7 Reasons Why You Should Invest in SaaS Buying Platforms

There are companies that spend months negotiating contracts for a few essential SaaS tools, only to discover post-implementation that some are incompatible with their existing systems. The result? Wasted resources and missed growth opportunities. A hole in their budget is complimentary. 

With just a simple Google search, you come across alarming statistics about how most companies are wasting their SaaS budget. But the real shocker is the extent of this waste. 

Companies with 1000 or more employees throw away at least 30% of their SaaS budget due to inefficient buying processes. That’s a significant chunk of your budget that could be better utilized elsewhere. 

In a world where every business relies heavily on SaaS applications, you’d expect the traditional buying process to evolve, to become more efficient. But instead, it has become more confusing and inefficient, causing unnecessary delays. 

In our last blog, we discussed the challenges of the traditional SaaS buying process and how chaotic they are: sky-high costs, time-consuming negotiations, complex processes, and a lack of expertise. 

This is where SaaS buying platforms come in. These platforms are designed to streamline the SaaS procurement process, making it faster, smarter, and more cost-effective. 

In this blog, we’ll explore nine reasons why investing in a SaaS buying platform will not only help you save money but also a lot of manual effort and time. 

Let’s dive right in! 

1. Systematizing your SaaS buying process 

Without a structured approach, SaaS procurement can become chaotic. SaaS buying platforms help you establish a standardized and efficient buying process. They enable you to evaluate your current tech stack, identifying areas where you might be overspending or where applications overlap. 

More importantly, these platforms implement a structured workflow. This means every SaaS purchase follows a predefined path, ensuring consistency and control. 

They also facilitate collaboration by involving all relevant stakeholders—IT for technical compatibility, finance for budgetary concerns, and security for risk assessment. This approach ensures that each SaaS purchase aligns with your corporate policies and budgets. 

2. Demystifying SaaS Pricing

There are many hidden costs in SaaS pricing. Different vendors offer varying terms, conditions, and pricing structures. This lack of transparency can lead to confusion and, potentially, overspending. 

SaaS buying platforms tackle this issue head-on. They provide clear visibility into the complex details of each contract, helping you understand what you’re really paying for. 

Take Wyzard, for example. It uses collective data and industry benchmarks to determine fair pricing based on your specific needs and usage patterns. This data-driven approach ensures you’re not overpaying. 

Furthermore, these platforms help you avoid common pitfalls. They flag issues like bundled pricing (where you pay for features you don’t need), auto-renewal clauses that can lock you in, and poorly structured scalable contracts that could become expensive as you grow. 

3. Prevents delays and bottlenecks in manual SaaS procurement 

Traditional SaaS procurement often involves manual processes—think spreadsheets for documentation and endless email chains for communication. These methods are inefficient and prone to delays and errors. 

SaaS buying platforms automate tasks, enforce approval workflows, and provide real-time visibility into the procurement process to streamline this lifecycle. 

For example, when a team member requests a new tool, the platform can automatically route it to the appropriate approvers. It can also send reminders, track progress, and flag any bottlenecks. 

This automation extends to various aspects of the buying process—from request creation and approvals to invoicing and vendor management. 

By reducing manual data entry, these platforms also minimize errors. Most importantly, they free up your team to focus on strategic tasks rather than administrative ones. 

4. Pricing democratization 

Did you know that the SaaS industry boasts some of the highest profit margins? This financial cushion allows for flexible pricing. However, when you purchase a subscription directly from a vendor’s website, you’re likely paying the full listed price. Why? Because vendors set their list prices high and are too hard to negotiate with. 

But where does this leave businesses without dedicated procurement teams? Often, they end up overpaying. This is where SaaS buying platforms level the playing field. These platforms aggregate demand from numerous businesses, giving them collective bargaining power. They’ve also built strong relationships with vendors and are their partners, making them more likely to pre-negotiate favourable terms. 

