Don’t Renew Blind: How Marigold Makes Intelligent SaaS Renewal Decisions

Managing SaaS renewals is a recurring challenge for any business. That’s because there’s an overwhelming number of them. In fact, our data shows that the average organization faces about 200 renewals yearly—one for almost every business day. However, with many of these renewal dates untracked and the decision-making data lacking or scattered, Procurement teams are often caught unprepared and unable to make intelligent SaaS renewal decisions. 

This can lead to rushed, uninformed decisions that may not serve the organization’s best interests. Before getting the right SaaS Management platform, Marigold was all too familiar with this predicament. 

“Our approach to SaaS Management was somewhat chaotic,” shared Karen Hodson, Marigold’s Global Real Estate & Procurement Officer, at SaaSMe 2024 “We missed renewal deadlines, lacked clear data on our software usage, and had no effective way to assess whether our investments were yielding the expected returns.”

How to Make Intelligent SaaS Renewal Decisions

Renewals can be complex. Following a renewal process powered by a SaaS Management platform (SMP) lets you proactively plan for renewals, rather than reacting to last-minute surprises. 

With comprehensive data and insights from the SMP, you can strategically evaluate software utilization and align renewal decisions to your business objectives. “We needed to have all that data and those internal discussions with the team, evaluating what last year’s renewals looked like,” Hodson said, praising the role of data-driven discussions in the decision-making processes.

Start with Visibility

A SaaS Management platform can transform your renewal process by providing critical visibility into your applications, contracts, and spending. All the data necessary for making informed decisions well ahead of renewal deadlines.

“Zylo gives us that information at our fingertips when we’re trying to dive into that data on a renewal,” Hodson emphasized. 

Gaining a clear overview of upcoming renewals is a primary step in preventing last-minute scrambles and facilitating informed decision-making.

“Zylo really helped our renewal visibility,” Hodson said. “There’s a calendar that shows a heat map of the number of renewals coming up.” This feature allows organizations to visualize their renewal pipeline, providing a proactive approach to renewal management.

Moreover, starting renewal discussions well in advance allows your team ample time for review and preparation. “Our minimum default is 90 days out,” she noted, highlighting the importance of early planning.

By having visibility into key data and what renewals are coming up, Procurement teams can stay ahead of renewal schedules and allocate resources effectively. This proactive approach ensures you have the necessary time to review contracts, assess usage data, and make informed decisions.

Dive into the Data

Once you have the data centralized, it’s crucial to analyze it. Hodson highlighted the need to comprehend the significance and use of every SaaS tool within a company. A SaaS Management platform can offer deep insights into user engagement, feature usage, and return on investment. 

By gathering granular data on software utilization, you understand where you have opportunities to reduce or increase licensing. Renewal is typically the one time a year where you can make these changes and optimize your contracts to get better pricing or reduce spending.

Have Conversations Across the Business

Beyond data analysis, effective SaaS Management also fosters dialogue across different organizational departments. Engaging stakeholders from various departments will help you align software subscriptions more closely with business objectives.

“We started having conversations with stakeholders across different departments,” Hodson explained. “This allowed us to understand the actual needs versus what was being paid for.”  

When it’s time to meet with each team, bring your data analysis for that specific team’s portfolio of apps. The insights you share can be a starting point for the conversation and understanding the team’s use cases and needs for each application. Together, you can decide what gets renewed or where you need to make changes. 

Marigold’s Results: Discovering Opportunities and Not Missing SaaS Renewals

Using Zylo’s platform and Managed Services help Marigold achieve remarkable results, demonstrating the effectiveness of proactive SaaS Management. Now, Marigold has visibility into optimization opportunities and can maintain proactive control over its SaaS renewals. Here’s a snapshot of their results:

• Full Visibility into SaaS Renewals: Marigold eliminated renewal surprises and optimized their software stack based on actual needs and usage patterns.
• Significant Financial Benefits: They also achieved approximately $913,000 in cost savings and avoidance over two and a half years.
• Actions Leading to Savings:
  • Canceled unused subscriptions.
  • Renegotiated contracts based on usage data.
  • Avoided automatic renewals on non-essential tools.
• Enhanced Efficiency and Outcomes: Leveraged Zylo’s expertise through a strong partnership, treating them as an extension of their team.

Take Control of Your SaaS Renewals with Zylo

If you’re struggling to keep up with your SaaS renewals, it’s time to consider how a dedicated management platform can transform your approach. For an in-depth look at how Marigold makes intelligent SaaS renewal decisions, watch the full SaaSMe 2024 session. If you’re ready to take control of your renewals, be more proactive, and improve outcomes, learn how Zylo’s Renewal and Spend Management Solution and SaaS Negotiator service can help. 

Ready to see how Zylo can streamline your SaaS management? Request a demo today and take the first step towards smarter, more strategic renewal decisions.