5 Best SaaS Renewal Management Software in 2023

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Are you tired of struggling with the complexities of SaaS renewals?

Renewals are indeed vital for long-term success and smoother vendor relationships. However, numerous businesses find it challenging to keep track of SaaS renewals, leading to the auto-renewal of contracts, resulting in revenue loss.

Contract teams in big enterprises manage up to 19,000 contracts every year. Regardless of size, 99% of firms agree that managing existing contractual workloads is difficult.

Manual renewal management is feasible. It is the primary cause of auto-renewals. This is why SMBs and enterprises must use SaaS renewal management software.

In this article, let us look at the best software to stay ahead of SaaS renewals. These solutions, which range from automated workflows to predictive analytics, provide the ultimate arsenal for streamlining renewals and revenue growth.

SaaS Renewal Management: Definition

SaaS renewal is the process of extending or renewing current SaaS (Software as a Service) licenses or contracts. It entails extending access to the SaaS platform and services past the initial contract period.

SaaS renewal management includes a variety of tasks that enable a seamless and effective SaaS renewal process, such as managing the deadlines, evaluating usage and need, preparing a negotiation plan, and renewing SaaS contracts via SaaS-based solutions.

By emphasizing SaaS renewal management, enterprises can strengthen vendor relationships, drive retention, and maximize the return on their SaaS investments. It is a key step for SaaS organizations to achieve long-term growth and vendor happiness.

5 Best SaaS Renewal Management Tools

Now let us list the top 5 contract renewal management software that can help IT teams plan and make wise renewal decisions efficiently.

CloudEagle

CloudEagle is regarded as one of the top SaaS management platforms for SaaS app management due to its extensive feature set. CloudEagle includes all the functions required for a business with 100–2000 people, including offering 100% visibility, managing software vendors, automating procurement, and assigning dedicated managers to oversee license renewals.

CloudEagle is trusted by many enterprises. It can save businesses up to 50% on software costs. It can also reduce the time spent on SaaS renewal management, procurement management, vendor management, cost optimization, and user provisioning. This is achieved through automated workflows.

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Contract management

When you utilize many SaaS tools, you must keep track of all contracts and invoices for these tools. And if you try to manage them manually with papers or spreadsheets, you risk losing them.

This is where CloudEagle comes into play. It allows you to keep all your contracts and invoices in one location, making them easy to locate when you need them, such as when communicating with vendors or performing audits. It simplifies things and keeps you organized with your SaaS tools.

Here's an inspiring success story from Oyster HR. Formerly managing contracts with spreadsheets, they transformed their operations by switching to CloudEagle for centralized contract management.

This change not only significantly enhanced their efficiency but also provided superior contract visibility.

Contract Renewal Process Of CloudEage

CloudEagle is one of the best contract renewal software products, with automated workflows and reminders to simplify the SaaS renewal process.

• CloudEagle will extract renewal dates from SaaS contracts and create a renewal calendar. You can create a renewal workflow for each vendor contract.
• Based on the calendar, your team will receive a renewal alert via email, Slack, and in-app notifications 90 days before the renewal deadline, leaving adequate time for negotiation and planning. This helps firms avoid unforeseen expenditures and efficiently optimize their SaaS investments.
• Instead of just sending reminders, CloudEagle will assign dedicated managers and escalate the process to various stakeholders until one acts on it and renews the contract.
• The integrated dashboard of CloudEagle gives a full view of renewal dates, allowing enterprises to manage renewals in a single location.
• The alerts only stop after you effectively negotiate and renew the contract.

WeFunder faced challenges with contracts renewing automatically, deadlines being missed, and manually tracking SaaS expenses. They turned to CloudEagle to centralize vendor information and move contracts from spreadsheets, stopping auto-renewals and beginning renewals 90 days early.

This ensured contracts were renewed on time, enabling WeFunder to cancel unused contracts, renegotiate terms, save money, and enhance SaaS efficiency.

Read the detailed success story here.

Assisted buying

If your team lacks the bandwidth to negotiate with the vendors during renewals, you can seek assistance from CloudEagle’s SaaS buying experts. These experts will analyze your SaaS usage and contract data and negotiate with the vendors on your behalf.

They’ll leverage the latest price benchmarking data while negotiating SaaS contracts, right-size your licenses, or downgrade your pricing tier based on your needs.

Features

• Unified dashboard for the app, spend contract, and vendor management.
• Cost optimization insights through consumption analysis.
• 100% visibility of SaaS applications and relevant spending.
• Streamlines SaaS procurement with automated workflows.
• Custom reports to check out historical apps and spend data.
• Automated provisioning and deprovisioning modules.
• Assisted buying and price benchmarking.

Eric Silver, AVP, Head of Procurement at RingCentral, highlighted how CloudEagle helped them achieve a 3x return through app rationalization, renewal benchmarks, and improved team integration, significantly boosting efficiency.

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Pricing

Starter plan is priced at $2000 per month. The pricing varies based on annual software spend.

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LeanIX

LeanIX is a leading SaaS vendor that excels in enterprise architecture and multi-cloud management solutions. LeanIX simplifies cloud governance and assists firms in understanding technology management, app portfolios, data flows, and integration architecture. It improves insight into software delivery performance by focusing on contemporary software development.

