Productiv’s tech saves $130k/yr on software renewals

By Ilkhan Ozsevim

Produtiv’s techs saves 130k a year on software renewals

Productiv’s new data-driven procurement tech helps companies save up to US$130k annually on software renewals

Productiv has launched its App Procurement Hub to help businesses reduce the complexity and stress involved in software procurement.

The new solution replaces manual activities with automated, customizable and no-code workflows that can be created within minutes.

It also enables procurement teams to decrease time spent on renewal preparation by up to 75% by the third year, according to a recent Forrester study.

The product aligns stakeholders around trusted insights, allowing them to negotiate using granular usage data, recommendations, benchmarks and vendor intelligence.

The App Procurement Hub provides a single source of truth, saving companies up to US$275K in licence costs annually, and customers can also use insights based on benchmarks, vendor intelligence, app usage data and licence recommendations to negotiate confidently and save over US$130K annually.

Procurement teams are under pressure to optimise costs, but they often struggle with hundreds of SaaS applications, dozens of cross-functional procurement stakeholders and siloed, disconnected software procurement processes.

The App Procurement Hub helps businesses transform these processes into automated, customisable workflows within minutes. It also provides a frictionless software procurement experience at a time when businesses are struggling with more complex portfolio rationalisation decisions.

The App Procurement Hub offers a range of capabilities, including a no-code workflow builder, app renewal requests, a two-way integration with Slack, app intake requests, and vendor risk assessments. The solution allows for better alignment around notifying, collaborating and discussing application purchases or renewals in Slack channels.

A dedicated Slack channel is automatically created when the app renewal is initiated, and two-way updates between Slack and Productiv keep discussions, documents and task statuses in sync.

According to Alok Ojha, chief product officer of Productiv: “Our App Procurement Hub changes the game by enabling companies to easily automate procurement processes, align stakeholders around trusted data and better negotiate using our unique insights with usage data, recommendations, benchmarks and vendor intelligence.”

Key capabilities of the App Procurement Hub include:

Workflow builder: This no-code workflow builder enables companies to easily create workflow templates for intakes, renewals and other processes – something that otherwise could take months for IT to prioritise and implement – without the need for expensive licensing in other tools. Workflows can be integrated with ticketing, contract management, ERP and vendor assessment systems.

App renewal requests: Unlike other solutions, this capability helps companies review app usage and licence recommendations to understand how an app and licences are currently being used so stakeholders from multiple departments can align on renewals, discussions and decisions. Unique pricing benchmarks by app and licence SKU help application owners know whether they are paying more or less than their peers for licences.

Two-way Integration with Slack: In an industry first, the App Procurement Hub allows stakeholders to better align around notifying, collaborating and discussing application purchases or renewals in Slack channels – which is how many teams work together today. A dedicated Slack channel is automatically created when the app renewal is initiated and two-way updates between Slack and Productiv keep discussions, documents and task statuses in sync, all of which are stored in Productiv for future reference.

App intake requests: This customisable intake form and integration with Productiv AppCenter streamlines the intake request process and saves time when managing, tracking and fulfilling requests for new software and services. The App Procurement Hub also provides pricing benchmarks by app and licence SKU to better understand what’s a good price.

Vendor risk assessments: A new risk assessments feature provides a central location for vendor business health data, security, privacy and compliance questionnaires and vendor-related documents and internal intelligence, such as previous issues raised by employees or missed service-level agreement (SLA) targets.
About Productiv

Productiv is the only SaaS Intelligence™ Platform for the modern enterprise. More than a SaaS management solution, Productiv aligns IT, finance, procurement and business leaders with trusted data to drive cost optimization while delivering operational excellence across your SaaS portfolio.

This employee-centric, data-driven approach combines billions of employee app usage data-points with vendor contract and organisational data, enabling teams to easily come together to govern and rationalise SaaS portfolios and streamline SaaS procurement. Founded in 2018 and backed by Accel, IVP and Norwest Venture Partners, Productiv is on a mission to align IT and business leaders to unlock the most value out of their SaaS portfolio at scale.

Sourced from ProcurementMag