Employees are using 2× more work apps than they were in 2019.
The burgeoning numbers of siloed tools increases the difficulty in tracking all of the software used across a company. This is needed for financial modeling and predictions, IT and security audits, and legal requirements. When we consider that SaaS and cloud spend is the second biggest overhead after headcount, knowing what software is being purchased and renewed is of huge importance to any efficient financial oversight.
Is all this spend being put to good use?
Put simply, duplicate and unused licenses cause contractual headaches, as your employees spend more time renewing licenses they don’t need. For example, Sales and Product departments have been found to have the highest rates of products being underutilized — 49% and 45%, respectively.
The average software contract now takes 60 days to renew.
If a buying and renewals process happened back-to-back, contract holders would spend 61% of their total working days being involved in software contract management processes. It peppers a normal working week with meetings and administration that a contract holder would rather not be spending their energy on. And it becomes a constant distraction that prevents full focus from being applied to other tasks.
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