Managing SaaS subscriptions can be challenging for businesses as its services are on an ongoing basis. Software as a Service (SaaS) has exploded in recent years and now is the dominant deployment model for most businesses. As a result, it touches every aspect of business operations from sales and marketing, operations, finance, HR and beyond.
Here are some essential strategies for managing SaaS subscriptions for growth-oriented businesses.
Managing SaaS Subscriptions
Regular subscription auditing: Conduct regular audits to assess the need for and effectiveness of each subscription. Auditing can help identify any underutilized or redundant subscriptions and help businesses identify potential areas for cost savings.
Set up a renewal review process: Plan your renewals at least 3 months ahead. This approach allows you to identify redundant or under-utilized subscriptions, remove duplicate software and integrate any new applications purchased.
Implement a centralized SaaS management system: A SaaS management system provides centralized visibility and control of all contracts, vendors, apps and usage in a company, reducing the risk of uncontrolled spend, duplicate payment, and subscription overlap.
Prioritize subscriptions according to business needs: A growing business should prioritize and evaluate each subscription according to the company’s strategic goals and operational requirements.
Establish Budget controls and approvals: Before subscribing to any SaaS application, businesses should establish budget controls and approval protocols to ensure that subscriptions align with budgetary targets and comply with applicable policies.
Utilize automation tools: There are software tools available in the market that can assist in the management of SaaS subscriptions effectively. Many of these solutions offer features such as high reconnaissance discovery, cost analytics, and continuous monitoring and analysis, making it easier for businesses to manage their SaaS subscriptions, optimize their spending and usage.
Managing SaaS Subscriptions Effectively
Managing SaaS subscriptions in a growing business can be challenging, but implementing the above strategies can help businesses manage their subscriptions effectively. By regularly auditing subscriptions, reviewing renewals, centralizing SaaS management, prioritizing subscriptions based on business needs, and using automations to optimize and manage SaaS spend, businesses can successfully navigate the complex landscape of SaaS while gaining more control over their SaaS investment.
Ready to get your SaaS subscriptions under control?
If you are interested in finding out more about how we help our clients manage their SaaS subscriptions take a look at our Case Studies Page, or you can reach out to us directly and book a free 30 minute call.
