What is a Software Spend Management Platform?
A SaaS management platform (SMP), like FinQuery’s Software Management platform formerly known as StackShine, enables organizations to discover, manage, automate, and optimize their software applications in a central administration console.
These software spend management tools provide full visibility into software costs and usage at an organization and are critical to software spend optimization.
An SMP complements a software asset management solution by providing continuous SaaS discovery, and aggregating access, usage, and administrative information, like financial, contract, and governance data, into a single dashboard.
How Do Software Spend Management Tools Help?
- Which software applications are being used
- How and to what extent they are being used
- Who has access to them
FinQuery’s Software Management platform is a software spend management platform that automatically detects your organization’s software applications, eliminating shadow IT and mitigating software sprawl. With direct integrations, browser extensions, and plug-ins, FinQuery Software Management works with the tools you already have to provide full visibility into your software usage and help you manage your software portfolio.
Software Spend Management: Why Now?
For many organizations, SaaS, or software as a service, is one of the top three expenses on their income statement and includes over 125 different applications on average. On a per-employee basis, software costs slightly more than $1000 per employee annually and is growing at a rate of 15-20% per year according to Gartner.
Don’t think you’re one of those organizations? You may be surprised. Because software subscriptions are so prevalent and affordable at the individual level, they’re often purchased on an employee p-card to solve an individual or functional team problem. In fact, Gartner posits that the average IT team is only aware of one-third of the software applications in use at their organization. All those unknown apps are considered shadow IT and are attached to shadow contracts and shadow spend.
While these purchases are usually made with good intent and are not financially material on their own, they add up – to big dollars and potentially big headaches in aggregate. Software that has not been approved by IT may come with security risks. Software licenses purchased without the finance or IT team’s knowledge may become zombie subscriptions the organization pays for but no one uses because no one remembers they have them. Purchasing software outside the normal procurement process may also lead to duplicate or redundant subscriptions across teams resulting in less favorable pricing because there was no central negotiator and no bulk discounts.
These issues have led many organizations to seek out software spend management software, like FinQuery’s Software Management platform, to get better visibility and control over their software tech stack. These software spend management platforms help companies discover, track, and optimize their software to mitigate risk, unlock savings, and improve efficiency.
FinQuery’s Software Management Platforms Features
A centralized and convenient way for employees to request software access enables license management.
Get notified of new subscriptions, upcoming renewals, unusual charges, and more for proactive SaaS spend optimization.
View spending, usage, activity, and licenses at aggregate and department levels to effectively manage software subscriptions.
Security & Compliance
Visibility into software usage enables you to better monitor security and comply with data governance rules.
Automatically remove employees from integrated software for easy SaaS administration and see exactly where to remove loose-end access.
Invite workspace administrators to collectively manage vendors, uncover expenses, track licenses, and a lot more in one SaaS management platform.
See the timing of past and future software expenses for simple budgeting and efficient cash flow forecasting.
FinQuery automatically detects your organization’s software applications, eliminating shadow IT and mitigating software sprawl.
Create a repository for all the contracts, invoices, and files you need when reviewing a vendor in a centralized SaaS management tool.