‍7 Best SaaS Procurement Software in 2024

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According to a recent survey, over 85% of businesses now use SaaS products, and the global SaaS market is expected to reach a staggering $716.52 billion in 2027.

With such a high demand for SaaS products, companies often overlook the SaaS buying process. This pitfall leads to unfavorable contract agreements, poor vendor relationships, increased spend, and poor ROI.

It is important for your organization to have a streamlined SaaS procurement process for a seamless software buying experience and to avoid pitfalls.

With so many options in the market, a SaaS procurement manager must evaluate all viable SaaS buying software before choosing the right one.

This article will provide an in-depth look into the best SaaS procurement software options available today, enabling you to decide when purchasing.

What is SaaS procurement?

SaaS procurement refers to the process of purchasing software as a service (SaaS) products for your business.

The process involves:

• Identifying the specific SaaS products your business needs.
• Getting approval from relevant stakeholders.
• Evaluating the available options.
• Selecting the right vendor.
• Negotiating the terms of the subscription.
• Finalizing the purchase.
• Signing the contract.

You can see that SaaS procurement requires a series of steps that demand seamless workflows, and if you think your team can do this manually, you are wrong.

SaaS purchasing software

Manual SaaS procurement processes are prone to delays and errors. This is why businesses are actively adopting SaaS procurement software to streamline SaaS purchasing,

Why do you need software for SaaS procurement?

SaaS procurement software streamlines the SaaS buying process. From the point of raising the request, approving it, negotiating with the vendor, and purchasing it, a SaaS procurement solution simplifies the otherwise complex task.

Procurement processes are often subject to bottlenecks and a lack of visibility. The requester would have no idea who to direct his request to, and the procurement team would not know who should approve the requests.

With SaaS procurement software, this entire process can be streamlined and your procurement team doesn’t have to chase stakeholders for approvals. They can automate the process and focus on their core task.

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Organizations can make better procurement decisions while mitigating the risks associated with SaaS vendors and contracts using SaaS procurement software.

Best SaaS purchasing softwares in 2023

1. CloudEagle

CloudEagle is a comprehensive SaaS management and procurement software that can help organizations streamline their SaaS purchasing process.

The reason behind the prominence of this solution and why everybody is choosing CloudEagle is that it offers both platforms and services.

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Workflows are available to automate repetitive tasks like procurement, license provisioning, license reclamation, renewals, etc. And it offers an expert SaaS buying service where a team of experts will work as an extended part of your team and provide negotiation assistance.

CloudEagle has 300+ integrations, desktop agents, and browser extensions to provide complete visibility into your SaaS stack. It provides accurate usage insights on licenses and apps, including individual spend and vendor data. An all-in-one SaaS management solution.

It has a contract management module to secure your contracts in one centralized location. It can automatically extract metadata from your contracts and create renewal calendars. You’ll receive renewal reminders via Slack and email 90 days before the renewal deadline.

No more missing out on renewals using CloudEagle. It can integrate with Slack and enable your team to raise purchase requests from Slack. You can either approve or deny it from Slack, saving you a trip to the platform.

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The best thing about CloudEagle is that workflows are available for software and hardware purchases, unlike other platforms in this list, which only allow software purchases.

Features

Procurement workflows

CloudEagle enables procurement teams to break down silos in the purchasing process and simplify it using automated workflows. A workflow will be triggered when a purchase request is raised, and all relevant stakeholders will be notified via Slack, emails, or in-app notifications.

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The workflow will progress as each task, including budget review, compliance review, contract and negotiation preparation, etc., is completed. Finally, the procurement issue will be approved, and the procurement team can proceed with the purchase.

Slack integration

Slack for procurement is what differentiates CloudEagle from other SaaS procurement solutions. Users can raise a purchase request in Slack, and the relevant workflow will be triggered, alerting the stakeholders.

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You can also create a private Slack channel where the stakeholders can converse and make informed purchasing decisions.

The entire procurement process and stakeholder conversations will be visible to the user who raised the request. He can check the progress in real-time; this increases accountability and prevents delays in the SaaS buying process.

Vendor research

You don’t need to spend time on search engines looking for vendors and their reputations and reviews. Leverage the vendor research module of CloudEagle to find suitable vendors, talk to their customers, read relevant reviews, and evaluate their reputation without leaving CloudEagle.

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Or, if you specify your requirements, the AI-powered vendor recommendation engine will recommend the right vendors for you, making vendor research easier.

