LeanIX has introduced a Renewals Board feature to its SaaS Management Platform (SMP), becoming the first enterprise architecture company to bring actionable visibility into the SaaS contract renewal process.
Functioning much like a Scrum or Kanban board, this feature improves cross-functional collaboration between IT, finance, procurement and security teams. This will greatly enhance the ability of organizations to manage their overall SaaS investment.
SaaS applications have become increasingly popular, however, this has led to the uncontrolled proliferation of SaaS contracts, many of which lack clarity around ownership and transparency around the renewal process.
Up to 30 percent of SaaS spend is wasted due to missed and automatic renewals. LeanIX’s new Renewals Board feature gives organizations better oversight of their existing SaaS applications and the renewal terms associated with them, ensuring timely and proactive renewals, proper governance and cost reduction.
The new feature will allow users to automatically create cards for renewals in a selected timeframe, review the most important contract terms, follow pre-defined steps to prepare for renewals and prioritize renewals with filters based on different attributes.
Additionally, the LeanIX Renewals Board allows users to move cards between four stages of the contract renewal process, Backlog, In Review, In Progress and Done.
This provides instant visibility into the total number of services at each stage, helping companies leverage the opportunity to renegotiate terms on existing contracts and avoid wasting money on automatic renewals of unneeded applications.
André Christ, CEO and co-founder, LeanIX, said: “Our work with CIOs reveals that visibility and clarity in the SaaS contract renewal process is crucial for ensuring an efficient and cost-optimized SaaS management practice. We also believe that modern SaaS management solutions must allow companies to streamline methods for tracking and managing renewals.
“With our industry-first Renewals Board capability, we provide organizations with the transparency needed to never miss a renewal again.”