A SaaS spend management platform helps you keep an eye on your spending, make the most of the software you’ve got, and make your procurement processes more efficient.
But what exactly does a SaaS spend management platform do for organisations?
It gives you a clear picture of what you’re spending on software, makes sure you’re following company policies, and helps you avoid unnecessary costs by preventing SaaS sprawl.
This helps companies save money, cut down on waste, and get a better handle on their software portfolio.
What is SaaS Spend Management Software?
SaaS spend management software is a platform for businesses to keep an eye on their cloud-based software spending and make sure they’re getting the most out of their subscriptions.
As we all know, businesses often have to deal with issues like shadow IT, licence wastage, and rising subscription costs.
SaaS spend management software like Octobits has all the tools you need to audit your current software usage, optimise your spend, benchmark pricing, and manage renewals.
These features are really important right now, because companies can lose thousands if they don’t have a good view of what they’re spending on software and if they don’t keep an eye on what they’re using.
Octobits, for instance, handles over a million in SaaS spending, helping businesses make the most of their software by cutting costs and getting rid of what’s not needed.
For a deeper understanding of the key steps that help control SaaS expenses effectively, kindly explore our article on “Best Practices for a Successful SaaS Spend Management Process.”
Best SaaS Spend Management Platform in 2024
1. Octobits
Octobits is a relative newcomer with a compelling offering. Octobits is a complete SaaS spend management platform designed for IT managers and MSPs who want to keep their software ecosystems running smoothly and efficiently.
With Octobits, you can manage devices, billing, and reporting from a single dashboard, which makes IT operations a breeze.
The platform’s got some pretty powerful integration capabilities with some of the top vendors out there, like Microsoft 365, AWS, and Proofpoint.
That means you can manage your IT services like a breeze. Plus, Octobits has some pretty advanced security and cost-optimisation tools, so users can get complete visibility while reducing expenses.
The platform’s focus on simplicity without sacrificing control makes it a great choice for companies looking to optimise their software environment while keeping their options open.
Octobits is free until December 2024, which is great for companies on a budget.
2. Josys
Josys offers a smart SaaS management platform that’s designed to make IT operations more efficient and cut costs with advanced automation features.
It gives you complete control over SaaS apps, so you can see how they’re being used, spot shadow IT, and get licences automatically.
Josys works with all kinds of IT assets, so you can make the most of your resources and cut down on overhead.
It’s worth mentioning that Anker Japan saw a 75% drop in operational costs thanks to Josys’ comprehensive management and automation tools.
If you’re just getting started, “A Beginner Guide to SaaS Spend Management Strategy for 2025” offers foundational insights into building a streamlined strategy.
3. Zylo
Zylo’s AI-driven SaaS spend management solution has handled over $34 billion in software expenses, giving customers full visibility and optimisation.
Zylo’s analytics help IT, procurement, and SAM teams avoid risks, make renewals easier, and get rid of licences they don’t need.
This SaaS platform has some pretty impressive capabilities. It’s helped clients like Adobe save a tonne of money—like $60 million—while also giving them better control over more than 2,600 SaaS applications.
What sets Zylo apart is its focus on insights that can be acted on, helping customers make smarter software investments and manage spending more efficiently.
4. Spendbase
Spendbase has got you covered when it comes to managing SaaS software. It’s a one-stop shop for cost optimisation, procurement control, and detailed software audits.
The platform’s price benchmarking and real-time spend analytics help finance and IT teams make data-driven decisions, ensuring efficient budget allocation and minimising software waste.
Spendbase has saved businesses between $100,000 and $350,000 a year, with clients like Timothée Leon-Dufour from Preply reporting savings of over $128.5K.
These features make Spendbase a great option for businesses looking to improve financial transparency and save on their SaaS spending.
Are you tired of unexpected costs? “Tired of SaaS surprises? Take Control of Your SaaS Spend Management,” look into effective methods to help regain control.
5. Cledara
Cledara’s got a solid SaaS spend management platform for managing payments, keeping an eye on what’s going on in real time, and having the control you need to make software purchases, renewals, and cancellations a breeze.
With automated workflows and centralised spend tracking, Cledara makes it easy for finance and IT teams to manage multiple subscriptions efficiently, reducing software redundancies and unauthorised spending.
The platform’s integration capabilities make it easy to manage SaaS contracts and provide insights that help you get the most out of your usage.
6. Zluri
Zluri’s got an all-in-one SaaS management solution that gives you a 360° view and control over all your apps.
It has some pretty powerful capabilities, including automated workflows, application discovery, shadow IT detection, and contract management.
Zluri’s quick and easy integration with over 600 SaaS apps lets businesses manage licences, get rid of duplicate tools, and cut costs in a flash.
Zluri helps IT teams make strategic decisions and stay compliant and secure by centralising SaaS data and providing actionable insights.
The platform is perfect for enterprises that want to scale up, stay agile, and manage complex SaaS ecosystems around the globe in one simple, streamlined way.
7. Tropic
Tropic offers an AI-driven spend management platform designed to make it easier for finance and procurement teams to manage their procurement processes.
Tropic automates administrative tasks and gives users detailed insights into vendors so they can negotiate better contracts and cut costs.
Tropic’s platform has managed over $10 billion in spend, combining AI analytics with a hands-on approach to procurement. This gives businesses the power to benchmark spending and get the most value from suppliers.
Tropic’s supplier intelligence and real-time market insights are key to making smart, data-driven negotiations and ensuring strategic sourcing decisions that lead to meaningful savings.
To improve efficiency, please read our “Fundamental SaaS Spend Management Guide for Business Efficiency,” which provides a framework to help businesses reduce waste.
How to Choose The Right SaaS Spend Management Platform for Your Business
The right SaaS spend management platform depends on what your company needs and how big it is. KPMG’s handbook, “Revenue for Software and SaaS,” is an essential reference if you want to get some considerations.
If you’re looking for a solution with extensive integration capabilities and centralised IT control, then Octobits and Zluri are great options.
Octobits offers a straightforward yet robust dashboard that brings together key IT services, making it perfect for MSPs and IT teams that need a one-stop solution.
The good news is you can get Octobits and enjoy all its features for free until December 2024.
So, you have some time to make any necessary adjustments to your IT system. Zluri doesn’t have a free option that lasts as long.
Tropic and Spendbase offer some pretty advanced spend analytics and negotiation features for companies looking to optimise their financial spending and cut down on operational costs.
Tropic’s AI-driven procurement tools give businesses the upper hand during vendor negotiations.
Spendbase provides price benchmarking and detailed insights, which have helped companies like SalesAR save about $2,000 a month.
Zylo and Josys are two of the top options for scalability and a large SaaS portfolio.
Zylo has tons of customer success stories, and Josys is great at automating things and detecting shadow tonnes, they’re perfect for enterprises that need solid solutions.
At the end of the day, you’ve got to know what your company is struggling with right now.
The right platform should align with both your budget and operational goals, whether you’re looking to gain complete visibility, optimise software spend, or simplify IT processes.
If you’re searching for another best option, explore “2024’s Best SaaS Spend Management Software for IT & Finance Leaders” to see the top choices and how they cater to specific business needs.
In Closing
Picking the right SaaS spend management software is all about understanding what your company needs and your SaaS environment, from how it works with other software to how much it costs.
If you’re looking to control software expenses or improve IT processes, investing in the right SaaS spend management platform is key to your organisation’s long-term success in optimising software portfolios and driving business value.