Assisted buying

Effective negotiation is crucial when dealing with SaaS vendors, as they often employ tactics to convince buyers to pay the product's listed price. Avoiding a vendor's trap is only possible through skillful negotiation.

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If your team lacks negotiation bandwidth, CloudEagle’s on-demand SaaS buying experts will take over, perform vendor research, negotiate on your behalf, and purchase the right product at the right price.

For example, Nowports' success story is a prime example of how this can be helpful. When Nowports struggled to track SaaS usage and missed renewal deadlines due to incomplete data, they chose CloudEagle.

This tool offered clear visibility into app usage, and with the help of CloudEagle's negotiators, Nowports secured discounts on contracts, saving them valuable time and resources.

Auto-provisioning and single-click deprovisioning

Set up auto-provisioning workflows based on relevant roles and departments. You don’t have to visit each application to provision apps to users when they join.

Users will be granted access to apps automatically based on their roles and departments when they join, and their access will be revoked automatically when they quit.

SaaS spend management

CloudEagle will integrate with your finance systems and provide complete spending visibility. It'll provide granular spend data from individual to department level to help you manage your spend effectively. You can identify low-usage, duplicate, and unused apps, optimize them based on usage, and save on spending.

Lucas Dermois, IT Systems Architect at Iceye, a new space technology company, shares how Iceye streamlined SaaS management with CloudEagle. He discusses how CloudEagle's monitoring, contract management, renewal, and collaboration capabilities saved time and boosted efficiency. Watch the video for more details.

Know the full story here.

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Contract management

Centralize your SaaS contracts in one place for easy review and retrieval. Use AI to automatically extract and populate contract metadata for easy tracking and management.

Renewal management

CloudEagle will create a renewal calendar based on the contract dates and send reminders 90 days in advance. It’ll escalate among various stakeholders until one of them renews the contracts.

You can manage the entire renewal process from Slack, thanks to CloudEagle Slackbot. You can accept or deny renewal requests from Slack, saving you a trip to the platform.

Read the detailed success story of Wefunder, who faced challenges with automatic renewals, missed deadlines, and manual spend tracking. They adopted CloudEagle, which centralized vendor information and automated renewal processes 90 days in advance.

This proactive approach enabled them to cancel underutilized contracts and achieve significant cost optimization.

Additional features

• Identify duplicate, redundant, and unused applications.
• Re-allocate SaaS licenses based on priority.
• Create procurement workflows for all kinds of hardware and software.
• Custom reports with historical data.
• Price benchmarking data
• Check the software used by your peers and connect with them.
• Identify SaaS and non-SaaS apps.
• Extensive vendor research module services
• Saas buying services.
• Dedicated SaaS buyer and customer success manager.
• Competitive intel on 10,000+ SaaS vendors.

CloudEagle is not just a SaaS procurement platform. It can help organizations automate their entire SaaS lifecycle.

Here are five reasons why procurement teams are choosing CloudEagle, click here.

Pricing

The Starter plan is priced at $2000/month. Pricing plan vary based on your total annual spend.

2. Vendr

Vendr offers a comprehensive SaaS purchasing platform that allows companies to buy software at lightning speeds with guaranteed savings. Among the most notable features are a streamlined purchase process with customizable visibility settings, advanced business intelligence capabilities, and cutting-edge APIs.

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As user-friendly as it is efficient, Vendr also offers features such as safe document storage and automated workflows with one-click approvals. However, some drawbacks of Vendr include limited data reporting functions and hard-to-navigate tools.

Current users also lack functionality, such as adding comments or notes for buyers, leaving some unnecessary questions unanswered.

Despite these shortcomings, Vendr is still leading the industry’s digital transformation regarding software purchases by offering cutting-edge solutions at unbeatable speeds and prices.

Features

• Identify overlapping and underutilized licenses
• Renewal negotiation assistance
• Centralized contract management
• Department-wise and vendor-specific spend visibility
• Price benchmarks
• App catalog of 19,000 applications.

Pricing  

The starter plan is priced at $36,000 per year.

3. Sastrify

Sastrify is an innovative procurement management software and service that enables digital-first companies to streamline their SaaS tool management and costs.

In particular, its best features include the ability to easily monitor the usage of all SaaS tools across the business, including consolidated billing and automated user license management.

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This maximizes visibility and savings, ensuring all cloud products are used efficiently and effectively. Furthermore, it provides central control for teams to manage the distribution of access for their users with just a few clicks.

