Spend management platforms give finance departments, and IT teams better visibility and control over recurring payments. You can easily manage and monitor your SaaS subscriptions in real-time, optimizing spending efficiency and cost savings.
However, you must select a SaaS to spend management solution with care to ensure this is the case. So, we are going to take you through the most important elements to consider below.
1. Find a solution that helps you identify all areas of overspending
For a SaaS spend management tool to be effective, it needs to help you identify all areas of overspending. After all, there are many different ways that businesses can end up spending more on SaaS than required.
Here are some examples:
- Duplicate apps – Also known as shadow IT, many businesses use different tools to solve the same issue. Do you have a number of tools that have shared functionality? The best