10 Best SaaS Spend Management Softwares

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Today, almost all companies are SaaS-powered. In fact, 80% of companies use at least one SaaS app and spend an average of $2,623 per employee per year on SaaS.

Software spending has become the third biggest expense in an organization, after employee and office spending. So, how do I keep my spending optimized?

Well, the answer is, by using a SaaS spend management software.

As Benjamin Franklin said, "Beware of the little expenses. A small leak will sink a great ship."

Thus, spend management is critical for any business's growth, as uncontrolled spending can impact its bottom line. If SaaS spending isn't handled properly, it can lead to unnecessary costs.

This emphasizes the need for effective strategies to monitor and optimize SaaS costs, ensuring businesses get the most value and profitability.

These solutions help transform how your business manages spending, from simplifying SaaS cost tracking to optimizing procurement processes. However, with so many SaaS spend management platforms available, choosing the best among them might be tricky.

So, to assist you in making an informed decision, we've created a list of the best SaaS spend management tools to save you time and effort.

What is SaaS spend optimization?

SaaS spend optimization is the process of determining the most efficient strategy to cut costs associated with your SaaS applications while retaining functionality, capability, and customer experience.

Moreover, it encourages canceling product subscriptions that are over-licensed or under-utilized, reduces the number of SaaS apps or licenses in your firm, and paves the way for right-sizing contracts.

It significantly minimizes SaaS waste, unwanted security gaps, and expense buildup by tracking all current SaaS solutions and discovering over-licensed and under-utilized SaaS apps.

Thus, the SaaS optimization process involves monitoring, managing, and lowering the expenses associated with your SaaS apps while limiting any loss in their value to your business.

‍Why do you need SaaS spend management software?

On average, 30% of SaaS software spending is unused or wasted in a company. However, this does not have to be the case.

SaaS spend optimization software is one of the approaches businesses follow to control their SaaS portfolio costs and maximize the value of SaaS apps through effective cost optimization tactics.

Here are some of the key reasons why a firm needs SaaS spend management tools;

1. Centralized visibility

SaaS spend management software provides a centralized platform for viewing all your organization's SaaS applications and associated costs. This visibility helps you understand where your money is going and enables better decision-making.

These tools help organizations analyze how much they use their subscriptions compared to what they're paying. By combining this data, they can spot where they're paying for things they don't really need so they can spend their money more wisely and use their resources better.

2. Reduce SaaS spend

By analyzing your SaaS usage and costs, you can identify opportunities to optimize spending. By leveraging the right SaaS insights, organizations can renegotiate contracts, remove unused licenses, or transition to more cost-effective options.

Organizations can maximize the value derived from their SaaS spending by optimizing it. This involves eliminating redundant applications with similar functionality, identifying and removing underutilized or unwanted SaaS apps, and more.

These actions directly impact the company's bottom line and pave the way for future cost-effectiveness and efficiency.

3. Remove underused apps

Unused or underutilized SaaS applications represent wasted resources. This incurs unnecessary costs for the company, making it advantageous to eliminate or redistribute those licenses for use elsewhere.

SaaS spend management software makes it easy to spot unused or redundant applications. You can either boost their usage or cut them out to save money. These tools help identify and remove unnecessary SaaS apps, reducing the risk of security issues linked to unchecked SaaS expansion.

4. Prevent shadow IT

These tools assist IT teams in identifying and preventing shadow IT. Shadow IT is the illicit acquisition, deployment, and use of digital services or devices (for example, cloud-based software) to avoid a central IT department. Shadow IT can expose a business to compliance and safety risks if not managed.

5. Renewal alerts

Missing the renewal deadline can result in service interruptions or unnecessary costs. SaaS spend management software sends alerts and reminders for upcoming renewals. It ensures you can review your subscriptions and make informed decisions before they expire.

With customizable settings, you can set up renewal alerts at intervals of 30, 60, or 90 days before the renewal dates. It ensures timely decision-making and effective management of your software subscriptions.

6. SaaS overlap

These technologies also assist businesses in identifying app overlap so that no organization pays for duplicate subscriptions to similar software. Some overlap exists with cloud-based cost management software.

However, these technologies track and control cloud infrastructure spending instead of cloud-based SaaS applications.

7. Automation

Manual tasks such as license management, procurement, and compliance tracking can be time-consuming and prone to errors. By automating SaaS spending and expense-tracking operations, organizations can increase efficiency and productivity.

Organizations can achieve long-term productivity gains by freeing employees from routine duties and allowing them to execute jobs that generate income for their organization.

‍What is the best SaaS spend management software for cost optimization?

