Gartner predicts that, by 2025, 51% of IT spending will have moved from traditional, on-premise software to the public cloud. Increasing volumes of asset data, evolving regulations and the need for robust reporting strain the limited time and resources of asset managers.

SaaS asset management can help. It simplifies and streamlines the asset management process by providing real-time centralized visibility, tracking and reporting capabilities. It also reduces the risk of deploying unlicensed SaaS tools, unused software and wastage.  

Moreover, it helps save time by setting up custom workflows through the SaaS management lifecycle and automates processes across procurement, compliance, HR and finance teams.

In this guide, we will take a look at the following:

  • What does SaaS mean for your software asset management strategy?
  • What is SaaS-based asset management?
  • Advantages of SaaS-based asset management software
  • SaaS asset management with Spendflo

What does SaaS mean for your software asset management strategy?

The process of buying software has changed due to the growth of SaaS tools. Globally, it is estimated that end users will spend $597.3 billion per year on public cloud services in 2023, a 21.7% increase from $491 billion in 2022. Couple this with the fact that the average company can use 250+ SaaS tools. 

Thus, due to the uncontrolled sprawl, IT and finance leaders must find ways to optimize SaaS spending. 

As companies increasingly buy more SaaS tools, CIOs and CFOs must manage a larger SaaS spend. A SaaS-based asset management platform can solve this problem.

What is SaaS-based asset management?

SaaS asset management is a business strategy to reclaim the budget and increase savings by actively controlling and automating SaaS procurement, usage and rightsizing of licenses. Companies can track and manage their SaaS licenses from a single dashboard. Thus, they reduce costs, stay compliant and align SaaS usage with business needs. 

SaaS-based asset management also does the following:

  • Assigns ownership and duties
  • Keeps track of maintenance schedules
  • Enables compliance 

Advantages of SaaS-based asset management software

Asset managers prefer SaaS-based asset management software for their businesses because of the following reasons:

1. Convenience and accessibility

SaaS-based asset management software consolidates myriad SaaS tools and licenses in one place. So, the IT/procurement team can monitor asset data, track asset maintenance and manage asset life cycles from a single location.

2. Scalability

SaaS-based asset management is scalable, making it perfect for high-growth businesses. The platform can manage as many tools as you need and adapt to a company’s changing demands.

3. Easy implementation 

Asset managers can start working quickly on a SaaS-based asset management platform, thanks to the user-friendly interfaces and automated setup processes offered by providers.

4. Automatic maintenance and updates

SaaS providers typically handle all updates and maintenance. So asset managers can access policy, price and functionality upgrades in one place and make informed decisions.

5. Integrations with other systems

SaaS asset management platforms also integrate with enterprise resource planning (ERP) and accounting systems, so payments and organizational tracking is well-managed.

SaaS asset management with Spendflo

Companies need visibility into usage, licenses and compliance to manage and control SaaS spending. Spendflo, an all-in-one SaaS buying and management tool, can help you save up to 30% on your SaaS stack. 

You do not have to juggle spreadsheets and emails to track contracts, user access and similar information. Spendflo brings all your SaaS subscriptions and licenses together in a unified view.

Spendflo’s dashboard enables you to monitor and manage your assets, create custom approval workflows and track the SaaS procurement process and renewal dates. 

Get started by trying out Spendflo’s free savings analysis to find out how much your company can save on SaaS.

Vaishnavi Babu
Content
Karthikeyan Manivannan
Design

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