19 June 2024
octobits-tracking-and-organizing-saas-subscriptions

A guide to tracking and organizing SaaS subscriptions (Image by Octobits)

Octobits Blog – Because the sheer number of subscriptions an organization can accumulate becomes a challenge, many companies rely heavily on tracking and organizing SaaS subscriptions.

With tools like Azure, CrowdStrike, and AWS woven into the fabric of how we work, the benefits of tracking and organizing are clear.

We have flexibility, scalability, and reduced upfront costs, which all make SaaS incredibly attractive.

But, without a careful strategy, businesses risk SaaS sprawl, where redundant tools and forgotten subscriptions drain budgets.

They might also see “Shadow IT” emerge, as departments or individuals sign up for SaaS solutions without proper IT oversight, potentially compromising security.

Perhaps most frustrating is the wasted spending – unused subscriptions, underutilized licenses, and missed opportunities to negotiate better renewal terms all siphon funds away from other important initiatives.

So, it is our time to get to the details of how to track and organize SaaS subscriptions. Let’s buckle up.

The Importance of Managing SaaS Subscriptions

Beyond simply tracking costs, effective management has far-reaching benefits for an organization’s finances, security, and overall operational efficiency.

On the financial front, it’s about eliminating waste. The Productiv’s “2023 SaaS Trends – Consolidation” report highlights that, while license usage has improved, many SaaS licenses remain unused.

This highlights the importance of identifying and eliminating those underutilized or unnecessary subscriptions to ensure you get the most from your software budget.

From a security standpoint, mismanaged SaaS subscriptions can be a vulnerability. The rise of Shadow IT, where departments or individuals sign up for tools without proper IT oversight, increases the risk of data breaches and compromised information.

That’s why centralized management is vital – it gives you visibility and control over the software landscape.

Operationally, managing SaaS well ensures employees have the right tools to do their jobs effectively.

It streamlines work by reducing overlap between different solutions and helps optimize your overall software spending. Proactive audits and a centralized system ensure that each SaaS tool aligns with your company’s broader goals.

Strategies for SaaS Management

Successfully managing the complexity of SaaS applications requires a strategic approach. It starts with a detailed inventory and analysis process.

Please think of this as taking stock of all your SaaS subscriptions: what they are, how much they cost, how they’re being used, and what parts of the business they support.

This foundation of visibility is crucial. Without it, you will not be able to identify costly redundancies or optimize the use of your software tools.

Next comes centralized management. A centralized SaaS management platform acts as a control center for all your software subscriptions.

This simplifies administration, provides deeper insight, and improves governance to ensure everything complies with your policies.

A centralized approach allows for standardized security protocols and easier compliance with regulations – it essentially brings order to what can become a chaotic landscape if left unchecked.

Finally, regular audits are essential. These help you understand how effectively each SaaS tool is being utilized.

Audits pinpoint any underused or unnecessary software, ensuring that your subscriptions always support your business goals and budget.

This constant re-evaluation allows you to make informed decisions about renewing, upgrading, or canceling subscriptions – keeping your SaaS investment tailored to your company’s ever-changing needs.

Please refer to Guide to the Importance of Managing SaaS Expenses to Avoid Money Pit,” for details on how to manage SaaS expenses.

Best Practices for Organizing SaaS Subscriptions

The way you organize your SaaS subscriptions has a direct impact on both efficiency and your bottom line.

That’s why adopting best practices is crucial. One core principle is consolidation – carefully look for tools offering overlapping functionality and streamlining.

This immediately cuts down on wasted spending and simplifies everything from training to support.

Another key practice is role-based access control. This means having clear rules about who can access which software, based on their job.

It improves security by limiting access, but it also helps ensure everyone has what they need to do their work effectively.

And please keep in mind that data-driven decisions are a big deal. That’s why setting up performance metrics for each of your SaaS tools is essential.

These metrics let you judge whether a tool is truly delivering value, and make informed choices about keeping, upgrading, or canceling subscriptions.

A centralized management platform gives you a ‘big picture’ view of all your SaaS subscriptions.  

This makes renewals, compliance, and usage tracking much easier – you’re not digging through disparate systems for information. It leads to better-informed decisions that keep your SaaS investment optimized.

And, of course, never skip the regular reviews, and automation saves time and prevents problems.

Setting up a schedule for audits helps you catch underused or unnecessary software before it becomes a big budget drain.

Automating routine tasks like renewal reminders or security alerts streamlines processes and ensures your team can focus on strategic actions rather than administrative ones.

For another reference, kindly readSaaS Costs Spiraling? It’s SaaS User Management Best Practices Time.”

How Octobits can Help You Manage SaaS Subscriptions

As you read above, managing a growing list of SaaS subscriptions is complex.

Keeping track of what tools you have, who uses them, and whether they’re truly a good investment can be a major challenge.

That’s why we at Octobits have built a platform specifically to solve this problem. And, Octobits is free for the next few months. Yes, it is free for you.

But why should you use Octobits?

Our platform gives you instant visibility into your entire SaaS landscape – you’ll see what you’re subscribed to, how much it costs, and who within your organization is actually using each tool.

Octobits also helps you ensure every technology investment you make aligns with your company’s strategic goals, maximizing the return on every software dollar.

Beyond financial benefits, Octobits strengthens your security also. It simplifies managing user access, safeguarding sensitive data, and minimizing the risk of a breach.

And because we know your time is valuable, our team offers 24-hour support, ready to address your specific needs and custom Octobits to your unique operational requirements.

So the choice is yours: schedule a consultation through Octobits’ contact page and discover how we can be your supporting system in SaaS management.

Or you can do it by yourself.

Conclusion

As the reliance on SaaS solutions continues to grow, we must adapt to stay competitive. 

Hence, effective management of SaaS subscriptions isn’t optional – it’s vital for operational efficiency, financial control, and strong security.

And for sure, a proactive approach will ensure the agility and resilience your company needs to take full advantage of the power of tracking and organizing SaaS subscription