Hudled Blog

5 Things a spreadsheet can’t do to manage your software costs

Spreadsheets are useful, however those columns and rows simply aren’t built to manage everything. When it comes to managing SaaS (software subscriptions), renewals, cancellation dates or usage costs, this issue becomes even more apparent.

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Claudia Graves
Published
August 12, 2020
5 Things a spreadsheet can’t do to manage your software costs

We live in a time where almost every company is trialling and using various software applications to make doing business easier. At the same time, there’s one application that many companies are not willing to steer away from…. spreadsheets.

Spreadsheets are useful, however those columns and rows simply aren’t built to manage everything. When it comes to managing SaaS (software subscriptions), renewals, cancellation dates or usage costs, this issue becomes even more apparent.

Businesses are desperately looking for processes that can save them time and money. Ditching the excel spreadsheet and moving towards an automated management system is just one effective, accurate and simple way to achieve this.

Not ready to commit yet? We’ve outlined the top 5 things Software Management Tools can do, that excel spreadsheets can’t.

1. Fully Automated

How do I keep track of my employees' usage? An automatic solution ensures that all important metrics, such as usage and engagement rates are updated automatically. With a holistic and real-time view such as this, you’ll have a reliable source that provides you with 360 degree visibility and can help you make short or long-term improvements to your SaaS stack.

2. Ratings and Engagement

I want to get my employees more engaged in business decisions. Your employees can become engaged throughout the entire application lifecycle, whether that be from awareness and consideration of a particular application or purchasing a new tool. If your employees are engaged, they are more likely to alert you to new products they’d like to try, or no longer use.

3. Usage Metrics and Updates

Is this application still being used? The question on every CFO’s mind…. and often one that goes unanswered. With real-time data, any application owner is able to see whether a particular application is still being used, whether usage has increased or if there is an unexplained spike in usage. Usage metrics also help you understand if there are dormant accounts operating within the business. When usage increases or decreases, account owners are alerted and can make necessary changes to subscriptions.

4. Key Insights

How can I keep up to date with the latest software applications? An automated solution can provide smart recommendations and tailored pricing options for your subscriptions, based on your usage metrics. Insights may be as simple as switching from a monthly payment plan, to an annual subscription. It does the hard work for you, so you have more time in your day to manage the important things.

5. Currency fluctuation

What happens to my subscription costs when currencies fluctuate? When you have an automated solution in place, you will be notified when the currency specific to a subscription you have, goes up or down. In most cases, subscriptions are paid in USD or your local currency.

We’re looking to on-board new customers to our pilot. If a solution such as this interests you, sign up to receive more information and jump on board.

Written By

Claudia Graves

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