Six best renewal management software platforms
Discover the six best renewal management software tools, including the top features, pros, and cons of each, so you can choose the right platform for your needs.
Managing contract renewals manually is a recipe for disaster.
Contract teams at large organizations manage as many as 19,000 contracts per year. Ninety-nine percent of organizations – regardless of size – report that managing current contracting workloads is challenging.
Procurement teams must equip themselves with a powerful renewal management software platform to manage the process effectively and efficiently.
Discover the six best renewal management tools, including the top features, pros, and cons.
Six best renewal management software solutions
Vendr is the SaaS buying platform that pays for itself. Renewal management is just one of the features procurement leaders use to reduce costs and improve ROI on SaaS spending.
Top features of Vendr
Vendr’s top features include:
- The most extensive data set of SaaS buying transactions in the industry
- Assistance with sourcing and negotiating new software contracts
- Notifications for upcoming renewals
- Overlapping spend alerts
- Automated procurement and renewal workflows
Pros of Vendr
The most significant benefit of using Vendr to manage software renewals is the amount you’ll save on the SaaS bottom line. Our plans come with savings guarantees that meet or exceed your annual investment.
The vendor management dashboard with Vendr gives you a real-time view into supplier relationships, allowing at-a-glance monitoring of
- Current spending with each vendor
- Contract expiry dates and contract statuses
- Real-time savings updates
But Vendr is more than just a platform for storing and updating SaaS contracts. We also have a dedicated team of SaaS buying experts to help you get the best out of your vendor relationships.
They provide support from the strategic sourcing phase to contract negotiation and assist with renewals so you can refocus your energy on procurement strategy and management.
Vendr has three pricing tiers:
- Starter: From $36,000 a year with a $36,000 savings guarantee
- Growth: From $78,000 a year with a $156,000 savings guarantee
- Enterprise: From $120,000 a year with a $360,000 savings guarantee
Dive into Vendr today and discover how much you could save on your next SaaS contract renewal.
Axonius is a SaaS and cybersecurity management tool that offers renewal management as part of its software licensing control suite.
Top features of Axonius
Key Axonius features include:
- Identification of shadow SaaS spend
- Redundant application notifications
- User license monitoring and reports
- Detailed calendar for monitoring software contract renewals
Pros of Axonius
Axonius goes beyond simply managing renewals by providing an all-inclusive support system for license management.
For instance, by looking into license utilization, IT teams identify opportunities for immediate cost savings by reducing their user count.
Cons of Axonius
Some users note that the graphs and reports in Axonius could be better presented.
Speak with a sales rep at Axonius to access pricing.
Cobblestone is a software company that sells a variety of contract management tools and procurement solutions, one of which is a renewal management platform.
Top features of Cobblestone
The top features of Cobblestone’s renewal management software include:
- Local and federal contract compliance tools
- Custom reporting
- Online bidding and sourcing support
- Inventory management add-ons
Pros of Cobblestone
Cobblestone offers a variety of products that are helpful for procurement leaders, like electronic signatures and contract management solutions.
As you’d expect, these tools all work together smoothly. This not only improves the user experience but allows you to reduce the number of vendor relationships you have in play.
Cons of Cobblestone
The Cobblestone suite is a complex product. Some users find the learning curve quite steep.
Additionally, Cobblestone doesn’t appear to offer tailored support during the negotiation and renewal stages, which puts it at a disadvantage to platforms like Vendr.
Cobblestone does not actively advertise pricing. They design packages on a custom basis.
Icertis is a contract management software tool. Their software includes several helpful features for monitoring and controlling contracts, including renewal management.
Top features of Icertis
Icertis’ top features include:
- Customizable reporting dashboards
- The ability to link contracts to financial and performance metrics to assess results and calculate ROI
- Approval workflows
Pros of Icertis
Icertis has a built-in analytics suite, so you can pull helpful insights that aid in negotiating better contracts and improving supplier relationships.
Their end-to-end procurement process tools help speed up aspects of software license renewals like approvals and RFP (request for proposal) management. Icertis also includes AI-powered recommendations to assist with discovering new potential vendors and negotiating favorable terms.
Cons of Icertis
Icertis is a complex tool best suited for enterprise-level companies that can take advantage of its robust feature set. Smaller procurement teams report working with Icertis to be challenging.
Additionally, Icertis’ features tend toward contract management from the perspective of a seller rather than a buyer. As such, Icertis might not be the most straightforward solution for managing renewals with your software vendors.
Icertis provides custom pricing based on their client’s requirements.
LogicManager offers a variety of software solutions designed to help IT teams manage SaaS risk.
Contract lifecycle and renewal management are two of those solutions.
Top features of LogicManager
LogicManager’s most helpful functionality includes:
- Automatic notification of contract renewal dates
- SLA (service level agreement) monitoring to ensure contract compliance
- Automated risk assessment of vendor contracts
- Helpful reporting dashboard to understand bottom line impact
Pros of LogicManager
Finance team stakeholders enjoy LogicManager’s customizable approval workflows and visibility rules.
LogicManger’s account analysts provide support to help you get the most out of the product and identify areas for improving your risk mitigation process.
Cons of LogicManager
LogicManger’s feature set is quite clearly aimed at reducing risk rather than growing vendor relationships as a whole.
For instance, they don’t appear to offer overlapping spend analysis as a feature.
LogicManager pricing is custom-built to your company’s specific requirements.
Insight is a complex product that offers renewal management, risk mitigation, and cybersecurity functionality.
They sell hardware and software and also offer consulting services.
Top features of Insight
Insight’s top features include:
- Customizable reporting dashboard
- Upcoming renewal notifications
- Integration with the Cisco software suite
Pros of Insight
Insight’s spend reporting tool helps you to budget effectively, taking into account the potential impact of upcoming renewals.
Their customizable contract management dashboard allows you to build a personalized real-time report, drilling down to the level of detail you require without having to trawl through various reports.
Additionally, Insight’s consulting service allows you to outsource aspects of the procurement process, making purchasing new software tools much more efficient.
Cons of Insight
Insight’s user interface is a little outdated, which doesn’t bode well for user experience.
Additionally, some users cite poor customer support as the primary reason for jumping ship.
Insight does not advertise pricing.
Vendr: Making the SaaS renewal management process painless
For finance and procurement leaders managing more than a handful of relationships, renewal management software is a no-brainer.
It helps streamline the renewal management process through automated approval workflows, and it utilizes upcoming renewal notifications to ensure you never miss a renegotiation opportunity.
To manage software license renewals effectively, you need a SaaS-focused renewal management tool and a support team that understands the software landscape.
Vendr’s team of SaaS buying experts helps with just that. Find out how much you could save with our free software savings analysis.