TechEx IoT | Comparing SaaS Tools to Avoid Overspending

The TechEx Global IoT expo has just kicked off in Olympia, London and EM360 has been there to speak with industry experts and business leaders about everything IoT. 

Yesterday we spoke to Peter Butler, Country Manager for UK & Ireland at Sastrify and asked him about the latest trends in Software as a Service (SaaS) and its future within the enterprise landscape. 

4 out of 5 companies overspent on SaaS this year

When asked about which trends are causing companies to overspend on SaaS, Mr Butler noted that “it’s important to understand the difference between overspending and spending in general”

“Overspending can happen when there is a lack of involvement from procurement or finance teams”, whose absence from decisions can lead companies to “not knowing how much [they’re] spending and what [they’re] spending it on”

According to multiple recent surveys, 4 out of 5 companies have overspent on SaaS this year without a viable solution to reduce spending in the coming year. 

According to the Country Manager, this is because “sometimes it can get a bit difficult to maintain a level of visibility on tech stack” without procurements or finance teams involved.  

Minimise spending, maximise profits 

When asked how companies can reduce SaaS spending, Mr Butler highlighted the importance of comparing setups to “at least two other similar tools on every tool purchase or tool renewal.”

He added that companies must “make sure that [they’re] benchmarking against two of their competitors – to make sure they stay competitive in that purchase or renewal process.”

In addition to this, he said it is essential “to make sure that you involve procurement or finance in that process because they are stilled at negotiating and help bring down those costs.” 

For more valuable insights into SaaS overspending, watch the full interview below: