Selecting the best SaaS Spend Management software for your small business can be a daunting task when there are so many options. Moreover, no one has the time to weigh all of the pros and cons of every software before settling on one. To help you out, we at SaaSworthy have compiled a list of the top 6 best SaaS spend management software for small businesses in 2021.
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What is SaaS spend management software?
SaaS spend management software are sets of tools for managing and controlling SaaS expenditures. By improving transparency over SaaS subscriptions, they aid in the elimination of hidden costs and inefficiencies associated with SaaS licenses.
With SaaS spend management software, you can gain clear insights into your organization’s cloud-based spending, control expenses, conduct informed renewal negotiations, and safeguard all SaaS-based apps.
They simplify SaaS contract management, monitor expenditure, forecast the cost of SaaS subscriptions, manage SaaS license or renewal, and monitor product utilization. These software also assist businesses in identifying overlap, ensuring that no organization is paying for several subscriptions to identical services that are not required.
The top 6 SaaS spend management software for small businesses in 2021
Given below in detail, along with their various features and limitations, are the top 6 best SaaS spend management software for small businesses in 2021. All of these software are free or low-cost options, making them a safe investment for small businesses.
1. G2 Track
G2 Track is a SaaS spend management software that allows you to manage software stacks and related licenses, contracts, and costs more effectively with strong insights. G2 Track, a product of g2.com, gives you practical data to help you make smarter software decisions and confidently manage every area of your software investment. G2 Track is SaaSworthy’s top choice as the best free spend management software for small businesses in 2021.
The various features of G2 Track include-
- You get a complete idea of your SaaS stack with 360° stack visibility. You can identify software overlap and remove tools from your stack that do not belong there.
- Its on-demand surveys help to drive inclusive software selections and more rewarding employment. You can save money while still being prepared to address employee demands at the vendor negotiation table.
- G2 Track’s Contract Concierge relieves you of the burden of contract paperwork, renewal dates, and overage charges.
- It provides you with quick access to subscription, contract, purchase, and compliance information all in one place.
The limitations of G2 Track are-
- The initial setup can be time-consuming.
- It has a fewer number of direct integrations when compared to similar SaaS spend management software.
2. Torii
Torii is a SaaS spend management software for small businesses that enables them to reclaim control of their IT operations, eliminate wasteful spending, and operate IT more efficiently. Torii automates your business’s SaaS application discovery, spend optimization, operations, and compliance and also provides a single point of management for SaaS. It also assures the security and compliance of their SaaS stack.
The various features of Torii include-
- Its automated security and compliance safeguard your business by providing completely automated risk assessments, SaaS audits, security warnings, and the most recent information on app vendor compliance.
- Torii automates SaaS-related procedures, relieving IT of the load with an application catalog and software utilization, and thereby optimizing employee lifecycle.
- It provides you with transparent information about SaaS app consumption, waste, spend, risk level, and pricing. It also provides you with tools for vendor management, license management, and chargeback reports.
- You can effortlessly detect and control your SaaS spend with a consolidated view of applications, providers, and licenses with its end-to-end SaaS spend management.
The limitations of Torii are-
- It has a steep learning curve that can be challenging for beginners.
- Its dashboard provides very little information, and its reporting tools are limited.
3. Blissfully
Blissfully is a SaaS management software that assists IT professionals in monitoring and managing business applications throughout the business. Blissfully organizes, automates, and secures every part of your IT stack.
Administrators can generate budget estimates, review quarterly spending for apps, and obtain financial insights by analyzing spend data using Blissfully’s usage and spend tracking capability. Blissfully is one of SaaSworthy’s top recommendations if you are looking for the best SaaS spend management software for small businesses.
The various features of Blissfully include-
- Blissfully can assess your SaaS cost and app use based on the stage of your business using data from thousands of businesses.
- It gives you the ability to see bills, organize license renewals, keep track of compliance by preparing for your next audit, and design any approval procedures.
