SaaS management tool (Image by Octobits)
Octobits Blog – The SaaS management tool is a software platform that helps you get a handle on all those subscriptions, licenses, and usage data.
This tool is useful because there are so many SaaS apps out there now, and they can get pretty complicated.
If you don’t have the right tools, your company could end up spending more than it should, leaving them vulnerable to security risks and struggling to keep track of all their software.
With that in mind, it’s time to get down to the details.
What is a SaaS management tool?
A SaaS management tool is basically a central hub for keeping an eye on all the different SaaS apps your company uses.
This tool gives you a clear picture of all your SaaS subscriptions and lets you take control of them.
It helps you streamline your operations, make sure you’re complying with security standards, and get the most out of your software investments.
These tools have a few main functions:
- Monitor who is using which software and how frequently
- Manage software spending and license utilization
- Making sure all software meets security and compliance requirements.
In fact, with so many SaaS apps in use in a company, it’s clear that these tools are more important than ever.
For instance, managing SaaS applications involves things like negotiating renewal terms that align with current needs, making sure appropriate data security measures are in place, and retiring applications that no longer serve the organization effectively.
This also includes things like moving data, managing user access, and keeping services running smoothly.
Plus, these management tools often have features that can automate several processes, like user onboarding/offboarding and contract management.
Advanced platforms give you a good idea of how people are using the software and help you spot applications that aren’t being used much or that are no longer needed.
For more details about SaaS subscriptions, kindly read “Mastering SaaS Subscription Management: Strategies for Success.”
Features of Effective SaaS Management Tools
Effective SaaS management should have lots of different features to help you manage lots of different apps in one go. Here are the main areas these tools usually cover.
Inventory Management
When it comes to SaaS management tools, inventory management is all about keeping track of all the SaaS products your company uses.
This also means keeping detailed records of software licenses and managing user access rights.
Good inventory management helps stop things getting mixed up and saves money by making sure that each software utility is used properly and to its full potential.
Spend Management
Zylo says 49% of businesses waste their SaaS budgets on underutilized licenses. This means we need to recognize how effective spend management features are essential.
Tools like Octobits and others can help you monitor and control SaaS spending by identifying unused or underutilized subscriptions and optimizing software expenditure through strategic reallocation or termination of these licenses.
Good spend management can help businesses avoid overspending on SaaS by a lot, so they can make sure their resources are only used where they really add value.
Security and Compliance
A 2021 BetterCloud survey revealed that 72% of companies view negligent insiders as their biggest threat to data security.
Tools like Lumos help secure SaaS stacks by giving you a solid overview of your security posture and making sure you’re following industry standards.
These management platforms help you keep an eye on data flows and control access to sensitive information, which helps you avoid potential security risks from negligent insiders or inadequate data protection measures.
Benefits of Using SaaS Management Tools
SaaS management tools are great for boosting operational efficiency in any organization.
They basically give companies a better overview of all their SaaS applications, so they can better understand and manage their software usage and spending.
This full-on visibility is really important because it helps IT managers find applications that aren’t being used or that are no longer needed, which helps them spend less on software and avoid wasting money.
Plus, these tools make it easier to stay secure and on the right side of the rules for all your SaaS apps.
By putting the management of SaaS applications in one place, companies can make sure that security standards are applied the same way, which helps to reduce the risk of data breaches.
This centralized approach also helps companies track and meet all the different regulatory requirements.
Another great thing about these tools is that they make onboarding and offboarding much easier.
Not only does this save time, but it also makes sure that the IT environment stays secure, even when ex-employees still have access to sensitive systems.
Please refer to “Effective SaaS Management Strategies for Optimal Performance,” for how to get those benefits.
Choosing the Right SaaS Management Tool
When it comes to choosing the right SaaS management tool, it’s key to have a strategic approach.
This approach should be customized to your organization’s specific needs, such as scale, budget, existing IT infrastructure, and primary pain points related to managing multiple SaaS applications.
The first thing to do is make sure the tool works well with your existing IT systems, like CRMs or accounting software.
This will help you streamline workflows and centralize data management, which is important for keeping your operations running smoothly and making sure your data is always up to date.
Make sure you can get the data you need from the tool to do your analytics and reporting.
This is a big deal for understanding how people use the software, ensuring you’re getting the best value for money, and deciding whether to renew or cancel your license.
Another important thing to think about is how easy the user interface is to use. If it’s simple and easy to understand, it can really help users to adopt it and make things more efficient.
Customer support is often overlooked but is really important when you’re choosing a SaaS management platform.
It’s really important to choose a vendor that offers responsive and knowledgeable support, especially when you’re deploying new software or troubleshooting complex issues.
And don’t forget to think about the security features of the platform. SaaS environments are particularly vulnerable to security risks, so it’s vital to choose a management tool that offers robust security measures and complies with relevant regulations to protect your data and ensure privacy.
Octobits: Best SaaS Management Platform Crafted Specifically for IT Department & MSPs
If you’re looking for a top-notch SaaS management tool for your IT department or managed service providers, we’ve got just the thing: Octobits.
Octobits was designed with IT departments and MSPs in mind. It’s got a full suite of tools to help you manage, optimize, and secure SaaS usage.
It’s got a central dashboard where you can see what you’ve got in terms of SaaS, how much you’re spending, and how secure it is.
Plus, it’s got automated workflows for things like onboarding and offboarding users.
This platform makes it easy for companies to manage their SaaS investments effectively by providing detailed data and insights.
Conclusion
So yes, the right SaaS management tool can help you save a lot of money and also make sure that your SaaS environment is secure and compliant.
This helps to make sure that these systems are working in line with the business’s overall strategy.
By integrating SaaS management tools like Octobits, you can manage software investments more efficiently, so you know that every application is useful and necessary.
