Saas Predictions For IT And Procurement Teams In 2024

The year 2023 brought a mix of challenges and opportunities for IT, software asset management, and procurement teams. As we step into 2024, there is a sense of optimism among industry leaders as they gear up to tackle the evolving landscape of SaaS management.

1. Strengthening the Partnership Between IT and Finance

SaaS management is increasingly seen as a collaborative effort between IT and finance teams. In 2024, there will be a greater focus on rationalizing the SaaS tech stack, with CIOs playing a crucial role in cost-saving initiatives alongside CFOs.

2. Centralizing SaaS Governance for Long-Term Success

Efforts to centralize SaaS governance will be vital for organizations looking to balance innovation with risk and cost management. Establishing clear policies and guardrails while fostering flexibility will be key to driving efficiency.

3. Enhancing Security Posture Through Visibility

With security breaches posing significant risks and costs, IT and security leaders will prioritize strengthening their organization's security posture in 2024. Centralized visibility and management of software applications will be crucial in minimizing security threats.

4. Rise of Cloud Marketplaces in Procurement

The trend of purchasing software through cloud marketplaces like AWS and Azure is on the rise. Procurement teams are expected to engage earlier in the intake process, providing advisory support and ensuring governance compliance for marketplace purchases.

5. Proactive Renewal Management for Procurement Teams

Procurement teams will focus on centralizing data to forecast SaaS renewals quarterly, enabling proactive decision-making and optimizing renewal processes. This approach will help in managing renewals at scale and maximizing the value of software investments.

Driving Innovation Through Software Optimizations

As organizations aim to fund big tech bets in 2024, software optimizations will play a crucial role in freeing up resources for innovation. Rightsizing investments, eliminating license waste, and reducing redundant applications will be key strategies to unlock funds for driving business growth.

Despite the challenges that lie ahead, the year 2024 holds promise for IT, software asset management, and procurement teams that adapt to the changing software landscape and embrace strategic approaches to SaaS management.