundant SaaS tools.
Begin by finding out all the tools your company is subscribed to. Engage your stakeholders where needed. Check this against invoices, transactions, and other accounting data. Look for overlapping subscriptions and tools that are no longer being used. Review the information to identify software that is used for similar purposes. Consolidate tools where appropriate. To save time, consider signing up to a software management platform like Hudled. SaaS management platforms like these automatically identify this for you.
As your SaaS stack grows, it can be difficult to get visibility on all the tools your company is subscribed to. Duplicate subscriptions appear when teams begin to purchase SaaS in silos, or when there is no formal process for purchasing SaaS. As a result, your company is paying double the price for the same subscription. What’s more, your company has missed an opportunity to get a better price by combining the purchasing power of duplicate subscriptions. Find duplicate SaaS tools in your stack and consolidate them. Get a clear view of all the tools your company is subscribed to and run a pivot table to discover what tools are being used. Review the subscription transactions on virtual card providers such as Airwallex, Divipay, or Brex. If you opt for a software management platform like Hudled, duplicate tools are automatically identified for you.
Setting spending limits will give you better control of company finances. Set clear precedents with the wider company and have a streamlined SaaS buying process. You can ask employees to send invoices to one email, and use company cards for any purchases. Clearly communicate their spending limits and budgets. Avoid reimbursements or purchases through personal cards. Clear spending controls will help you optimize your SaaS stack.
A large SaaS stack can be a challenge to manage. Without effective SaaS management, you may find that you've missed the notice period for cancelling an agreement and are now stuck paying for another year.
List down renewal dates as soon as you purchase a new subscription. Consider creating a spreadsheet to track renewals. Look through SaaS subscription terms to identify auto-renewal clauses. Where possible, create calendar reminders for greater visibility. Alternatively, SaaS management platforms like Hudled have renewal reminders for you.
You can determine which of your SaaS tools are underutilized by surveying employees. Use this opportunity to gather feedback about your company's SaaS stack, and whether employees find it useful.
Run periodic surveys with your employees to ask them about the SaaS tools they use and the value they receive. Ask them to rate, on a scale of 1-10, how important the tool is to their role and how much they like the tool. Replace or eliminate redundant SaaS tools that aren't adding value.
Hudled is a SaaS intelligence platform that helps finance teams in high-growth startups manage the full lifecycle of their SaaS stack. Our data-science approach enables you to leverage data to buy the right tools at the best price while engaging your people to get the most value from SaaS. We automatically find savings to apply in your stack and give you instant visibility into every tool, so you know exactly how much you’re overpaying for software at any given moment.
Sign up for Hudled's 14-day free trial to start gaining visibility over your SaaS stack.