Timely and smart software renewals can help you save time and money. Let’s see how to choose the right renewal management software for your business.
Renewal management is a business process that tracks customer subscriptions and contract renewals. Procurement takes care of orders, trials, payments, discounts, and other activities.
Although renewal management can apply to any type of business, it is most often mentioned in the SaaS space where revenue is generated through subscriptions.
Often, contracts have auto-renewal terms baked in, and companies could be paying for subscriptions even though the usage is low.
With the average company employing 250+ SaaS tools, it is challenging to keep track of renewal dates for every tool.
Thus, a SaaS buying and optimization tool like Spendflo that enables renewal management can help you rightsize your SaaS spending.
Here’s how renewal management software can benefit your company:
A centralized dashboard that provides a comprehensive view of all upcoming renewals, finance, and procurement teams can help you allocate funds more effectively.
This level of insight is crucial for avoiding budget overruns and making informed financial decisions.
It also allows for more strategic planning, as you can forecast your software expenses for the upcoming quarters or even years.
By automating the renewal process and setting reminders for upcoming renewals, the software helps you avoid last-minute scrambles that often result in late fees or rushed decisions.
This proactive approach allows you to negotiate better terms and take advantage of early payment discounts, thereby improving your cash flow.
By automating renewal reminders and offering personalized renewal options based on customer behavior and preferences, you can significantly improve retention rates.
Higher retention rates translate to increased CLV. This is especially important because acquiring a new customer is more expensive than retaining an existing one.
The manual process of software renewal management leads to errors in data entry.
Renewal management software eliminates these inefficiencies by automating repetitive tasks and centralizing data. This frees up your time so you can focus on strategic initiatives to drive the growth of your business.
Wodify, a management software in the gym and studio space, was grappling with a significant challenge: their SaaS data was fragmented across various platforms.
This lack of centralized information made it extremely difficult to manage renewals and optimize costs effectively.
After evaluating several options, Wodify chose Spendflo for its user-friendly interface and efficient onboarding process.
With Spendflo, Wodify was able to centralize all their SaaS data, providing a single source of truth for their entire organization.
Moreover, Spendflo's automated renewal notifications enabled Wodify to engage in proactive negotiations with vendors, leading to better deals and significant savings in both time and resources.
Since it is challenging to manage renewals manually, most SaaS companies choose to use renewal management software like Spendflo.
How should you go about selecting such software?
Conduct a thorough analysis of your company's specific needs.
Do you require advanced analytics or integration with existing systems?
The last thing you want is to invest in software that requires a complete overhaul of your systems.
Make sure the software you choose is easily integrated into your current environment, ensuring a smooth transition and minimizing disruption to your operations.
While it may be tempting to opt for the most feature-rich option, you must take into consideration the overall cost of ownership, including initial purchase, implementation, and ongoing maintenance.
Weigh these costs against the expected ROI to make an informed decision.
Some renewal management software packages are tailored for small businesses, offering simplicity and ease of use, while others are designed to fulfill the complex needs of large enterprises.
Make sure to choose a solution that scales with your business, ensuring you won't outgrow it shortly.
Let’s explore the top five contract renewal management software available:
Spendflo is a SaaS buying and optimization platform that helps companies with a comprehensive suite of tools like renewal management, product discovery, contract management, insights and visualizations, vendor trust metrics, approval workflows, spend analytics, and user sentiment surveys.
Starts at $2500 per month for a business with an annual spend of $250K - $1M
G2 Rating (as of September 2023) - 4.7/5
Vendr specializes in SaaS procurement and renewal management, offering features to help businesses optimize their SaaS spend. They have a suite of tools that allows you to select and approve SaaS vendors quickly and efficiently.
Starts at $36,000 for companies with $400K-$1M annual SaaS spend
G2 Rating (as of September 2023) - 4.6/5
Zylo offers a SaaS management platform that includes robust renewal management features. It helps identify software redundancies, unused licenses, and pricing errors, too.
Non-transparent pricing; contact the sales team for a quote
G2 Rating (as of September 2023) - 4.8/5
Axonius offers a cybersecurity asset management platform that includes renewal management features. If security compliance is a significant concern for your business, Axonius might be the right choice for you.
Pricing is not mentioned on the website. However, a free trial is available.
G2 Rating (as of September 2023) - 4.5/5
CobbleStone offers a contract renewal management software with features to streamline the renewal management process. With its focus on compliance and legal oversight, CobbleStone is ideal for businesses in highly regulated industries.
G2 Rating (As of September 2023) - 4.8/5
Spendflo’s contract management and reporting suite helps you stay on top of your SaaS renewals. You can manage your upcoming contract renewals and upgrades with custom notifications. In addition, you can set the time and frequency of alerts and plan your contracts ahead of time.
Spendflo’s renewal alerts inform you about upcoming renewals 90-120 days in advance, allowing you to manage them proactively.
Talk to our team today to know more.
Our free savings analysis tells you how much you’re guaranteed to save with Spendflo. Learn more about cleaning up and automating your tech stack from our experts.