In today's fast-paced business environment, software as a service (SaaS) has become an essential part of daily operations for companies of all sizes. However, managing software subscriptions can be a complex and time-consuming task. As a result, businesses are turning to SaaS procurement solutions like Derive’s Procurement Hub to streamline their internal software purchasing and renewal processes. To achieve successful outcomes, it's important to understand the key levers that can be used. One of these levers is effective collaboration with stakeholders during a SaaS renewal or purchase.

In this post, we'll discuss the benefits of business wide collaboration during a SaaS renewal or purchase and how it can improve your overall procurement process. We'll also provide some tips on how to get started with stakeholder collaboration.

Why Collaborate with stakeholders during SaaS Renewals and Purchases?

SaaS renewals and purchases can have a significant impact on a company's bottom line. According to a recent study, the average business with 75 employees spends around $343,000 per year on SaaS subscriptions. If left unchecked, this spending can quickly spiral out of control. However, collaborating with stakeholders can help mitigate this risk and ensure that you're making the right purchasing decisions.

1. Improved Decision-making

Collaborating with stakeholders during a SaaS renewal or purchase allows you to leverage the expertise of different departments within your company. For example, your finance team may be able to provide insights on the financial impact of a particular subscription, while your IT team may have a better understanding of the technical requirements of the software. By bringing all these stakeholders together, you can make a more informed decision that takes into account the needs of the entire organisation.‍

2. Better Cost Management

Collaborating with stakeholders can also help you better manage your SaaS costs. By involving stakeholders in the procurement process, you can identify subscriptions that are no longer necessary and eliminate them. This can result in significant cost savings for your company. Additionally, by involving stakeholders in the negotiation process, you can ensure that you're getting the best possible deal from your vendors.‍

3. Increased Adoption

Collaborating with stakeholders can also help increase adoption of new software. By involving end-users in the decision-making process, you can ensure that the software you purchase meets their needs and is easy to use. This can help reduce resistance to change and increase adoption rates.

How to collaborate with stakeholders during SaaS Renewals and Purchases

Collaborating with other business units during SaaS renewals and purchases can be challenging, especially if your organisation has a large number of stakeholders. Here are some tips to help you get started:

1. Identify Key Stakeholders

The first step in collaborating with stakeholders is to identify who they are. This can include representatives from finance, IT, procurement, legal, and end-users. It's important to involve stakeholders who have a vested interest in the outcome of the procurement process.

2. Define Roles and Responsibilities

Once you've identified your stakeholders, it's important to define their roles and responsibilities. This will help ensure that everyone knows what's expected of them and who they need to communicate with throughout the process.

3. Establish a Communication Plan

Effective communication is key to successful stakeholder collaboration. Establish a communication plan that outlines how and when stakeholders will be updated on the procurement process. This can include regular meetings, email updates, and status reports.

4. Leverage Technology

Technology can be a powerful tool for stakeholder collaboration. Solutions like Derive’s Procurement Hub allow stakeholders to collaborate in real-time, share documents, and provide feedback. Additionally, these tools can provide insights into your SaaS spending, which can help you identify areas for cost savings.‍

5. Set Clear Goals and Expectations

It's important to set clear goals and expectations for your stakeholders. This can include timelines, budgets, and desired outcomes. By setting clear goals, you can ensure that everyone is working towards the same objectives.

6. Encourage Feedback and Discussion

Encouraging feedback and discussion can help ensure that all stakeholders feel heard and valued. This can lead to more productive discussions and better outcomes. Additionally, feedback can help identify potential roadblocks and allow for course corrections before they become major issues.

7. Document Everything

Documenting everything is key to successful stakeholder collaboration. This can include meeting minutes, emails, and status reports. By documenting everything, you can ensure that everyone is on the same page and that decisions are well-documented.

Conclusion

Collaborating with stakeholders during SaaS renewals and purchases can lead to better decision-making, improved cost management, and increased adoption rates. By involving stakeholders from different departments and leveraging technology, you can ensure that your procurement process is streamlined and effective. Remember to set clear goals and expectations, encourage feedback and discussion, and document everything to ensure success.

At Derive, we understand the importance of stakeholder collaboration during SaaS renewals and purchases. That's why we developed Procurement Hub, a set of capabilities that allows stakeholders to collaborate in real-time and streamline the procurement process. Our platform provides end-to-end visibility into your SaaS spending, allowing you to identify areas for cost savings and make informed purchasing decisions. Contact us today to learn more about how Procurement Hub can help your business streamline its processes and create better outcomes.

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