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Contract Renewal Process Of LeanIX

This contract renewal software enables IT organizations to automate application management procedures by providing automatic license renewal, reassignment, and upgrades. Their renewal timetable enables timely renewal notifications, allowing for contract renegotiations.

IT departments may configure configurable renewal alerts for each SaaS service, assuring timely subscription renewal. Users may add or remove alerts for individual tools and contracts, and LeanIX sets a default alert 90 days ahead of the renewal date.

Features:

• Handles and tracks SaaS tool contracts and licenses efficiently.
• Reduces expenses by evaluating spending trends and identifying areas for savings.
• Streamlines processes for SaaS renewals and management with automated workflows.
• Improves vendor relationships by centralizing vendor communication and tracking performance.
• Uses analytics to get insights and create reports and data-driven decisions.

Pricing

Contact sales team for pricing details.

Torii

Torii is an intelligent SaaS management tool that helps businesses discover, optimize, and control their SaaS consumption and expenditures. It offers a single solution for managing the SaaS ecosystem, enabling enterprises to improve IT efficiency, cut costs, and assure security and compliance.

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Contract Renewal Process of Torii

Torii is a complete SaaS discovery and management tool that notifies app owners about forthcoming renewals to avoid surprises. Before renewal dates, Torii's renewal calendar allows IT teams to make sensible choices about pricing, license quantities, and tiers.

The calendar simply displays forthcoming renewals, with filtering choices for prioritizing depending on the remaining days, supporting efficient decision-making.

Features

• Keeps track of all SaaS tools utilized within the business.
• Analyzes SaaS consumption and spend to identify cost-saving options.
• To minimize legal and financial concerns, ensure software licensing compliance.
• Manages SaaS access during the onboarding and offboarding procedures for employees.
• Tracks usage and adoption rates to determine the efficacy of SaaS tools.
  

Pricing

Contact sales team for pricing details.

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Zylo

Zylo is an all-in-one SaaS management solution that gives enterprises a unified platform for managing their entire SaaS portfolio. It provides insights, alerts, and reports for better licensing management, assists in lowering SaaS costs, and facilitates app uptake with curated catalogs and bespoke views.

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Contract Renewal Process of Zylo

This contract renewal software streamlines SaaS contract administration by allowing customers to track payments, view contract information, and receive timely license and contract renewal warnings.

Organizations use Zylo to gain visibility into future renewals and receive reminders through email and Slack. In addition, the platform simplifies the contract renewal process by delivering insights into application use, allowing businesses to reduce SaaS costs by detecting and deleting superfluous apps before renewal periods.

Features

• App Overview: Offer comprehensive app insights.
• Renewal Calendar & Alerts: Actively helps in the management of renewals with dates and data.
• Contracts & Payments: Keeps all the contracts in one place
• Price Benchmarks: Helps in sealing the deals at the best prices using the data and insights.
• Users & Sentiment: Helps users renew the apps at their ease.
  

Pricing

Request a customized quote from the team.

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Axonius

Axonius is a cybersecurity asset management platform that gives businesses a full picture of their assets and assists in identifying security weaknesses. It provides integration, asset discovery, and automation for improved security and compliance enforcement.

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Contract Renewal Process of Axonius

Axonius SaaS Management streamlines the contract renewal process with its full renewal calendar while giving notifications and insights into license consumption. Renewals display a calendar view with renewal dates, subscription terms, and other information for subscribed apps. For better administration, users can manually add and monitor extra renewal dates.

Features

• Provides full license management support that goes beyond merely handling renewals.
• IT teams can find cost-saving options by assessing license consumption and decreasing user numbers.
• Offers a renewal calendar displaying the renewal date, subscription term, and other relevant information.
• Asset Discovery and Inventory: Find and manage all IT assets, including SaaS applications.
• Integration with IT and Security Tools: Integrates with present IT and security infrastructure for efficient management.
  

Pricing

Request a customized quote from the team.

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Conclusion

SaaS renewal management is essential for business success. Choosing the correct contract renewal software can make the SaaS renewal process simpler and more efficient.

The top five contract renewal management software discussed above have unique features that help expedite contract management, provide centralized dashboards, automate renewal operations, and optimize cost. Businesses may use such tools to simplify renewals, increase cost control, and make educated decisions for long-term growth.

Among these contract renewal management softwares, CloudEagle stands out for its comprehensive approach and numerous features. The platform offers complete visibility and accurate usage insights. It can keep track of renewals on a calendar and launch auto-workflows 90 days in advance.

Book a demo with CloudEagle now to see how it can help you save time, cut expenses, and grow your business.

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Frequently asked questions

1. What is the significance of SaaS renewal management?

SaaS renewal management is critical for businesses because it allows them to maximize their revenue potential, develop vendor relationships, and reduce subscription costs. It guarantees that firms make educated renewal decisions, resulting in long-term development and customer satisfaction.

2. How can SaaS renewal management software help my business?

It can help your business by preventing auto-renewals, and increasing cost savings. It’ll retrieve renewal dates from the contracts and create a calendar. The software will trigger the workflow and send consistent reminders 90 days before the renewal deadline.

3. What are the key features and functionalities to consider when selecting a SaaS renewal management software for your business?

When choosing a SaaS renewal management software, critical features are renewal tracking, automatic reminders, cost optimization analyses, vendor management features, contract negotiation tools, integration capabilities, advanced analytics, and reporting capabilities. CloudEagle has all of these features, making it an excellent pick.

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