Intuitive new platform proven to save money for 100 percent of customers at an average 5X ROI
SaaSTraxTM, an automated subscription tracking platform, today announced the official launch of its SaaS management platform (SMP). The software is designed to transform how companies manage and optimize the growing number of cloud-based applications purchased in the workplace – whether by individuals or departments . It helps companies navigate the rise of the subscription economy.
SaaSTrax provides companies visibility into the often decentralized, employee-driven purchases of cloud-based software, identifies idle or underused software licenses, and provides critical insights and analytics to inform purchasing decisions and contract renewals. It brings an entirely new approach to managing subscription software that creates enormous value for companies, their employees, and the software providers serving them.
The challenges companies face with managing an ever-increasing number of subscription-based software licenses is significant — in terms of dollars, distraction and duplication. SaaSTrax securely queries bank and credit card transactions to identify recurring payments and gives immediate insight to potential cost saving opportunities such as duplicate vendors, free trials that accidentally became active accounts, and un-cancelled subscriptions.
It gives instant visibility into a company’s database of subscriptions to clearly identify wasted money, cost-saving opportunities, expiration notifications, and a breakdown of burn by department and user. A user-friendly dashboard paints a picture of where a company’s costs lie and where it can start saving money by eliminating underutilized subscriptions.
“The enterprise cloud has driven exponential SaaS growth, while revolutionizing the way software is purchased and deployed. There is a clear need for a product designed specifically to help companies manage all of their SaaS applications,” said Rob Finlay, CEO and founder, SaaSTrax. “A lack of visibility into my own portfolio’s SaaS spending was the impetus to create an all-in-one solution to track, optimize, and benchmark cloud software subscriptions.”
Companies using B2B software now enjoy greater purchasing flexibility and much-improved user experiences, resulting in increased procurement agility. Forrester Research estimates 30 to 40 percent of cloud-based applications are utilized on an unsanctioned basis. Moreover, the average organization uses 1,935 unique cloud services, an increase of 15% from last year. Most organizations think they use about 30 (McAfee).
While some of these SaaS tools are benign, others are potentially malicious and can cripple an organization. Inspired by the skyrocketing costs of subscriptions, the SaaSTrax dashboard enables companies to have a comprehensive view of their organization’s SaaS ecosystem, discover and capture cost savings, and initiate real governance over the hundreds or thousands of SaaS applications and devices being used.
"SaaSTrax is a fully automated SaaS spend optimization solution. Our technology’s integrations and audit capabilities help you track SaaS expenditure and optimize ROI of your cloud-based software subscriptions, said Aynsley Brockway, COO, SaasTrax. “To date, our customers are witnessing an average 5X ROI by eliminating unapproved or orphaned software subscriptions.”
SaaSTrax product features include:
SaaSTrax is offered to companies of varying sizes. Yearly licenses are available at Starter, Professional, and Enterprise levels. The platform’s financial integrations give users the option to connect a company’s bank and credit card accounts via the Plaid platform.
SaaSTrax is a comprehensive SaaS management tool that enables companies of all sizes to monitor and manage their subscription ecosystems. Founded by serial entrepreneur Rob Finlay, it allows organizations to fully understand and govern the array of SaaS applications and services they use via a single dashboard while reducing spend on SaaS subscription costs. The solution is proven to find and save customers on average $10,000 in subscription waste.