A strategic reassessment of your SaaS subscriptions ensures your tools remain cost-effective, valuable, and aligned with your business goals. By regularly reviewing usage, involving key stakeholders, and leveraging negotiation opportunities, you can maintain a streamlined and efficient SaaS stack.
Establish a Regular Review Schedule
A structured review schedule is vital for staying ahead of
inefficiencies. A quarterly review cadence is often ideal, striking a balance
between proactive management and minimizing disruption.
For example, during a recent quarterly review, I
collaborated with the IT team to analyze the usage of our communication
platforms. We discovered that while Slack was widely adopted for
day-to-day conversations, Microsoft Teams was being used primarily for
its meeting features. This overlap in functionality highlighted an opportunity
to consolidate into one tool, simplifying workflows and reducing costs.
By committing to a regular review schedule, you can catch
similar inefficiencies early and make adjustments before they escalate.
Leverage Usage Analytics
Usage analytics are essential for understanding which tools
are indispensable and which are underutilized. Platforms like SaaSOptics
and Domotz can provide insights into user activity, team engagement, and
overall ROI.
For instance, if you’re paying for an advanced analytics
suite but find that only one department occasionally accesses it, you might
consider downgrading to a less expensive plan or switching to a tool better
suited for that team’s needs. Conversely, high-usage tools may warrant
additional investment to unlock premium features that enhance productivity.
Involve Key Stakeholders
Numbers only tell part of the story, stakeholder feedback
fills in the gaps. Engaging team leads and end-users during the reassessment
process ensures you have a clear understanding of how each tool is used and
whether it meets current needs.
For example, the marketing team might find Canva indispensable
for creating on-brand visuals quickly, while the design team could recommend
adding Figma to support more complex collaboration on design projects.
Gathering input from multiple perspectives ensures your SaaS stack aligns with
actual workflows rather than assumptions.
Perform a Cost-Benefit Analysis
Every SaaS subscription should prove its worth through
measurable benefits. A cost-benefit analysis compares each tool's expense with
the value it delivers.
Consider whether a tool saves time, increases revenue, or
solves critical problems. For instance, an expense management tool like Expensify
might justify its cost by significantly reducing the time finance teams spend
reconciling receipts. However, if a less expensive alternative with comparable
features exists, it’s worth exploring.
Negotiate with Vendors
Many SaaS providers are open to renegotiating terms,
especially for loyal customers or bulk purchases. Vendor negotiations can lead
to substantial cost savings or added value.
For example, during a previous review, I worked with a
vendor to bundle additional licenses for our project management tool, reducing
our overall cost per user. When approaching negotiations, focus on your
long-term value as a customer and explore options like discounts for annual
payments or multi-year contracts.
Eliminate Redundancies
Redundancies often creep into SaaS stacks over time,
particularly as teams adopt new tools independently. Identifying overlap in
functionalities and consolidating where possible is a straightforward way to
cut costs.
For instance, if both the sales and customer success teams
use separate tools for managing customer feedback, explore whether one can
serve both teams’ needs. Streamlining redundant tools reduces expenses and
simplifies training and support efforts.
Future-Proof Your SaaS Stack
Your software needs will evolve as your business grows.
Choose tools with scalability and adaptability in mind to minimize disruptions
as requirements change.
For example, if your company plans to expand globally,
consider whether your CRM supports multi-language options or compliance with
regional data regulations. Similarly, look for tools with robust APIs to
integrate seamlessly into your growing ecosystem.
In one reassessment, I prioritized selecting tools with
strong integration capabilities to future-proof our workflows. This foresight
saved us from costly overhauls as we added new systems.
Conclusion
A well-executed SaaS reassessment strategy is a cornerstone
of efficient operations. By regularly reviewing your subscriptions, leveraging
analytics, involving stakeholders, and negotiating with vendors, you can
optimize your SaaS stack for cost-effectiveness and relevance.
Don’t let your subscriptions stagnate. Instead, treat your
SaaS stack as a dynamic component of your business that evolves alongside your
goals. Regular reassessments ensure you’re investing in the right tools at the
right time, maximizing both value and impact.