Get complete insight into your organization's cloud-based costs, control costs, conduct informed renewal negotiations, and safeguard all SaaS-based apps using SaaS spend management software.

The capabilities of a SaaS spend management platform might help you save considerably and optimize your SaaS investments.

So, if you're ready to take control of your spending and get the most value for your buck, here are the top SaaS spending management tools to consider.‍

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10 Best SaaS Spend Management Software

You can choose from various SaaS spend management software, such as CloudEagle, Vendr, Sastrify, Torii, Finly, Zylo, Spendflow, Zluri, Snow, and Certero. Let's analyze which tool is the most suitable for you, as not all tools can meet your unique needs.

1. CloudEagle‍

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CloudEagle is a comprehensive SaaS management and procurement platform with in-built SaaS spend management capabilties. The tool assists companies in discovering, managing, governing, and renewing SaaS apps from a centralized solution.

It supports finance, procurement, and operations teams in reducing software costs and streamlining software renewal and purchasing processes.

The tool eliminates the hassle of managing software providers and cost optimization tasks. and Instead, it uses automated workflows, allowing your team to concentrate on important business activities.

Its advanced features make cost management easier and more productive for your organization.

Here's how the software helps in cost optimization:

Discovering and optimizing low-usage apps: Identifying and optimizing low-usage apps is crucial for maximizing your software investments. This tool lets you quickly pinpoint which apps are underutilized or unused.

This information allows you to make informed decisions, like keeping licenses for active apps, retiring unused ones, or reallocating licenses to different users.

Additionally, you can inform employees about their app usage and deactivate users when needed, helping to minimize unnecessary SaaS spending and ensure resources are used efficiently.

Identifies and eliminates duplicate apps: If you struggle to minimize costs because of duplicate subscriptions, the tool can recognize these redundancies and help you streamline your SaaS spending.

For example, it can consolidate user licenses across departments, potentially leading to better vendor prices. Moreover, the tool provides immediate notifications if someone starts using an unauthorized SaaS app, allowing you to take timely action.

Also, if someone starts using a free or non-IT-approved SaaS app, you receive immediate notifications, enabling you to take timely action. This proactive approach helps prevent shadow IT and ensures compliance with IT policies.

Identifies unneeded subscriptions and reduces spending: Redundant apps could drain your SaaS budget without you even realizing it. However, CloudEagle simplifies finding and eliminating duplicate software, which could mean big savings for your company.

Imagine you're using both Asana and Trello for project management. While both are great tools, having them both might be overkill. The tool would analyze your usage data and identify which tool is being underused or duplicated.

CloudEagle ensures you're not overpaying by pinpointing and helping you provision these duplicates. The tool can streamline your SaaS subscriptions, avoid unnecessary expenses, and maximize your SaaS investment.

Cost optimization: CloudEagle monitors cloud costs in real-time, enabling proactive cost management without disrupting operations.

By providing precise spending breakdowns and analyzing user activity, it identifies areas for optimization, such as SaaS overutilization or underutilization.

The tool identifies unused, duplicate, and free apps, allowing consolidation or elimination to optimize spend. Set up alerts to detect unauthorized spending and shadow IT, preventing budget overruns and identifying duplicate applications for optimization.

CloudEagle monitors cloud costs in real-time, allowing for proactive cost management. By pinpointing areas for optimization without interrupting operations, the tool ensures you stay ahead of potential cost overruns.

License management: With the tool, you can efficiently manage software licenses within an organization. CloudEagle's direct integrations allow you to view purchased licenses and their usage for each application.

Underutilization can affect ROI, but CloudEagle's license reclamation workflows help by deprovisioning low-usage users and reclaiming licenses.

With CloudEagle's license harvesting workflows, ensure optimal and proper utilization of purchased licenses.

Apart from cost optimization, the software's top features include;

• Complete application discovery,
• Contract management,
• Procurement workflow,
• Vendor research,
• Assisted buying and benchmarking,
• Creating financial reports,
• Easy onboarding and off-boarding of the SaaS apps,
• Renewal reminders and cost optimization alerts.

Pros of CloudEagle

• CloudEagle uses AI to provide tailored vendor recommendations, making finding the best software for your needs easier.
• The platform combines all SaaS management tasks in one place, offering centralized management.
• CloudEagle’s experts assist in negotiating better deals on software purchases, ensuring cost savings.

Thus, CloudEagle takes care of all the needs from start to finish, making it one of the best SaaS lifecycle management apps. When you need to optimize your organization's SaaS stack, CloudEagle has to be your go-to solution.

CloudEagle offers exceptional capabilities for optimizing your SaaS spend management. Its advanced automation for analyzing SaaS usage, platform insights, seamless integrations, and customized workflows helps you save 10 to 30% on your SaaS costs.