As a result, these platforms can offer you the same SaaS subscriptions at significantly discounted rates—sometimes up to 30% lower than list prices. They’re essentially democratizing pricing, ensuring that businesses of all sizes can access fair, competitive rates. 

5. SaaS buying platforms offer negotiation support 

Negotiating SaaS contracts can be daunting, especially when you’re up against seasoned vendor sales teams. SaaS buying platforms, like Wyzard, don’t just facilitate transactions; they actively support you in contract negotiations. 

Wyzard uses your usage data to analyze your exact needs. It determines what features you require and what you can do without. It also assesses the scale at which you need the subscription and how likely you are to become a long-term customer. 

For example, if you need a high number of subscriptions but require fewer features than what’s offered, Wyzard’s experts use this information to your advantage. 

Moreover, Wyzard uses the power of AI to identify and use collective buying power. Combined with the expertise of seasoned negotiators who understand SaaS market dynamics, this approach secures you better pricing and terms. With Wyzard, it’s almost like you have a team of expert negotiators working tirelessly on your behalf. 

6. Increases transparency to the entire team 

SaaS procurement isn’t a solitary task—it involves various stakeholders: 

• IT evaluates technical compatibility and integration needs
• Procurement manages vendor relationships and contract terms
• Finance oversees budgets and cost optimization
• Legal ensures compliance and risk mitigation

With so many players, transparency is crucial. SaaS buying platforms provide real-time visibility into every aspect of the procurement process across your organization. Everyone can see the status of purchase requests, track approvals, and monitor spending in real-time. 

These platforms offer features that improve accountability and enable informed decision-making. For example, you can see who requested a particular SaaS tool, why they need it, and who has approved it so far. This transparency helps prevent duplicate purchases and ensures alignment with business goals. 

Furthermore, SaaS buying platforms can also help in cross-functional collaboration. IT can comment on technical requirements, finance can flag budget concerns, and legal can highlight contractual issues—all within the same platform. 

7. Prevents shadow IT and unauthorized purchases 

SaaS Shadow IT is a growing concern. It refers to the practice of employees or departments using SaaS applications without IT’s approval or knowledge. While often well-intentioned—people seeking tools to work more efficiently—Shadow IT can have serious consequences. It can introduce security vulnerabilities and lead to unnecessary spending. 

Similarly, unauthorized SaaS purchases outside the official procurement process are problematic. They can result in: 

• Redundant tools, as different teams unknowingly buy similar applications
• Budget overruns, as these purchases often bypass financial controls
• Data silos, as these tools may not integrate with your main systems 

A SaaS buying platform is your defence mechanism against these risks. It helps you:

• Centralize procurement, making it the go-to place for all SaaS needs 
• Control the process with enforced approval workflows 
• Set up proactive alerts that notify IT or procurement when someone attempts to purchase a new tool 

By channelling all SaaS requests through this platform, you significantly reduce Shadow IT. Employees have a clear, user-friendly path to request the tools they need. At the same time, your organization maintains control, ensuring each purchase is assessed for compliance and cost-effectiveness. 

Buy your SaaS with Wyzard to save time and money! 

Over 90% of organizations believe that SaaS drives revenue growth. There was indeed a time when SaaS products used to be a trend, but now, one can’t imagine running a business without them. 

However, the path to acquiring these tools doesn’t have to be filled with complexity and overspending. SaaS buying platforms offer a smarter, more efficient way. 

Enter Wyzard. From discovery to deployment, Wyzard streamlines every step. Its advanced features help you discover the perfect tools that align with your needs. When it comes to negotiations, Wyzard’s experts know how to secure you the best deals. You’ll also appreciate its comprehensive pricing transparency and side-by-side comparisons, ensuring you make informed decisions. 

But Wyzard’s value extends beyond the purchase. It offers robust management tools to optimize your SaaS stack continually. It proactively identifies cost-saving opportunities, such as unused licenses or features you’re paying for but not using. This ongoing optimization ensures your SaaS investments constantly align with your evolving business needs. 

Book a demo with Wyzard today and experience it firsthand!