According to a recent survey, over 85% of businesses are now using SaaS products, and the global SaaS market is expected to reach a staggering $716.52 billion in 2027.
With such a high demand for SaaS products, it's more important than ever to have reliable and efficient SaaS procurement software in place.
Yet, with so many options in the market, it's essential for any procurement manager to understand every option available before diving into making decisions.
In this blog post, we'll take an in-depth look at what the SaaS procurement process is, why it is necessary, and dive into the best SaaS procurement software options available on the market today.
What is SaaS procurement?
SaaS procurement refers to the process of purchasing software as a service (SaaS) products for your business.
The process involves:
- Identifying the specific SaaS products your business needs.
- Evaluating the available options.
- Negotiating the terms of the subscription.
- Finalizing the purchase.
The buying process is designed to help businesses identify and purchase the SaaS solutions and services they need to operate effectively and achieve their goals.
By following a structured and systematic approach to SaaS procurement, businesses can make informed decisions and get the best value for their investment.
Why do you need software for SaaS procurement?
SaaS procurement platform streamlines the SaaS buying processes of a business. From the process of raising the request, approving it, negotiating with the vendor, and purchasing it, a procurement solution simplifies the entire process.
Procurement processes are often subjected to bottlenecks and lack of visibility in the process. The requester would have no idea who to direct his request to, and the procurement team would have no idea who should approve the requests. But procurement software prevents all these bottlenecks by making the process more streamlined and transparent.
Furthermore, procurement solutions enable businesses of all sizes to identify areas where SaaS subscriptions can be optimized and provide complete visibility into SaaS contracts across the entire organization.
With procurement software in place, organizations can facilitate better procurement decisions while mitigating risks associated with SaaS contracts.
List of the best SaaS procurement softwares in the market
With SaaS buying platforms becoming increasingly popular, it is essential to equip businesses with the right one.
After researching and reviewing all the available procurement tools in the market, we have put together this list of the best SaaS software procurement services to help businesses make informed purchase decisions.
SaaS solutions on this list include important features such as application discovery, procurement workflows, contract lifecycle management, supplier management, compliance reporting, and more.
With SaaS procurement softwares, organizations can simplify their purchasing process, leverage real-time analytics for better financial forecasting, and stay on top of regulatory requirements with unparalleled precision.
1. CloudEagle
CloudEagle is the premier provider of comprehensive SaaS procurement solutions, enabling businesses to decrease complexity and gain control of their technology investments.
With CloudEagle, companies can quickly get a unified view of all SaaS usage, spending, and risk levels while providing insight into application utilization, cost, and waste. It streamlines communication between suppliers, procurement teams, and finance departments, making the SaaS procurement process more efficient.
Its automated onboarding and offboarding processes ensure that resources are always utilized as efficiently as possible. Furthermore, improved security protocols and compliance enforcement provide peace of mind against potential dark purchasing.
In addition, CloudEagle also offers vendor research components, buying assistance, benchmarking data, and contract management capabilities to enable maximum value from IT investments.
Its ability to maximize savings while automating user license management proves to be beneficial in eliminating maverick spend and streamlining SaaS procurement workflows while keeping operational costs down.
The automated procurement workflows of this tool will make it easier for the procurement and finance team to handle requests and approvals. They don’t need to run behind on approvals as they’ll be automatically assigned to the right stakeholder, and the intake requests can be raised and closed within minutes.
It also comes with Slack integration, where the requester can raise purchase requests from Slack, and they’ll be assigned automatically for approval and sent to the buying team for purchase.
In a nutshell, CloudEagle is an all-in-one automated SaaS management and purchasing platform that can significantly save time, increase the productivity of procurement teams, and deliver cost savings effectively.
Pricing
15-day Free trial available. The plans start at $500 per month. Get a detailed walkthrough of the procurement workflows,
Book a Demo
2. Vendr
Vendr offers a comprehensive product plus a people-powered service that allows companies to buy software at lightning speeds with guaranteed savings. Among the most notable features are a streamlined purchase process with customizable visibility settings, advanced business intelligence capabilities, and cutting-edge APIs.
As user-friendly as it is efficient, Vendr also offers features such as safe document storage and automated workflows with one-click approvals. However, some drawbacks of Vendr include limited data reporting functions and hard-to-navigate tools. Current users also lack functionality such as being able to add comments or notes for buyers, leaving some unnecessary questions unanswered.
Despite these shortcomings, Vendr is still leading the industry’s digital transformation when it comes to software purchases by offering cutting-edge solutions at unbeatable speeds and prices.
Pricing
The starter plan is priced at $36,000 per year.
3. Sastrify
Sastrify is an innovative software-as-a-service procurement service that enables digital-first companies to optimize their SaaS tool and reduce costs.
In particular, its best features include the ability to easily monitor the usage of all SaaS tools across the business, including consolidated billing and automated user license management.
This maximizes visibility and savings, ensuring all cloud products are used efficiently and effectively. Furthermore, it brings central control for teams to manage the distribution of access for their users with just a few clicks.
Sastrify is an all-in-one procurement automation tool that can benefit CFOs, finance teams, and procurement teams. You can use the in-depth app insights to improve your negotiation process or enlist the help of Sastrify's negotiation experts to handle the grunt work while you buy the appropriate app.