- You may evaluate your SaaS apps by determining who among your staff uses each one and how much you pay on each particular app and license.
- You can monitor your vendor spend and usage of a software by team and department over time and find any significant patterns.
The limitations of Blissfully are-
- The user interface can lag and take some to respond to inputs occasionally.
- The reporting tool is missing some functionalities and needs more options.
4. Genuity
Genuity is a free SaaS spend management software for small businesses and IT professionals that helps them in navigating the IT market, optimizing their technology investment, and improving their bottom line.
It allows them to gain visibility, control, and information to discover possible cost-cutting options. Through software and community, it is enabling businesses to make educated decisions about the software that powers vital operations.
The various features of Genuity include-
- It provides you with a bird’s-eye perspective of your SaaS and vendor expenditures so you can spend more wisely.
- It keeps track of vendor spending, goods, cloud computing, and other things. You can easily find opportunities to cut costs and save by removing unwanted apps.
- Charting your expenditure over time allows you to uncover patterns and identify savings possibilities. It makes you aware of where your money is going so that you may optimize your spending.
- You can streamline your vendor spend and save money by delving into cloud use, licensing information, product usage, billing patterns, and contract data.
The limitations of Genuity are-
- It lacks additional SSO features with Azure AD integration.
- The user interface is clumsy, and navigating through it can be challenging.
5. Productiv
Productiv is a SaaS Management Platform that leverages intelligent data to enable proactive governance, boost operational velocity, and create tailored employee experiences. It provides a comprehensive view of your SaaS portfolio and improves employee software experience.
Productiv brings together IT, Finance, and Business leaders to better assess application uptake, boost corporate efficiency, and minimize SaaS expenses. Productiv is undoubtedly one of the best SaaS spend management software for small businesses in 2021.
The various features of Productiv include-
- Productiv tracks user interaction with SaaS apps, allowing you to determine which apps are most beneficial to your business.
- Productiv integrates with HR software like Workday to determine who is using a SaaS software, which features they are utilizing, and how frequently they use the software.
- It can make it easier for your staff to discover apps and make personalized app suggestions. It also helps streamline and automate the app request process for your employees.
- It can detect ungoverned apps in your IT environment and send notifications on app compliance violations and drift promptly and proactively.
The limitations of Productiv are-
- Productiv is not yet connected with all of the SaaS tools.
- It lacks some native plugins and integrated reporting features.
6. Zylo
Zylo is a top SaaS spend management software for small businesses that enables them to find, improve, and administer their SaaS applications while improving employee experience. Zylo’s enterprise-proven technologies and unrivaled SaaS Management skills are trusted by businesses of all sizes to optimize over 30 million SaaS licenses.
Zylo’s AI-powered Discovery Engine has analyzed over $7 billion in SaaS spend and gives actionable insights to help you improve your SaaS portfolio swiftly.
The various features of Zylo include-
- The machine learning model in Zylo’s Discovery Engine provides nearly 100% accuracy, assisting enterprises in discovering an accurate perspective of any SaaS application.
- Employees can see what company-approved software is accessible to them, what software they should use to suit certain needs, and how to access it.
- Zylo’s AI-powered matching model detects apps that have gotten past expenditure or single sign-on regulations by being miscategorized or incorrectly written, either mistakenly or intentionally.
- Zylo’s App Catalog allows you to provide IT-approved SaaS applications to your users, so they don’t have to rely on unauthorized sources.
The limitations of Zylo are-
- It supports a limited number of integrations and application APIs.
- The importing and exporting of third-party data to and from Zylo is not supported.
Conclusion
We hope that we were able to throw some light on the various SaaS spend management software for small businesses available in the market. You should also note that all of the software mentioned above are scalable and can grow along with your small business. You can pay as per your needs to unlock the additional features in case you require them in the future. You should now be able to choose a SaaS spend management software best tailored to your needs.
For more informative articles like this one detailing the features and limitations of the top software in each category, visit the SaaSworthy blog.