Sastrify is an all-in-one procurement automation tool that can benefit CFOs, finance teams, and procurement teams. You can use the in-depth app insights to improve your negotiation process or enlist the help of Sastrify's negotiation experts to handle the grunt work while you buy the appropriate app.

Features

• Automated procurement workflows
• Expert negotiations services
• Workflows for contract renewals
• Reselling partnership with vendors
• Price benchmarks

Pricing

The plans start at $2,990 per month and $35,880 per year.

4. Zluri

Zluri is an enterprise SaaS management platform (SMP) that allows IT teams to control their cloud-based services. This platform lets users discover, manage, and optimize their SaaS stack from a single dashboard.

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Moreover, Zluri eliminates inefficient processes like manual spreadsheet updates and allows for centralizing data in one place, so teams can utilize it across multiple deployments.

It also has an intuitive user interface where multiple stakeholders collaborate effectively on projects.

However, its lack of detailed analytics and reports sometimes limits its effectiveness. Nevertheless, Zluri remains a popular choice for larger enterprises wanting to get a better handle on managing their SaaS stack.

Features

• Comprehensive app usage data
• Identify duplicate, redundant, and unused applications
• Centralized contract and renewal management
• Department-wise and category-wise spend data
• M365 adoption for license management
• Approval workflows and SaaS buying experts

Pricing

Contact the sales team for pricing details.

5. Spendflo

Spendflo is a SaaS procurement and optimization app for hyper-growth businesses.

Their platform is designed to offer an assisted purchasing experience, streamlined approval workflows, efficient management of contracts, fast-tracked vendor and security compliance, and comprehensive tracking of SaaS usage.

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The best features of Spendflo include its customer-centric approach tailored to each business's unique needs as well as its easy-to-use dashboard that makes managing digital product lifecycles simple.

Features

• Sentiment hub
• Manage SaaS contracts in place
• Renewal reminders
• Monitor SaaS spending across users and teams
• Identify and remove unused licenses and duplicate apps
• Price benchmarks and SaaS buying services
• Renewal workflows.

Pricing

Customizable pricing plans based on your annual spend.

6. Zylo

Zylo is a powerful tool that allows companies to maximize the value of their SaaS investments by effectively organizing, optimizing, and automating the automated management process.

It provides IT teams valuable insights into software adoption rates, cost savings opportunities, and usage trends based on aggregated data across departments and users.

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Additionally, it allows for customizable workflows and policies to ensure compliance and centralize all SaaS-related operations. A notable advantage of Zylo is its intuitive user interface, which makes it easy to find the necessary information quickly and efficiently.

However, one of its drawbacks is that there are currently not enough customization options available for Zylo's app catalog, ultimately limiting how much control an organization has over organizing its technology stack.

Nevertheless, Zylo offers an effective system for managing businesses' SaaS investments and can be a valuable asset to any organization.

Features

• SaaS buying services
• Cost optimization insights
• Slack and email notifications for renewal alerts
• Check historic spend data
• License management
• Onboarding and offboarding workflows
• Workflows for reclaiming and reassigning licenses.

Pricing

You can request a customized quote.

7. Tropic

Tropic offers a comprehensive end-to-end SaaS procurement software to optimize every dollar of a business's software expenditure.

From streamlining spend management and automating procurement workflows to fully outsourcing procurement and renewals for all SaaS contracts, Tropic can provide maximum value for the organization's money.

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However, they may need to contact their support team from time to time to make adjustments to their workflows if anything changes.

Nevertheless, Tropic provides businesses with the edge when it comes to SaaS procurement, as it truly is a competitive advantage for those who choose this service.

Features

• Approval workflows and SaaS buying experts
• Price benchmarking data
• Spend visibility and cost optimization insights
• Renewal alerts
• License management

Pricing

It has customizable pricing plans based on annual spend.

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Conclusion

To stay relevant in the market, businesses have started to use multiple SaaS applications to gain a competitive advantage. So, it's more important than ever to have software in place to simplify your SaaS buying process and save time.

With hundreds of SaaS buying platforms on the market, finding the one that fits your procurement needs can be hard. That's why we researched it for you and listed the best software for SaaS procurement.

If you're looking for affordable, automated, and comprehensive SaaS procurement software to streamline your procurement process, look no further than CloudEagle.

Click here to sign up for a free demo and see how our SaaS purchasing software tool can make it easier.

Aside from CloudEagle, Vendr, and Spendflo are great options for your SaaS procurement needs. Choose wisely, as this can save millions on your SaaS spend.

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