Best SaaS license management tools for tracking and cost savings

The average high-growth organization often uses 250+ SaaS tools, and therefore, businesses face mounting licensing, compliance and security challenges. They need a bird's eye view of the entire SaaS portfolio to ensure that the appropriate controls and policies are in place.

Gartner says that 25% of the annual SaaS spend is “underutilized or over deployed.”  A SaaS license management tool can address this issue by providing end-to-end visibility, granular monitoring and expense forecasts. By implementing a SaaS license management tool, businesses streamline operations and reduce the burden of tracking and consolidating data for IT, finance and procurement teams. 

In this article, we’ll take a look at the best SaaS license management tools with each product's features and pricing. You can compare them to see which ones suit your business needs and budgets.

Comparison criteria checklist for SaaS license management tools

This checklist will help you evaluate and compare different SaaS management tools.

1. User interface:

• Does the user interface provide the right metrics — expenses, users, usage, sentiment, etc.?
• Can users easily navigate the tool to find what they need to request a new tool, cancel subscription etc.?

2. Scalability:

• Can the tool scale appropriately to handle the needs of businesses of different sizes?
• Are capacity constraints restricting the tool's effectiveness as a business grows?

3. Tracking expenses:

• Does the tool provide a comprehensive way to track expenses for the entire business?
• Can the tool identify which expenses are related to specific teams or projects?

4. Managing subscriptions:

• Is it easy to manage subscriptions for various services within the tool?
• Can users easily track and manage subscriptions for different teams or business groups?

5. Reporting and analytics:

• Can the tool generate reports and analytics to help users make informed business decisions?
• Is the data presented in a meaningful and consumable way?
• Are there any customization options available for reports and analytics?

Top SaaS license management tools 

Managing SaaS licenses can be complicated and time-consuming, but with these top 9 SaaS license management tools, businesses can optimize their SaaS spend and avoid compliance risks.

1. Spendflo

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Spendflo’s all-in-one SaaS buying and management platform centralizes purchase requests, approvals and contracts. With detailed reporting capabilities, you can track how much money is spent on licenses and where it is allocated. It also allows users to track usage and monitor costs in real-time.

In addition, Spendflo helps save upto 30% of your SaaS stack. A team of expert buyers negotiate the right price for the desired SaaS tool using proven negotiation tactics and playbooks. Spendflo also uses benchmark data and insights from the industry to inform its contract negotiations.

Key features

• Provides visibility into all SaaS vendors, making managing and tracking vendor relationships easy
• Enables savings of up to 30% on the SaaS stack with a team of expert buyers and benchmark pricing data 
• Set up alerts to notify you 90-120 days prior to the renewal date, allowing you evaluate usage and make informed decisions
• User sentiment tracking through periodic surveys to inform SaaS buying decisions

Pros:

• Ability to build customized approval workflows 
• Dedicated customer success manager
• Integration with Slack for quicker approvals

Pricing 

Rating - 4.7 ⭐️⭐️⭐️⭐⭐️(70 Reviews on G2)

Checkout Customer Case Studies on how Spendflo is helping companies  save thousands on their SaaS Procurement

1. Learn how Drip Capital achieves 4X ROI & saves 100+ hours in Procurement
2. How Airmeet achieved 3X faster procurement and SaaS spending optimization.

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For more information, get a free savings analysis.

2. AssetSonar

AssetSonar is a cloud-based asset management platform that helps businesses of all sizes to organize, track and report all kinds of technology assets, including SaaS. AssetSonar also provides tools for tracking the life cycle of equipment and managing checkout needs.

Key features

• Customizable workflows 
• Barcode scanning, making it easy to track assets and inventory
• Reporting and alerting capabilities, allowing you to receive notifications when issues arise

Pros

• Offers a combined perspective on cloud and on-premise IT asset management
• Automated discovery tools for tracking and reporting on technology hardware
• Powerful management capabilities to lower administrative burdens related to IT assets
• Securely stores and updates user passwords

Pricing

• $69.99 per month (billed monthly)

3. Zluri

Zluri is a comprehensive SaaS management platform that helps discover and manage multiple SaaS applications. It eliminates shadow IT, discards unused/underused apps and ensures security and compliance. Zluri also provides a single dashboard to optimize, secure and automate SaaS applications.

