When you review your SaaS subscriptions, do you ask yourself how many SaaS apps you have? Or, do you ask yourself whether those apps are being used to their fullest? To better understand your SaaS subscriptions, you need to analyze which apps you have, how these apps are being used, and whether they allow for collaboration and greater productivity.
In this post, we’ll explore what SaaS subscription management is, why it matters, and how you can effectively track SaaS application renewals.
What is SaaS Subscription Management?
SaaS subscription management is about overseeing all of the subscriptions to SaaS applications and platforms that your company has.
The goals of SaaS subscription management are:
- To track and manage SaaS subscriptions
- To ensure there aren’t overlapping SaaS subscriptions (for example, Zoom and Webex)
- To save money – you don’t want to pay for orphaned subscriptions no one is using
- To derive value from your SaaS subscriptions – you want these apps to make your workforce more productive and collaborative
Why Does SaaS Subscription Management Matter?
Why does it matter if you manage your SaaS subscriptions? There are four reasons:
- Cost savings
- Greater productivity
- Greater collaboration
- Greater ROI on your apps and platforms
SaaS app usage is growing rapidly. Deloitte’s 2020 Global Technology Leadership Study shows that 94% of respondents are using SaaS applications.
Yet, just because more people say they’re using SaaS applications doesn’t mean those applications are actually being used. Seventy-one percent of organizations have an orphaned SaaS subscription (meaning there’s no clear owner), and those apps can cost as much as $8,520 annually per subscription.
SaaS subscription management lets you determine which apps are used the most, which apps are least-used, and which apps are duplicate so that you can save money.
When we think of things at the office that kill productivity, the first thing that comes to mind is meetings. However, in our March 2019 report, less than a third of employees said that too many meetings had a negative impact on productivity. What ranked higher was a lack of access to the right apps – 39% of employees said their productivity was low because they weren’t able to use the apps they needed.
SaaS subscription management improves employee productivity because it enables managers to make the right decisions about which SaaS subscriptions to keep, which to add, and which they can eliminate. They can invest in SaaS apps and platforms that make employees more productive, rather than continuing to pay for those that hold them back.
Collaboration drives productivity – when you can’t work together effectively with colleagues, you can’t complete assignments or reach goals. Yet, as we mentioned in the previous paragraph, many employees don’t have access to the right apps and platforms to drive collaboration. As a result, they’re not accomplishing as much as they could.
That’s where SaaS subscription management comes in. SaaS subscription management helps you figure out which of your apps and platforms facilitate collaboration, and which don’t. With that knowledge, you can invest in the right apps that drive business success.
Greater ROI on Your Apps and Platforms
Another benefit of SaaS subscription management is that you’ll see greater ROI on your apps and platforms.
Why is that?
The right SaaS subscription management solution gives you insight into how many users an app has, as well as how they’re using it (for example, are they making use of all of the features?) Moreover, does it help them to stay productive, and can it help them collaborate? The data your SaaS platform subscription management solution provides enables you to make the right decision about SaaS applications, so you can see higher ROI.
How the Right SaaS Subscription Management Solution Makes It Easy to Track Renewals
The right SaaS platform subscription management solution makes it easy to track renewals in three ways:
- Use a renewal calendar
- Centralize all of your subscription data in one place
- Understand SaaS app and platform usage at a granular level
Use a Renewal Calendar
Do you know when your next SaaS subscription renewal is coming up? How long will it take you to prepare all of the information you need to make an educated decision about this app or platform?
A built-in calendar in your SaaS subscription management solution allows you to keep track of when renewals are coming due, so you don’t get stuck with an expensive auto-renewal for an app or platform that no longer serves your needs.
Centralize All of Your Subscription Data
If someone were to ask you how many Zoom subscriptions you had, would you be able to answer? Let’s say you have an answer – is it being stored in a spreadsheet somewhere (and is that spreadsheet even accurate)?
Market-leading SaaS subscription management solutions centralize all of your subscription data in one place so that it’s in an easy-to-read, easy-to-consume place. You won’t waste time trying to find the information you need (especially not the details on auto-renewals and early termination clauses).
Understand SaaS App and Platform Usage at a Granular Level
Here’s another question for you: do you know how employees are using SaaS apps and platforms? For example, are your team members using every single feature within the G-suite, or do they only really use Docs and Slideshows?
The best SaaS subscription management solutions enable you to gather information about how your employees are using SaaS apps and platforms, including which features they’re using, by teams, and by location. With that data in hand, you can confidently go into meetings with your vendors so you can get the licenses you need, rather than what they want to sell you.
As SaaS subscriptions multiply, SaaS subscription management has become imperative within the enterprise. Request a demo today to learn more about how you can drive greater value from your SaaS subscriptions.