5 Signs you need a SaaS spend management platform

A broken pipe leaking numerous currency bills against a solid blue background, symbolizing financial loss and emphasizing the importance of efficient SaaS spend management.

Is your SaaS budget feeling like a leaky bucket? If you’re finding it increasingly difficult to track, control, and optimize your software spending, it might be time to reevaluate your approach. With the proliferation of SaaS tools, it’s easy to get caught up in the excitement of new shiny objects without considering the long-term costs.

What is SaaS spend management?

SaaS spend management is a practice in which one manages your organization’s software spend on SaaS applications. It involves SaaS cost policy creation and management, app discovery, usage monitoring, cost analysis and allocation, contract negotiation, as well as license optimization according to usage, entitlements, and employee sentiment.

The warning signs

You have multiple subscriptions

IT is too familiar with the struggles of managing the SaaS sprawl. In the State of SaaS report for 2024, the majority agree that their SaaS stack is challenging to manage.

If your organization is using numerous SaaS applications (Many reporting 112 on average), keeping track of them can become chaotic. Many companies start with a few tools, but over time, the number can balloon. This often leads to duplicated services and unnecessary expenses.

You lack visibility into usage

One of the biggest challenges with SaaS is understanding how effectively each tool is being used. If you find it difficult to track who’s using what, or if your employees are utilizing their subscriptions to their full potential, this is a red flag.

Your team is frustrated with tool overload

Tool fatigue is a common issue in modern workplaces. Employees can become overwhelmed by the sheer number of tools they’re required to use, leading to decreased productivity and engagement.

If your team is expressing frustration or confusion about which tools to use for specific tasks, it’s time to reassess your SaaS portfolio.

You’re spending more than you anticipated

Unexpected SaaS costs can derail budgets and impact profitability. If you’re consistently overspending on subscriptions, it’s a sign that you need a clearer overview of your SaaS investments.

Your contracts are expiring unnoticed

Many organizations operate with a “set it and forget it” mentality regarding SaaS contracts. This can lead to automatic renewals of subscriptions that are no longer needed, resulting in wasted expenses.

Enter BetterCloud: Your all-in-one SaaS management solution

BetterCloud is more than just a spend management tool. It’s a comprehensive platform that empowers you to gain control of your SaaS landscape and achieve SaaS optimization that allows IT to truly manage SaaS at scale.

With robust, granular automation, BetterCloud helps you:

Discover and manage all your SaaS subscriptions
Enforce usage policies and prevent unauthorized spending
Optimize your SaaS portfolio
Gain insights into your SaaS spending

By leveraging BetterCloud’s powerful features, you can:

Reduce costs by identifying and eliminating unnecessary subscriptions.
Improve security by enforcing strong access controls and preventing unauthorized access.
Enhance efficiency by streamlining your SaaS management processes.
Make data-driven decisions with actionable insights into your SaaS spending.

Wondering how much you can save with BetterCloud?