Key features

• Helps find unused and underused apps and renew licenses
• Automates SaaS app license management with an approval process to minimize spends
• Gives IT teams complete visibility and control over their SaaS stack 
• Provides reliable data that helps IT teams make informed decisions
• Onboards users quickly

Pricing

• Contact the sales team for pricing

4. Zylo

Zylo is a SaaS license management software. Its automation features help companies identify and reclaim underutilized licenses, leading to cost savings and enhanced efficiency. 

Key features

• Offers personalized and actionable usage recommendations with Zylo Insights
• Provides automated workflows to tackle underutilized licenses and maximize investments
• Informs of important changes related to your licenses with Zylo's alerts and notifications

Pros

• Enables tweaking of future contracts based on actual usage data
• Offers a bird’s-eye view of active users, contracts and SaaS spending
• Provides actionable insights to make data-driven decisions

Pricing

• Zylo offers a free demo; contact the sales team for a customized quote

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5. Vendr

Vendr is a SaaS license management software. Its centralization feature keeps all your essential information about people, apps and spending in one place. This ensures that you remain updated and synchronized without juggling multiple scattered resources.

Key features

• Improved contract terms and renewal processes
• Enhanced risk management with automated workflows for employees, teams and vendors

Pros

• Real-time insights into vendor performance to identify contract non-compliance and prevent issues
• Cost savings from preventing overlapping subscriptions and non-compliant usage

Pricing

• Starter - $36,000 (for companies with $400K-$1M annual SaaS spend)
• Growth - $78,000 (for companies with $1M-5M annual SaaS spend)
• Enterprise - $120,000 (for companies with $5M+ annual SaaS spend)

6. Torii

Torii is a cloud-based SaaS license management platform that offers a centralized platform for businesses to track spending across multiple platforms. It has an extensive discovery feature that ensures the most accurate and up-to-date view of a company's SaaS stack and software licenses.

Key features

• Automatic cost-saving recommendations for popular apps like Salesforce, Calendly and Asana
• Simplified vendor management, compliance and spend control 
• Customizable access control and user permissions
• IT workflows for bulk changes, alerts and activity tracking

Pricing

• Torii offers a free demo. Contact the sales team for pricing

7.  Snow License Manager

Snow License Manager is a software asset management (SAM) tool that provides organizations with a unified view of installed software, SaaS and cloud resources. It helps to reduce the risk, cost and complexity associated with software assets and licensing by automating processes with a built-in SKU repository. It also offers reporting features to provide insights into software usage and compliance.

Key features

• Analytics to track software usage, identify unused licenses and optimize your software spending
• Customizable reports on software usage, compliance and cost savings

Pros

• Software recognition database
• Full visibility on hardware, software and cloud assets

Pricing

• Snow License Manager offers a free trial. Contact the sales team for pricing

Conclusion 

Effective license management is crucial for any organization that wants to optimize its software usage and reduce unnecessary expenses. We have explored some of the best SaaS license management tools available today, each with unique features. 

Spendflo is an end-to-end SaaS buying and management solution that stands out thanks to the powerful features and benefits. With Spendflo, you can automate your license management workflows, gain full visibility into your software usage and optimize your license spend. 

Sign up for a free trial today and see how you can save up to 30% of your SaaS spend.

FAQS

Q1. What is a SaaS license management tool?

A SaaS license management tool helps organizations manage and optimize their cloud-based applications and services. It promotes ownership, agility, visibility and accountability of SaaS and software vendors.

Q2. Why do I need a SaaS license management tool?

SaaS license management tools help optimize your SaaS subscriptions, reduce costs and ensure compliance with licensing agreements. It also provides better visibility and control over your software assets.

Q3. What are the key features of a SaaS license management tool?

A SaaS license management tool is a subset of a software asset management that focuses on cloud-based applications and services. It provides better visibility and control over SaaS licenses, including application discovery, optimization and contract renewal.

Q4. How does a SaaS license management tool work?

A SaaS license management tool works by providing businesses with a centralized platform to manage their software licenses. It allows companies to track and monitor license usage, automate license allocation and predict future licensing needs. It ensures compliance with license agreements and helps companies save money by avoiding over-licensing.

Q5. How do I choose the right SaaS license management tool for my business?

Understand how the tool's features and pricing model align with your specific needs. Research and compare different options, considering factors such as user access control, integration capabilities and reporting functionalities. Consider a demo or trial offer to ensure the tool's effectiveness and ease of use.

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