Trusted by customers and 300+ vendor partners, CloudEagle is one of the best SaaS spend management software with features for all the departments: IT/security, procurement, and Finance.

Moreover, it has worked with brands like RingCentral, Falkonry, RecRoom, and ServiceTitan and helped them save on expenses.

Pricing

CloudEagle provides three plans: Starter, Growth, and Enterprise, each tailored with unique functionalities. Starting at $2000 monthly, the Starter plan allows seamless upgrades to Growth or Enterprise as required. Each plan has guaranteed savings based on the amount spent. ‍ Also, you can avail a 15-day free trial.

2. Vendr‍

Vendr was launched in 2019 by Ryan Neu and co-founders Ariel Diaz and Aaron White, who joined the organization through the takeover of Blissfully in 2022. It is based in Boston and has a second presence in Charleston. The company employs around 250 people worldwide.

It is a SaaS purchasing platform, transforms how businesses locate, acquire, and manage SaaS. It is the first of its type, offering a product and people-powered services to empower the world's fastest-growing firms to purchase software rapidly and with assured savings.

The platform is ideal for businesses that harness data to reduce SaaS spending and maximize cost savings. It studies SaaS consumption and uncovers pockets of savings for you as a SaaS management platform, allowing you to renegotiate your agreements and only pay for what you use.

Vendr, one of the top platforms for SaaS spend management, has already facilitated over $1.5 billion in SaaS purchases for finance and procurement departments at HubSpot, Brex, Canva, Reddit, Toast, and other companies.

Pros of Vendr

• The platform helps identify and cut unnecessary software expenses, reducing overall costs.
• Vendr offers a user-friendly interface that is easy to navigate and use.

Cons of Vendr

• Vendr lacks advanced customization options for specific needs.
• The tool is pricey, particularly for smaller companies.

Pricing

When you choose Vendr, you start with the "Free for Everyone" plan, offering pricing benchmarks, negotiation support, and procurement automation for teams at no cost. You can enhance your experience with three add-ons:

• Premium Procurement: $300/month
• Premium Intelligence: $3,500 - $9,500/month (based on employee headcount)
• Premium Negotiation Support: $10,000 per 5 negotiations

3. Sastrify‍

Sastrify is a top SaaS spend management and procurement software solution. It is one of the most affordable SaaS spend management solutions for optimizing your spending. It utilizes pricing benchmarks to highlight where you could save money on SaaS to negotiate lower costs with vendors.

You can track SaaS software licenses and invoices using Sastrify. In addition, Sastrify provides access to its staff of SaaS professionals, saving you the trouble of increasing your own management team.

Sastrify works with companies like Gorillas, Pitch, and Mollie to improve their SaaS spend. They enable businesses to locate, monitor, and negotiate the most favorable market prices for SaaS licenses, saving 30% and upwards on the SaaS stack.

Pros of Sastrify

• Sastrify helps manage and optimize SaaS vendor contracts effectively.
• Sastrify provides detailed spend and usage reports, offering comprehensive insights.

Cons of Sastrify

• Integration with existing systems can sometimes be challenging.
• The service might be more expensive for smaller businesses.

Pricing

Sastrify offers three pricing tiers tailored to diverse business needs. The Essentials plan costs $750/month and provides complete SaaS stack visibility.

The Professional plan optimizes workflows and begins at $2,000/month. Pricing for the Platinum tier, designed for seamless integration, is available upon request for large enterprises.

‍4. Torii‍

Torii can help you gain significant spending insights and optimize your SaaS ROI. This powerful discovery platform may assist you in understanding your SaaS consumption, making changes, and increasing employee productivity.

Torii delivers a comprehensive view of your SaaS spending, contract data, and ERP. It also uses SaaS intelligence to filter the clutter and see all the software in use, duplicated, or wasted.

This allows you to make fast business decisions on any app, user, or license without exiting the platform. Torii can integrate various resources, such as ERPs, and track your SaaS spend throughout your portfolio.

Furthermore, advanced workflows will enable you to reclaim your unused license and automate custom license reclamation quickly. Torii can also assist you in locating, managing, tracking, or phasing licenses.

Torii, one of the best software for SaaS spend optimization, enables companies such as Instacart, Palo Alto Networks, Delivery Hero, Payoneer, and Hired to find and automate their SaaS system.

Pros of Torii

• Torii streamlines repetitive tasks through automated workflows, saving time.
• The platform provides a clear view of all SaaS applications, enhancing visibility.

Cons of Torii

• New users might find the platform overwhelming due to its complexity.
• The initial setup of Torii can be lengthy, requiring significant time investment.

