Take back control of your software spend with Vendr

Spend Management

Get unparalleled insight into your software expenses with Vendr and learn how to understand your SaaS spending better.

Vendr | Spend visibility across your software stack
Written by
Vendr Team
Published on
February 17, 2023
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Managing software expenses and optimizing software spend is critical to running a successful organization. With so many different applications, licenses, and subscriptions, gaining a comprehensive view of where your money is being spent can be challenging.

That's where Vendr comes in. With real-time SaaS spend visibility, Vendr helps maximize your software investments.

Vendr's Contracts acts as an organizational foundation for your software stack, storing data for the entire organization's SaaS in a system of record. Contracts allows you to view and manage your past and present contracts in a single tool. Sort, filter, and create custom views of your information to recognize spending patterns, proactively manage software expenses, and minimize compliance risks.

Leveraging this tool allows you to gain unparalleled insight into your software expenses. Here, we'll explain how Contracts can help you better understand your SaaS spending and provide strategies for optimizing it.

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Data visibility is key

The first step in optimizing your software spend is gathering data points around your organization's software. This includes understanding what products you're paying for, if your subscriptions auto-renew, what type of usage you're paying for, and how your company's utilization is trending.

However, this data is often spread across multiple systems - spreadsheets, finance and accounting systems, contract databases, and asset management tools, making it difficult to get a comprehensive view. With Vendr, you can access these data points within our platform, aligning your software spending with your software usage.

Utilizing Contracts as your primary data repository

With Contracts, users can create a centralized system of record for their organization. Securely store all contracts into one organized repository, and extract critical information for compliance and tracking.

With all your contract data in one place, you can quickly identify areas to optimize your spending and make data-driven decisions about renewals and future purchases.

Find opportunities to get more value for less money.

Once you’re armed with a complete picture of your software spend, you can identify opportunities for contract optimization and savings.

Contract optimization involves looking at existing agreements for each of your applications to determine if you can manage your stack more efficiently. Uncover instances of duplicative spending and pinpoint potential savings through renegotiations, upgrades, or downgrades in service packages offered by suppliers.

Optimizing month-to-month vs. annual contracts

When optimizing your software spending, be sure to thoroughly analyze your current subscription models, which may include annual or pay-as-you-go plans.

Predicting software expenses isn’t always straightforward. Some software is purchased as an annual contract at a fixed price, while some month-to-month subscriptions can result in variable costs based on usage. If a product has a dynamic pricing model based on what you use, then it is difficult to know your end cost.

If a supplier uses dynamic pricing models, it’s crucial to monitor what you're actually spending. Make sure you're not using more than you need (maybe some people have access that shouldn't). Try to negotiate discounts when appropriate -- annualize monthly agreements, or get volume discounts, and potentially lock in future discounted pricing.

In a re-negotiation, consider the following: Do you need to scale back usage? Do you need to negotiate better terms and pricing? Can you annualize your agreement? Do you need to look at alternative solutions that aren’t so expensive?

Vendr saves you money by optimizing your spend

By consolidating all software suppliers into a single system of record, Vendr provides a centralized source of truth that protects organizations from lapsed renewals, duplicative purchases, and shadow spending – ensuring that your organization is getting the tools they need at the best value.

One of the key benefits of using Vendr is improved spend visibility, which allows you to understand your entire suite of contracts. Identify overlapping tools, or underutilized software, and quickly consolidate your software stack to save costs. Vendr also provides a high-level view of SaaS spending across the organization, and deep insights into specific supplier usage to help organizations make data-driven decisions about their software purchases.

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Vendr Team
Vendr's team of SaaS and negotiation experts provide their curated insights into the latest trends in software, tool capabilities, and modern procurement strategies.

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