
7 Ways to Transform Data into Informed SaaS Renewal Decisions
Table of Contents 1. Renewal Date2. Application Owner3. Utilization Data4. Redundant...
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Blog
01/18/2023
The proliferation of cloud-based Software-as-a-Service (SaaS) forever changed how organizations acquire software, now with individual employees often leading the charge. In fact, it’s so easy to purchase SaaS — enter a credit card number, provide some basic information, and click through the agreement terms — users can be up and running with a new SaaS tool in mere minutes.
The process feels so seamless users often breeze through the contractual terms, missing highly valuable information, including automatic renewal dates, security terms, data storage, and more. The ease of SaaS procurement often helps teams and employees excel at their jobs and work efficiently, but decentralized software acquisition ultimately leads to wasted spend, redundant applications, security issues, and missed renewal deadlines.
To keep tabs on renewals, organizations routinely employ SaaS contract management strategies, which involve the discovery, identification, curation, and storage of all SaaS-related contracts and agreements.
According to Zylo research, many organizations drastically underestimate the number of SaaS applications within their environment, sometimes by two to three times. The average enterprise business maintains more than 600 SaaS applications, and 200 to 300 applications typically remain undiscovered as shadow IT. Zylo research also shows large organizations experience an average of one SaaS application renewal each business day – or 20 per month. Without a plan in place, contract management quickly becomes unmanageable.
When used in conjunction with a SaaS Management platform that serves as an official system of record — practiced proactively and regularly — SaaS contract management yields several tangible benefits, including:
It’s true. Effective SaaS contract management can yield all of these benefits, but there’s more to it. The ultimate reward is creating better renewal operations and management. Renewals are the most pivotal moment in an application’s life cycle, and you need to be ready for them. Contract management makes it possible.
With Effective SaaS contract management you will:
SaaS contract management is part of the process for overall SaaS application management and SaaS spend management, just with a more granular focus on the specific contractual details and terms. Storing these details in a SaaS management platform or other record-keeping system provides an easy-to-follow, holistic snapshot of cloud-based software, enabling new software management capabilities, avenues for cost containment, and leverage for improved return on investment for SaaS.
Follow these steps to jump-start the SaaS contract management process for your organization:
SaaS will continue to grow in the coming years, with end-user spending predicted to surpass $138 billion by 2022.
With a robust SaaS contract management process in place, your organization can reap considerable financial and time savings, reduce duplicative spend and redundant software, leverage better contractual terms, and most importantly—avoid the dreaded automatic renewal.
Start managing your SaaS contracts today. Schedule a personalized demo to see how Zylo streamlines SaaS contract management for large enterprises and small businesses alike.
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