A report by Blissfully found a 50% increase overall in what each company spends on SaaS products. And the average company uses 137 unique SaaS apps with 4,406 app-to-person connections on average.
But there’s a challenge: SaaS spending is increasing faster than overall use, giving rise to SaaS “waste” – which Blissfully shows is an average of $135,000 annually per company.
Companies are increasingly paying for solutions they don’t use or optimize because employees create new accounts or resubscribe, and companies forget to unsubscribe from apps they don’t use. It’s no wonder 49% of ITAM professionals plan to improve the reclamation of underused or unused software in 2022.
Ultimately, you end up with:
So, how can you cope? By streamlining your SaaS process. We’ll cover four actionable tips you can take to manage everything.
As your company’s need for SaaS products grows, so does the need to manage it easily and effectively. Below are four ways to help you do that.
It’s easy to lose track of all the specialized SaaS vendors you work with. That’s why you should streamline your vendor information.
With the right software, you can manage your vendor information in real-time while getting a clear picture of the:
This information helps you identify and prevent over-licensing, tackle feature overlap, and pinpoint duplicate subscriptions. Plus, you’ll use your SaaS spending efficiently, never miss on bulk licensing deals and opportunities, and avoid surprise billings.
A workflow system manages repetitive tasks and processes so you can accomplish your work. Streamlining your SaaS process through workflow offers several benefits:
One way to streamline your SaaS process is to integrate all your tools using APIs. This way, they’ll communicate with one another in one location, so you can run all platforms together. Plus, you get more automation capability since some of your process steps involve working with other tools.
For example, your client acquisition and onboarding process could take this format:
Integrating your data and tools keeps you from spending hours doing everything manually and extends your system’s functionality. Plus, you can break down departmental silos and create a holistic view of your revenue growth opportunities and challenges.
Your finance team needs to uncover hidden insights in your data and key success metrics to plan for the future. Streamlining your SaaS process helps them:
An improperly managed SaaS process has negative repercussions. Knowing how to streamline the process can help you save time and costs, give you data granularity to extract valuable insights and create useful reports to drive your team and business forward.
Not sure where to start? Let Faye help.
We understand your unique pain points. And we can help you improve subscription management, sell more software, ensure privacy protection, forecast demand accurately, simplify and automate your process, and improve customer experience.
Get in touch with us today and learn how we can help you.