Pricing

Torii offers different pricing plans, so you must contact Torii’s team‍for accurate details.

5. Finly‍

Finly, a SaaS-based platform established in 2015, allows organizations to automate, track, and streamline corporate expenditures, ensuring efficiency and cost savings.

It helps businesses automate and streamline spending by providing software for business spend management, digital cash distribution, vendor payments, and GST-compliant invoices and payments.

Finly includes a software-as-a-service component that streamlines all internal financial processes. The SaaS component combines with every payment mechanism to digitize all external financial transactions, i.e., cashless and paperless.

The SaaS application enables numerous stakeholders (spender, reviewer, finance team, and vendors) to interact and collaborate in each transaction while providing total visibility to the accounts team. The solution updates all business systems in real-time with financial operations within the corporation.

Pros of Finly

• Finly tracks and manages all expenses efficiently, providing clear insights.
• The platform helps maintain and optimize budgets, ensuring financial control.

Cons of Finly

• Some users find Finly’s user interface less intuitive.
• Finly lacks some advanced features compared to other tools.

Pricing

For pricing, please contact Finly's team.‍

6. Zylo‍

Zylo promises to help save businesses up to 20% on SaaS costs. It also exposes shadow IT and provides an inventory of approved applications that consumers can access. Zylo, interestingly, also provides a SaaS negotiator service.

If you lack the time or internal experience to negotiate contracts, In that case, Zylo can do so for you by utilizing benchmark data that provides insight into the most competitive industry price points.

Zylo might be an intriguing choice for companies wishing to optimize their SaaS portfolio without the cost of building an internal workforce.

Zylo's SaaS Managed Services are delivered by a team of industry specialists, resulting in cost savings and freeing up your resources. Execute your SaaS strategy without adding more manpower, from establishing SaaS management best business practices to managing SaaS licenses and data.

Pros of Zylo

• Zylo provides a clear overview of all SaaS usage, enhancing visibility.
• The platform helps reduce and optimize SaaS spending, improving cost efficiency.

Con of Zylo

• Zylo can be expensive for smaller organizations.
• Some features of Zylo might be complex to use, requiring training.

Pricing

You can request a customized quote from Zylo’s team.

‍7. Spendflo

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Spendflo makes SaaS buying and optimization easier for high-growth companies. You may use the Spendflo platform to:

• Get assistance with the purchase
• Optimize approval workflows
• Contract management that works
• Accelerate vendor and security compliance
• Monitor SaaS consumption across the board.

Spendflo promotes purchasing, teamwork, and context automation while providing best-in-class service and a guarantee of SaaS spending savings. This makes your entire SaaS buying cycle efficient and budget-friendly. Spendflo is trusted by companies like Ula, Matchmove, Mind tickle, Airmeet, etc.

Pros of Spendflo

• Spendflo focuses on reducing SaaS expenses, helping organizations save money.
• The platform is easy to use and navigate, providing a simple interface.

Cons of Spendflo

• Spendflo may not have as many features as some of its competitors.
• Some users report slower response times from customer support.

Pricing

Customizable pricing based on your annual spend.

‍8. Zluri‍‍

Zluri is a good choice to maximize your SaaS savings, productivity, and visibility. It provides a simple interface, from discovery and management to task and purchase automation.

Zluri enables enterprise IT professionals to identify, manage, and optimize SaaS applications and secure and automate them from a single interface. With Zluri, IT, Finance, and Procurement departments can effortlessly maximize the benefit and efficiency of their subscription-based software ecosystem.

Using Zluri’s data, you may cut your SaaS costs by a third, uncover underutilized and unneeded programs, merge them with similar services, and renew licenses. Furthermore, the software facilitates automated SaaS purchases, forthcoming renewals, and on-boarding and off-boarding with a few clicks.

Zluri's platform connects effortlessly with over 800 popular SaaS apps.

Pros of Zluri

• The platform is easy to learn and use, enhancing user experience.
• Zluri helps identify and eliminate redundant apps, improving cost control.

Cons of Zluri

• Full feature access can be costly.
• The initial setup of Zluri can take time, requiring significant effort.

Pricing

Contact the team to know the pricing.

9. Snow

Snow software can help you discover, control, and improve your SaaS ecosystem. It provides detailed insight into your SaaS usage, which you can utilize to avoid waste, minimize vendor sprawl, negotiate renewals, and remove redundant and hazardous apps.

This platform provides SAM experts with improved visibility across unapproved, approved, licensed, and free SaaS apps, infrastructure, and on-premises apps on a unified platform. This information will assist you in optimizing SaaS spending and successfully controlling operations.

