How to Choose the Right SaaS Platform for Your Business Posted on July 14, 2023July 21, 2023 by Sikunj Savaliya in SaaS Software as a Service (SaaS) platforms are now essential tools for enterprises in the current economic landscape. These cloud-based software solutions are adaptable, scalable, and economical. It empowers businesses to streamline their operations and drive growth. However, selecting the best SaaS platform for your company necessitates significant thought. With numerous options available in the market, it’s essential to evaluate your specific needs. As it helps you select a platform that aligns with your business goals. In this blog, we will explore 8 key factors to consider when choosing a SaaS platform for your business. As a leading SaaS Software Development Company Canada, we have used our knowledge to explain this topic. We have explained factors like functionality & integration capabilities to security & support factors. Hence, reading this in-depth blog will guide you in making an informed decision. So, let’s dive into the world of SaaS and discover how to choose the perfect platform for your organization. Tips to Choose the Right SaaS Platform for Your Business 1. Automatic Discovery of New Vendors and Spend One of the key features to look at in the SaaS platform is its ability to automatically discover new vendors. Along with efficiently tracking spending within your organization. This tool will automatically assist you in discovering all applications and vendors used in your firm. Additionally, automatically place them in the appropriate software categories. However, this will only be achievable if the tool is integrated with your financial systems. (such as Oracle NetSuite, Intuit, and QuickBooks). Along with SSO (Sign-On) platforms like Google Workspace, OneLogin, and Okta. SaaS Management Platforms(SMPs) use the aggregated knowledge from the systems. With its help SMPs determine usage and spending on several SaaS applications utilized in the firm. 2. Centralized Contract Inventory It might be difficult and time-consuming to manage several SaaS contracts. Find a SaaS platform that provides unified contract inventory to ease this procedure. With this function, you can keep track of and manage all of your SaaS contracts in a single repository. Plus, give you easy access to contract details, renewal dates, and terms. By centralizing your contract inventory, you can stay organized. In addition, monitor contract compliance and handle contract renewals properly. This consolidated strategy also allows for better contract negotiations. So that you can use your purchasing power to obtain better terms. 3. SaaS Security When choosing a SaaS platform, security is a key factor. You should use strong security measures to protect your company’s data and information. Hence, search for a platform that adheres to industry-recognized security standards. It comprises access limits, data encryption, and regular security assessments. Additionally, consider the platform’s data backup and disaster recovery processes. It guarantees the security and accessibility of your vital company data. A secure SaaS platform gives you peace of mind. Along with protecting your company from potential data breaches or unwanted access. 4. Procurement Workflows for a Streamlined Process Efficient procurement workflows are essential for managing your SaaS applications effectively. Thus, look for a SaaS platform that offers streamlined procurement processes. As well as, allows you to purchase, provision, and manage SaaS applications with ease. This SaaS platform also enables you to define approval workflows and set spending limits. Plus, further, enforce compliance with your organization’s procurement policies. You can increase transparency by streamlining the procurement process. As well as reducing errors and preventing unauthorized software usage. This streamlined approach to procurement ensures efficient resource allocation. So that you can maximize the value of your SaaS investments. 5. Expert Negotiators/Assisted Buying The key to lowering SaaS costs begins with vendor negotiations. With time, SaaS providers have become more astute. Therefore, it’s time to update your negotiation techniques. Go for a software management platform that offers negotiation services. Because this smart tool can represent you and negotiate with your providers to get the best deals. Your SMPs’ assisted buyers tool will do in-depth vendor research based on your specifications. Then gather the best five software as a service (SaaS) applications for you to choose from. Some SMPs tools provide precise pricing benchmarking information. This data will allow you to compare pricing and strengthen your negotiators during the procurement process. 6. Usage Tracking and Analytics A valuable feature of a SaaS platform is the ability to track usage and gather analytics to make informed decisions. Most SMPs nowadays offer thorough tracking and insights into campaigns and workflow data. Search for a platform that provides robust usage tracking and analytics capabilities. This feature allows you to monitor software usage patterns, track costs, and identify areas for optimization. Detailed analytics provide insights into which applications are being utilized effectively. Or where there may be potential for cost reduction or reallocation of resources. By leveraging usage tracking and analytics, you can optimize your software investments. Plus, align them with your business needs and drive operational efficiencies. 7. Onboarding and Support Smooth onboarding and ongoing support are crucial factors to consider when choosing a SaaS platform. Hence, pick a platform that offers comprehensive onboarding processes. That includes training materials, documentation, and resources. As this process will help your team transition seamlessly to the new platform. Plus, prioritize platforms that offer helpful & responsive customer support. So that you can address any technical issues or inquiries promptly. Therefore, be sure to pick a platform that offers top-notch support. In addition to expert onboarding to assist you in getting started. 8. Affordable Pricing Evaluate the affordability of the SaaS platform and consider the total cost of ownership (TCO). Assess the pricing structure, including subscription fees, add-ons, and potential hidden costs. Then choose the platforms that offer transparent pricing models. It allows you to accurately forecast your SaaS expenses and avoid any financial surprises. Thus, consider the value provided by the platform in relation to its cost and weigh it against your organization’s budget. An affordable pricing structure ensures that your investment in a SaaS platform aligns with your business goals. Plus, help you generate a positive return on investment. Conclusion Choosing the best SaaS platform for your company necessitates a careful evaluation of several factors. By weighing these factors, you will be able to choose a SaaS platform that meets the demands of your firm. Plus, maximize your software expenditures, increase operational effectiveness, and advance your company. If you need help in choosing the right SaaS platform then contact Oprim. We are a prominent SaaS software development firm in Canada. We ensure that you receive customized SaaS solutions as per your need. Our skilled Agile Software Development Team Canada will help you during the entire SMP selection process. Thus, contact us at info@oprim.ca or +1 (833) 556-7746 to take advantage of our services and to get a quote.