SaaS applications are now essential for companies of all sizes.

However, as businesses adopt more cloud-based software, many struggle to manage their SaaS spending. Unused licences, redundant subscriptions, and unauthorised software purchases often lead to waste.

Studies show companies typically waste up to 30% of their SaaS budget on unused or duplicate apps. To address this, SaaS spend optimization platforms have emerged.

These tools help businesses control their software expenses and maximise the value of their tech investments.

Today we will explore some of the best SaaS spend optimization platforms to help you manage your software spending easier.

But, before we jump to the list, let’s learn some of the key things you need to consider when choosing a SaaS spend optimization platform.

Without further ado, let’s get to it!

How to Choose the Right SaaS Spend Optimization Platform

Choosing a SaaS spend optimization tool is a big step towards better software management. The ideal tool helps you see and control your SaaS ecosystem, making sure your investments match your business goals and cutting out waste.

As you look at different options, think about what your company needs now and in the future. Keep these key factors in mind to find a tool that tackles your current issues and can grow with your business, boosting efficiency and innovation for years to come.

Comprehensive Discovery and Visibility

A robust platform should offer automatic detection of all SaaS applications in use across your organisation, including shadow IT.

This comprehensive discovery process ensures that no application flies under the radar, giving you a complete picture of your SaaS ecosystem. Look for solutions that use advanced techniques such as API integrations, browser extensions, and network traffic analysis to identify even the most elusive applications.

This level of visibility is crucial for understanding your true SaaS footprint and forms the foundation for effective optimization efforts.

Advanced Analytics and Reporting

Choose a platform that provides deep, granular insights into how employees are utilising various SaaS tools.

Advanced analytics capabilities should include usage patterns, user engagement metrics, and trend analysis. The platform should offer customisable dashboards and reports that allow you to slice and dice data in ways that are most meaningful to your organisation. These insights are invaluable for identifying underutilised licences, redundant applications, and opportunities for consolidation. Look for platforms that leverage AI and machine learning to provide predictive analytics and proactive recommendations for optimization.

Robust Licence Management

Effective licence management is at the heart of SaaS spend optimization.

The ideal platform should offer comprehensive tracking of licence assignments, usage, and upcoming renewals.

It should provide alerts for underutilised licences, automate the reclamation of inactive accounts, and offer forecasting tools to help you right-size your licence purchases.

Additionally, look for features that assist with contract management, including renewal tracking, automated notifications, and historical spend analysis to support negotiations with vendors.

A strong licence management component can lead to significant cost savings and ensure you’re getting maximum value from your SaaS investments.

Integration Capabilities

To be truly effective, a SaaS spend optimization platform must integrate seamlessly with your existing technology stack.

Look for solutions that offer out-of-the-box integrations with popular SSO providers, HRIS systems, financial software, and IT service management tools. These integrations enable automated user provisioning and de-provisioning, accurate cost allocation, and streamlined workflows.

Additionally, consider platforms that offer robust APIs and webhook support, allowing for custom integrations with your unique set of tools and processes. The ability to connect disparate systems and data sources will provide a more holistic view of your SaaS landscape and enable more effective optimization strategies.

Strong Security and Compliance Features

Security and compliance cannot be afterthoughts.

Choose a platform that helps identify potential security risks within your SaaS ecosystem and ensures compliance with relevant regulations such as GDPR, HIPAA, or SOC 2. Look for features like risk scoring for applications, automated policy enforcement, and continuous monitoring for security vulnerabilities.

The platform should also offer robust access controls, data encryption, and audit logging to protect sensitive information. By prioritising security and compliance features, you can not only optimise spending but also reduce the risk of costly data breaches or compliance violations.

More in Nexalab’s blog: SaaS Spend Optimization: 5 Proven Strategies for Leaner Budgets

Top SaaS Spend Optimization Platforms in the Market

1. Octobits: Best Choice for IT Departments and MSPs

Octobits stands out as a comprehensive SaaS management solution tailored for IT departments and Managed Service Providers (MSPs). Its robust feature set includes:

• Automated SaaS discovery and inventory management
• Detailed usage analytics and licence optimization
• Security risk assessment and compliance monitoring
• Integration with popular ITSM and financial tools
• White-labelling options for MSPs

Octobits excels in providing a holistic view of an organisation’s SaaS ecosystem, making it an ideal choice for businesses looking to streamline their IT operations and optimise software spend across multiple clients or departments.

2. Josys

Josys offers a unique approach to SaaS spend optimization by combining IT asset management with spend analytics. Key features include:

• Real-time tracking of software and hardware assets
• Automated employee onboarding and offboarding processes
• Licence utilisation insights and recommendations
• Integration with major cloud service providers
• Custom approval workflows for new software requests

Josys is particularly well-suited for organisations seeking a unified platform to manage both their SaaS subscriptions and physical IT assets. Its ability to automate routine IT tasks can significantly reduce administrative overhead and improve efficiency.

3. Certero for SaaS

Certero for SaaS is a powerful platform designed to help enterprises gain control over their SaaS environments. Notable features include:

• AI-driven discovery of SaaS applications
• Detailed contract and renewal management
• Spend optimization recommendations
• Integration with existing ITAM and SAM tools
• Customisable dashboards and reporting

Certero’s strengths lie in its advanced analytics capabilities and its ability to integrate with broader IT asset management initiatives. The platform’s AI-driven insights can help organisations identify cost-saving opportunities and optimise their SaaS portfolios more effectively.

4. BetterCloud

BetterCloud offers a comprehensive SaaS operations management platform with a strong focus on security and automation. Key features include:

• Centralised visibility into SaaS usage and spend
• Automated user lifecycle management
• Data loss prevention and security policy enforcement
• Extensive integration library
• Workflow automation for routine IT tasks

BetterCloud is an excellent choice for organisations prioritising security and seeking to automate their SaaS management processes. Its robust security features and extensive integration capabilities make it particularly well-suited for enterprises with complex SaaS ecosystems.

5. Torii

Torii provides an intuitive and user-friendly platform for SaaS spend optimization and management. Standout features include:

• AI-powered application discovery and categorisation
• Real-time spend tracking and forecasting
• Automated workflows for software requests and approvals
• Engagement analytics to identify underutilised applications
• Integration with HR systems for accurate licence provisioning

Torii’s emphasis on user experience and actionable insights makes it a strong contender for businesses of all sizes looking to streamline their SaaS management. It’s AI-powered. discovery and categorisation capabilities can help organisations quickly gain visibility into their entire SaaS landscape.

More in Nexalab’s blog: How to Reduce SaaS Spend? 7 Proven Strategies to Slash Your Costs Without Sacrificing Productivity

Conclusion

SaaS spend optimization platforms are key for keeping costs in check and getting the most bang for your buck in today’s software-heavy business world. Pick the right platform using the five factors we talked about, and you’ll be able to keep your SaaS expenses under control and boost efficiency.

Octobits by Nexalab is a standout option, offering a full suite of features for IT teams and MSPs. It automatically finds and analyses your software use, plus it keeps things secure. This makes it great for businesses looking to fine-tune their SaaS spending across multiple clients or departments.

Contact Nexalab today to learn more about Octobits.