It will also enable you to merge data for multiple apps using SaaS API connectors and provide an API connector for rare apps. You can use it with other applications and do everything without flipping tabs.

Pros of Snow

• Snow manages both SaaS and traditional software assets, providing comprehensive coverage.
• Snow identifies cost-saving opportunities, helping reduce software expenses.

Cons of Snow

• New users might find Snow complex to use.
• The platform is expensive compared to other tools.

Pricing

For pricing, please contact the team.‍

10. Certero‍

Certero is a single, comprehensive platform for managing IT assets. Moreover, the platform offers multi-SaaS control and everything for managing, right-sizing, and avoiding overpaying for unused SaaS licenses.

This platform aids in stopping and managing overspending on SaaS products.

It is a centralized platform for license management of SaaS products, renewals of contracts, app visibility across numerous vendors, usage, cost management, and eliminating unwanted SaaS software and reporting.

In addition, the platform assists businesses in fighting SaaS challenges like;

• SaaS Sprawl.
• Shadow IT (licenses/subscriptions that exist without approval).
• Unexpected Changing costs and their impacts.
• Wastage of SaaS licenses and subscriptions.

Pros of Certero

• Certero manages all software and SaaS assets in one place, providing a unified platform.
• The platform offers comprehensive usage and spend reports, improving insights.

Cons of Certero

• Some users find Certero’s user interface less intuitive.
• The initial implementation of Certero can be time-consuming.

Pricing

Contact the team to know the pricing.

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‍Conclusion

Thus, conclusively, a SaaS spend management platform will enable you to view and manage all your SaaS Apps, their allocation, and consumption, helping you reduce your SaaS cost considerably.

So, we hope that, among the plethora of SaaS platforms, the above-compiled list of the best options can help you pick the most suitable platform for your business.

At CloudEagle, we have a team of expert SaaS buyers familiar with the nitty-gritty of procuring SaaS and managing the tech stack. Their industry expertise has saved businesses billions in SaaS spending.

Book a demo with CloudEagle to learn how to transform your organization's SaaS spending management and save on costs.

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Frequently asked questions

1. What are the key principles or strategies for effective SaaS spend management?

Following SaaS spending principles can help any business control its SaaS spend

• Consolidate your SaaS procurement.
• Keep track of license consumption and save unused licenses.
• Reassign users to the appropriate package or service level.
• Make use of your purchasing power.

2. What to look for while purchasing tools for spend management?

A strong discovery engine: Select a SaaS Management platform that can detect and classify the hundreds of SaaS acquisitions that are most likely lying in your organization.

Insights into key usage: Your record system must uncover core use facts down to the unique license level.

Usage Data: Look for SaaS management tools that analyze usage data and provide actionable insights, as well as those that automate processes to rightsize licenses, consolidate duplicate subscriptions, handle renewals, and ultimately improve SaaS expenditure management.

3. What are the advantages of the SaaS Spend Management tool?

SaaS Spend Management tools simplify procurement, increase visibility and control over the SaaS stack, and allow more efficient use of SaaS resources.

Its knowledge aids in the removal of redundancy, the identification of underutilized services, the reduction of risks connected with shadow IT, and the facilitation of productive vendor negotiations.

The program saves time and money by automating the administration of SaaS subscriptions and licenses, facilitating compliance, lowering expenses, and improving decision-making.

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Frequently asked questions

1. What are the key principles or strategies for effective SaaS spend management?

Following SaaS spending principles can help any business control its SaaS spend

• Consolidate your SaaS procurement.
• Keep track of license consumption and save unused licenses.
• Reassign users to the appropriate package or service level.
• Make use of your purchasing power.
  

2. What to look for while purchasing tool for spend management?

A strong discovery engine: Select a SaaS Management platform that can detect and classify the hundreds of SaaS acquisitions that are most likely lying in your organization.

Insights into key usage: Your system of record must contain the ability to uncover core use facts all the way down to the unique license level.

Usage Data: Look for SaaS management tools that analyze usage data and provide actionable insights, as well as those that automate processes to rightsize licenses, consolidate duplicate subscriptions, handle renewals, and ultimately improve SaaS expenditure management.

3. What are the advantages of SaaS Spend Management tool?

SaaS Spend Management tools simplify procurement, increase visibility and control over the SaaS stack, and allow more efficient use of SaaS resources. Its knowledge aids in the removal of redundancy, the identification of underutilized services, the reduction of risks connected with shadow IT, and the facilitation of productive vendor negotiations.

The program saves time and money by automating the administration of SaaS subscriptions and licenses, facilitating compliance, lowering expenses, and improving decision-making.

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