On the downside, as usage patterns are still developing in this space, features may be limited in terms of granular insights or full auditability.
Pricing
The plans start at $2,990 per month and $35,880 per year.
4. Zluri
Zluri is an enterprise SaaS management platform (SMP) that gives IT teams the power to control their cloud-based services. This platform provides users with the ability to discover, manage, and optimize their SaaS stack from a single dashboard.
Moreover, Zluri eliminates the need for inefficient processes like manual spreadsheet updates and allows for centralizing data in one place, so teams can utilize it across multiple deployments.
It also has an intuitive user interface where multiple stakeholders can collaborate effectively on projects.
However, its lack of detailed analytics and reports does limit its effectiveness in some cases. Nevertheless, Zluri continues to be a popular choice for larger enterprises wanting to get a better handle on managing their SaaS stack.
Pricing
Contact the sales team for pricing details.
5. Spendflo
Spendflo is a procurement and optimization app for hyper-growth businesses.
Their platform is designed to offer an assisted purchasing experience, streamlined approval workflows, efficient management of contracts, fast-tracked vendor and security compliance, and comprehensive tracking of SaaS usage.
The best features of Spendflo include its customer-centric approach tailored to each business's unique needs as well as its easy-to-use dashboard that makes managing digital product lifecycles simple.
However, one drawback that Spendflo users face is that customer service managers and procurement partners keep changing from time to time.
Despite this challenge, Spendflo is a great solution for companies looking to optimize their digital purchasing processes.
Pricing
Customizable pricing plans based on your annual spend.
6. Zylo
Zylo is a powerful tool that allows companies to maximize the value of their SaaS investments by effectively organizing, optimizing, and automating the automated management process.
It provides IT teams with valuable insights into software adoption rates, expense management opportunities, and usage trends based on aggregated data across departments and users.
Additionally, it allows for customizable workflows and policies in order to ensure compliance and centralize all SaaS-related operations. A notable advantage of Zylo is its intuitive user interface, which makes it easy to find the necessary information quickly and efficiently.
However, one of its drawbacks is that there are currently not enough customization options available for Zylo's app catalog, ultimately limiting how much control an organization has over organizing its technology stack.
Nevertheless, Zylo offers an effective system for managing businesses' SaaS investments and can be a valuable asset to any organization.
Pricing
You can request a customized quote.
7. Tropic
Tropic offers a comprehensive end-to-end procurement solution designed to optimize every dollar of a business' software expenditure.
From streamlining spend management and automating procurement workflows to fully outsourcing procurement and renewals for all SaaS contracts, Tropic can provide maximum value for the organization's money.
However, they may need to contact their support team from time to time to make adjustments to their workflows if anything changes.
Nevertheless, Tropic provides businesses with the edge when it comes to procurement, as it truly is a competitive advantage for those who choose this service.
Pricing
It has customizable pricing plans based on annual spend.
8. NachoNacho
NachoNacho’s benefits are clear: businesses can take advantage of deep discounts on their SaaS subscriptions with virtual credit cards and get access to an expansive marketplace featuring some of the best software out there.
By centralizing these services in one company-wide account, NachoNacho makes it easier for businesses to maintain oversight over their digital investments.
Furthermore, NachoNacho provides customers with free cancellation processes, allowing them to discontinue service at any time.
On the downside of this SaaS procurement solution, a committed business must pay an upfront fee to subscribe and save with NachoNacho's full suite of services.
Savvy customers who take advantage of all that NachoNacho offers will see a definitive return on investment
Pricing
A one-month free trial is available. The pricing plans start at $5 per month.
Conclusion
To stay relevant in the market, businesses have started to use multiple SaaS applications to gain a competitive advantage. So, it's more important than ever to have software in place to simplify your buying process and save time.
With hundreds of SaaS buying platforms in the market, finding the one that fits your procurement needs can be hard. That's why we researched for you and listed the best software for SaaS procurement.
If you're looking for affordable, automated, and the best SaaS procurement software to streamline your procurement process, look no further than CloudEagle. Click here to sign up for a free demo and see how our procurement tool can make it easier for you.
Aside from CloudEagle, Vendor and Spendflo are great options for your SaaS procurement needs. Choose wisely, as this can save millions on your SaaS spend.
FAQs
1. What software is used in procurement?
Procurement software is a type of software that helps businesses streamline and automate their purchasing processes.
Some examples of procurement software include e-procurement software, which allows businesses to purchase goods and services electronically, and SaaS management and buying software, which helps businesses track and manage their SaaS spending and organize their SaaS stack.
Other common features of procurement software include supplier management, procurement workflow automation, and contract lifecycle management.
An ideal procurement software solution can help businesses save time and money by streamlining and automating their purchasing processes.
2. What are the major e-procurement tools?
E-procurement tools are software solutions that help businesses purchase goods and services electronically.
Major e-procurement tools like Coupa and SAP typically offer features such as vendor management, workflow automation, and contract management to help businesses streamline their purchasing processes.
Another e-procurement tool worth considering is CloudEagle. CloudEagle is a cloud-based software solution that helps businesses automate their SaaS procurement processes and improve their overall purchasing efficiency.
With CloudEagle, businesses can easily spot and eliminate duplicate apps, level up their negotiation process, and analyze their SaaS spending data.
