Cutting Costs is More Important Than Ever: How Torii For Procurement Helps
With today’s economic uncertainty, every company is considering some form of cost-cutting. But one of the biggest untapped opportunities for savings often goes unchecked.
Organizations often skip over cutting cloud app spend, not because they think it's already optimized, but because they don’t fully understand the state of their company’s cloud application environment.
Procurement, tasked with saving money, has little to no insight into the state of their SaaS apps' and the underlying data. They often don’t know which apps are being used or how often. Sometimes procurement doesn’t even know an application exists until a surprise renewal hits their inbox. These unpleasant surprises are symptomatic of decentralized adoptions—where anyone in the company can add new apps and sign contracts without procurement or IT knowledge.
But with the right information at their fingertips, the sky’s the limit. In fact, recent research from Amalgam Insights shows that there’s a $24 billion spend reduction opportunity globally based on improved SaaS purchasing and negotiations.
Torii is built to uncover unsanctioned applications and give stakeholders the data and actionable next steps to address spend head-on. This means that Torii gives procurement teams unprecedented insights into the organization’s entire application portfolio, usage, costs, contracts, and savings opportunities, all within a unified single source of truth. Best of all, Torii automatically gathers the data – so users don’t have to chase it down.
Watch the Torii For Procurement walkthrough
With Torii, it’s easy for procurement teams to rapidly discover cost-saving opportunities, optimize continuous spend management, never miss a renewal, and ensure they renew the right applications for the best price.
Let’s dive into how Torii helps Procurement take control of SaaS spend.
Dedicated Procurement Role
While Torii’s Automated SaaS Management Platform offers a wide breadth of data for IT professionals, the Dedicated Procurement Role surfaces the most important data for ongoing spend management, all within an intuitive dashboard.
This dashboard becomes the single source of truth for all insights related to app spending. With just a few clicks, you can view, and drill down into, exactly the information you need, and take advantage of powerful capabilities, including:
- Side-by-side visual comparisons of similar apps
- Automated license recommendation engine
- Contract Lifecycle Management overview based on ERP systems integration
- Workflow Engine for spend management and renewal process automation
- Dynamic Renewal Calendar for all SaaS applications
Let’s take a moment and expand on each of these Torii capabilities.
Your procurement team needs to know which apps are rockstars (and which ones are deadweight), Torii offers a powerful way to quickly identify application usage trends over time. Rather than get bogged down in the minutia of data, the App Comparison tool shows all apps with similar capabilities (i.e. Monday.com and Asana, or Microsoft Teams, WebEx, and Zoom) and each application’s total use over a specified period of time. You can easily see which apps are gaining in popularity and which are declining, and how many people have licenses for both apps, rather than simply look at raw numbers.
With this information, you can identify smart ways to reduce redundancy and save costs while keeping critical tools.
Read the docs: Learn more about Torii’s App Comparison
License Recommendation Engine
Torii’s License Recommendation Engine acts like the perfect assistant—continuously surfacing potential cost-savings opportunities and giving actionable recommendations based on a wide range of data.
Recommendations can include downgrading users based on underutilization or even reclaiming inactive licenses. This is one of the most powerful opportunities for ROI. With just a few simple clicks, you can immediately save thousands of dollars for the organization simply by removing clearly wasted licenses or changing license tiers.
Read the docs: Learn more about Torii’s License Recommendations Engine
Contract Lifecycle Management
Torii understands that there are more phases to a contract’s lifecycle than the initial inception and eventual renewal. Your team needs continuous SaaS Management to analyze the status of licenses and applications at any time. With that knowledge, you can do things like identify under-utilized licenses and reharvest those rather than purchasing new licenses. But to accomplish these savings, you first need better oversight. Torii integrates directly with ERP systems to pull critical data and give your procurement team an overview of Contract Lifecycle Management.
From this module, you can sort through their contracts using smart filters such as renewals upcoming within the next 90 days, contracts with automatic renewals, and even those based on their status such as closed. Users can also set up custom fields, view historical records of previous contracts, and organize instances with multiple contracts for the same application.
Read the docs: Learn more about Torii’s Contract Lifecycle Management
Renewal Process Automation
You are busy. But with Torii, you’ll finally have some help in the form of automation that works for you (instead of you working for it). Automate things like renewal reminders, contract status updates, approval process email notifications, Jira/ help desk tickets for renewal alerts or even more personalized automations with Torii’s custom actions.
Torii’s custom workflow builder lets anyone create simple or elaborate automations to save time, eliminate surprises, and ultimately control the chaos of contract renewals.
Read the docs: Learn more about Torii’s Renewal Process Automation
Dynamic Renewal Calendar
All the data in the world goes to waste if you never have time to prepare. Fortunately, Torii helps you keep track of your renewals by automatically notifying you when a renewal is approaching. Select your own timing such as 30 days, 60 days, or 90 days, and let Torii notify the right stakeholders when it’s time to prepare for an upcoming contract renewal.
Let Torii keep track of your calendar so you can focus on the task at hand.
Torii Works for You
Ultimately, cutting costs is important, but you also must influence the sourcing strategy of your company. In order to change that strategy, you need to impact the culture of SaaS adoption in your organization.
Making that change isn’t easy, but it starts with getting a seat at the table by providing incisive data and insights that ultimately educate the rest of the organization. By providing that insight, you then have the opportunity to ensure your organization makes smarter cloud app spending decisions from the start. It’s a bold ambition, but with the help of Torii’s Automated SaaS Management Platform, that ambition is possible.
Are you ready to deliver what may seem impossible—continuous and significant SaaS savings–while retaining the agility needed to thrive in an always-changing environment?
Try Torii for Procurement today, and learn more about how Torii customers have delivered jaw-dropping results, saving millions of dollars and thousands of hours.