Does it feel like your company is juggling too many software subscriptions?

You’re not alone. As businesses like yours embrace more cloud-based tools, keeping track of everything can become a real headache. That’s where SaaS spend management software comes in handy.

These tools are like a super-smart assistant for your software needs. 

They help you see what you’re using, how much you’re spending, and where you might be wasting money. By using one, you can make smarter choices about your software, save cash, and keep your business running smoothly.

Why should you care?

Well, as your business grows, so does the number of tools you use. Before you know it, you might be paying for things you don’t need or facing security risks you didn’t even know about. A good SaaS spend management tool can help you avoid these pitfalls and keep your business on track.

Today, we are going to give you several SaaS spend management software recommendations. 

But, before we jump into that, let’s learn a little bit about what kind of software this is and the key features to look for in SaaS spend management software.

Without further ado, let’s get to it.

What is SaaS Spend Management Software?

Think of a SaaS spend management tool as your personal software detective.

It’s a system that helps you keep an eye on all the cloud-based tools your company uses. Instead of digging through piles of bills and contracts, you get a clear picture of everything in one place.

These tools tackle some common problems that many businesses face:

• Seeing the big picture: It’s easy to lose track of all the software your team uses. These tools give you a birds-eye view of everything.
• Cutting costs: You might be paying for the same thing twice without realising it. These tools help you spot and fix these money leaks.
• Staying safe and following rules: As you use more online tools, it’s important to keep your data safe and follow any industry rules. These tools help you stay on top of security and compliance.
• Getting the right size: You don’t want to pay for more than you need. These tools help you figure out if you have too many licences or not enough.

SaaS spend management solutions can help you avoid headaches and save money by addressing these problems. They provide you with the knowledge you need to choose wisely when investing in software.

More in Nexalab’s blog: What is SaaS spend management? A Guide to Optimising Your Software Costs

What Features to Look for in a SaaS Spend Management Tool

When you’re in the market for a SaaS spend management software, the first thing to know is what features can make a real difference in managing your software ecosystem effectively.

These software come with a variety of capabilities, but some are more essential than others. So, what features should you look for in this software?

Here are some of them you need to consider:

• Automatic discovery: The tool should be able to find all the software your company uses, even if some employees signed up without telling anyone.
• Usage tracking: Look for detailed info on how your team is using different tools. This helps you see what’s popular and what’s gathering digital dust.
• Cost tracking: The tool should show you what you’re spending now and help you guess what you’ll spend in the future.
• Contract management: A good tool will help you keep track of when your contracts end and what the terms are.
• Licence optimisation: This feature helps you make sure you’re not paying for more licences than you need.
• Integration: The tool should be able to connect with your other systems, like single sign-on or financial software.
• Security features: Look for features that help you follow security rules and industry regulations.
• Vendor management: Good tools make it easier to talk to your software vendors and keep those relationships smooth.

Top 7 SaaS Spend Management Tools

1. Octobits by Nexalab

Octobits is a SaaS management platform. It’s working like a Swiss Army knife for managing your software.

It gives you a clear view of what you’re using and helps you make smart decisions about your software spending. It can automatically find all your software, show you how it’s being used, and suggest ways to save money.

Octobits works well with your other IT tools, making it a great choice if you want to simplify how you manage your software.

2. Zylo

Zylo is top-notch software that digs deep into how you’re using and spending on software. It’s great at finding “shadow”IT”—software that employees are using without official approval. Zylo also helps you optimise your licences and compare your spending to other companies in your industry.

3. Torii

Torii stands out with its smart automation features. It uses AI to keep your software inventory up-to-date and gives you intelligent suggestions on how to optimise your spending and usage. If you’re looking for a user-friendly tool that can automate a lot of the work, Torii might be the right choice for you.

4. BetterCloud

BetterCloud does more than just track your spending. It also helps you automate IT tasks, manage user accounts, and keep your software ecosystem secure. If you want a tool that covers all aspects of software management, not just costs, BetterCloud is worth considering.

5. Blissfully (now Vendr)

Blissfully, which is now part of Vendr, offers a comprehensive view of your software world. 

It shows you usage patterns and spending trends and helps you stay secure and compliant. With Vendr’s expertise in buying software, this tool is great if you want help with both managing and purchasing software.

6. Productiv

Productiv focuses on how your team is actually using your software. 

It gives you deep insights into software engagement, which can help you make better decisions about your investments. If driving employee productivity through your software choices is a priority, Productiv could be a good fit.

7. Flexera SaaS Manager

Flexera SaaS Manager is a robust tool that’s especially good for larger companies with complex software needs. 

It offers detailed insights into your software usage and spending and provides powerful tools for managing contracts and optimising licences. If you’re a big company with lots of software to manage, this might be the tool for you.

How to Pick the Right SaaS Spend Management Software?

Choosing the right SaaS spend management tool is a critical decision that might significantly impact your business operations and bottom line.

With numerous options available in the market, each offering unique features and capabilities, it’s essential to approach this selection process thoughtfully and systematically.

Before diving into the selection process, it’s important to take a step back and assess your current situation.

Consider questions like:

• Can it grow with you? Make sure the tool can handle more software as your business grows.
• Does it play well with your other tools? Look for something that can easily connect with your existing systems.
• Is it easy to use? Pick a tool that your team will actually want to use.
• Does it give you the information you need? Consider what kind of reports and data you want to see.
• What kind of help do they offer? Look into the level of support and training the vendor provides.
• Is it worth the cost? Don’t just look at the price tag. Think about how much money and time the tool could save you.

Remember, there’s no one-size-fits-all solution when it comes to SaaS spend management software.

What works perfectly for one company might not be the best fit for another. Your choice should be guided by your organisation’s specific needs, goals, and constraints.

More in Nexalab’s blog: How to Detect Shadow SaaS Sprawl in Your Organisation?

Conclusion

A good SaaS spend management tool can be your secret weapon in this challenge. It helps you see what you’re using, cut unnecessary costs, and keep your software ecosystem running smoothly and securely.

Octobits by Nexalab will help you get a clear picture of your software usage, find ways to save money, and make sure you’re following all the rules. This not only helps your bottom line but also makes your team more productive and reduces security risks.

Want to learn more about how Octobits can help you manage your software better and save money?

Get in touch with Nexalab today! We’re here to help you make the most of your software investments and keep your business running smoothly.