A report by Blissfully found a 50% increase overall in what each company spends on SaaS products. And the average company uses 137 unique SaaS apps with 4,406 app-to-person connections on average.
But there’s a challenge: SaaS spending is increasing faster than overall use, giving rise to SaaS “waste” – which Blissfully shows is an average of $135,000 annually per company.
Companies are increasingly paying for solutions they don’t use or optimize because employees create new accounts or resubscribe, and companies forget to unsubscribe from apps they don’t use. It’s no wonder 49% of ITAM professionals plan to improve the reclamation of underused or unused software in 2022.
Ultimately, you end up with:
- Software from multiple providers
- No clear record of subscriptions
- Financial losses from paying for services you don’t fully tap into
So, how can you cope? By streamlining your SaaS process. We’ll cover four actionable tips you can take to manage everything.
How to Streamline Your SaaS Process
As your company’s need for SaaS products grows, so does the need to manage it easily and effectively. Below are four ways to help you do that.
Vendor information: Get full visibility of your current stack
It’s easy to lose track of all the specialized SaaS vendors you work with. That’s why you should streamline your vendor information.
With the right software, you can manage your vendor information in real-time while getting a clear picture of the:
- Existing SaaS tools in your company
- Cost and subscription frequency of each tool
- Amount you spend per product
- Number of software license holders
- Subscription management processes per department
- Automatic renewal dates and terms of all products
- Pricing structure – user tiers and any minimums
This information helps you identify and prevent over-licensing, tackle feature overlap, and pinpoint duplicate subscriptions. Plus, you’ll use your SaaS spending efficiently, never miss on bulk licensing deals and opportunities, and avoid surprise billings.
Workflows: Automate repetitive processes and tasks
A workflow system manages repetitive tasks and processes so you can accomplish your work. Streamlining your SaaS process through workflow offers several benefits:
- Lowers upfront expenses: You won’t pay large licensing fees upfront – you only pay for what you use.
- Personnel reduction: There’s no need to hire specially trained IT staff to handle specific software updates, monitoring, and maintenance. Your provider offers what you need at a more specialized level.
- No need for multiple backups or storage: Your SaaS provider automatically stores the software and data so you don’t need big data storage facilities.
- Saving on time and money: Workflows save your company the software, power, hardware, manpower, and security costs you’d incur.
Data Integration: Get your tools talking to one another
One way to streamline your SaaS process is to integrate all your tools using APIs. This way, they’ll communicate with one another in one location, so you can run all platforms together. Plus, you get more automation capability since some of your process steps involve working with other tools.
For example, your client acquisition and onboarding process could take this format:
- The client enters their information via a lead capture on your site.
- The data imports to your CRM.
- You’ll use the CRM to contact the customer and the workflow tool to track the sales process.
Integrating your data and tools keeps you from spending hours doing everything manually and extends your system’s functionality. Plus, you can break down departmental silos and create a holistic view of your revenue growth opportunities and challenges.
Your finance team needs to uncover hidden insights in your data and key success metrics to plan for the future. Streamlining your SaaS process helps them:
- Get a more granular view of your data.
- Uncover opportunities to manage your revenue performance better.
- Know what marketing campaigns generate the most revenue.
- Decide where to allocate funds in the future.
Take Back Control of Your SaaS Process
An improperly managed SaaS process has negative repercussions. Knowing how to streamline the process can help you save time and costs, give you data granularity to extract valuable insights and create useful reports to drive your team and business forward.
Not sure where to start? Let MasterSolve help.
We understand your unique pain points. And we can help you improve subscription management, sell more software, ensure privacy protection, forecast demand accurately, simplify and automate your process, and improve customer experience.
Get in touch with us today and learn how we can help you.